Top stories
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Mixed outlook for US housing emerges at DC industry summit
Industry executives and federal regulators descended on Washington D.C. on Monday for the Mortgage Bankers Association's annual housing finance conference, with the meeting producing an uncertain outlook for US housing in a heated economy.
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Yellen eyes end of red hot US economic performance
Dr. Janet Yellen, former chairwoman of the Federal Reserve, told attendees at the annual meeting of the Mortgage Bankers Association in Washington D.C. on Monday that she is expecting US economic growth to slow by 2020 as the central bank raises rates to counter inflation.
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More unsolicited comments on the way as late cycle ABS heats up, says Fitch
Fitch Ratings said on Monday that it expects to issue unsolicited ratings more frequently on deals it has not been mandated to rate, as the rating agency looks to respond to more widespread late-cycle lending behaviour in securitization markets.
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UK RMBS pricing dodges fresh Brexit angst
A pair of UK RMBS deals offering exposure to non-conforming and second lien mortgage pools were sold to investors on Friday, with both deals successfully placed just before a fresh round of Brexit jitters surfaces this week.
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ABS veteran takes director role at Amundi Pioneer
Duke University professor and former co-founder of Smith Breeden, Douglas T. Breeden, has taken up a position with Amundi Pioneer as director of securitized assets and portfolio manager.
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US mortgage rates touch seven-year highs as yield curve steepens
According to weekly data released by Freddie Mac, the average 30-year fixed-rate mortgage rate jumped 19 basis points over the past week to 4.90 percent, its largest weekly increase since 2016 and the highest level seen in seven years.
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Retail, media issuers in focus despite low defaults
S&P Global said that consumer products, media and oil and gas were the most represented sectors on its list of ‘weakest links’ in sub-investment grade corporate debt, which remains relatively small in a low default environment.
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Pair of conduits prepped as CMBS sees pickup
A pair of conduit CMBS deals emerged this week, but volumes of the once staple product of the commercial real estate bond market are lagging last year's figures as floating rate CRE CLOs and single asset deals draw more attention.
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WeWork bond jumps on SoftBank investment reports
WeWork’s sole high yield bond rose by three points in secondary trading on Wednesday after reports that Japan’s SoftBank Group was in talks to buy a majority stake in the shared workspace provider.
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Second UK government student loan ABS hits primary
The UK government has launched the second securitization of income contingent student loans, roughly a year after the first deal was closed.
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S&P warns on corporate leverage but investors eye growth
S&P Global said on Tuesday that a post-crisis borrowing binge has put US corporate leverage at an all-time high, leaving firms vulnerable to downgrades and defaults. But a strong US economy and receptive capital markets are soothing investor concerns for now at least.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
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Comment
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Who should pay for natural catastrophes?
Over the weekend, Harris County in Texas voted in favour of issuing bonds to pay for flood defences, a year after Hurricane Harvey caused terrible damage in the Houston region. It is part of a wider tussle over who bears the risk of catastrophes — and the capital markets are at the forefront of the discussion.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 104,581.71 | 299 | 10.94% |
| 2 | Bank of America Merrill Lynch | 86,347.40 | 249 | 9.04% |
| 3 | JPMorgan | 80,990.39 | 237 | 8.47% |
| 4 | Wells Fargo Securities | 77,934.65 | 225 | 8.15% |
| 5 | Credit Suisse | 63,570.21 | 165 | 6.65% |
Latest awards
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2016 US Securitization Awards: the winners
On Tuesday May 17, GlobalCapital held its third annual US Securitization Awards dinner at the Pierre Hotel in Manhattan.
Comments? Questions? Tips?
Max AdamsSecuritization Editor
+1 212 224-3293
Sasha Padbidri
New York Reporter
+1 212 224-3206
sasha.padbidri@globalcapital.com
Graham Bippart
European Securitization and Fixed Income Editor
+44 (0)207 779 8715
graham.bippart@globalcapital.com
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Mark Goodes+44 (0)207 779 8605
mark.goodes@globalcapital.com
George Williams
+44 (0)207 779 8274
george.williams@globalcapital.com
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Latest news by market and league table performance
GlobalCapital European securitization league table
| Rank | Lead Manager/Arranger | Total Volume $m | No. of Deals | Share % by Volume |
|---|---|---|---|---|
|
||||
| 1 | BNP Paribas | 13,295 | 25 | 18.56 |
| 2 | Bank of America Merrill Lynch (BAML) | 8,059 | 25 | 11.25 |
| 3 | Lloyds Bank | 6,979 | 21 | 9.74 |
| 4 | Citi | 6,256 | 16 | 8.73 |
| 5 | JP Morgan | 5,220 | 8 | 7.29 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 104,581.71 | 299 | 10.94% |
| 2 | Bank of America Merrill Lynch | 86,347.40 | 249 | 9.04% |
| 3 | JPMorgan | 80,990.39 | 237 | 8.47% |
| 4 | Wells Fargo Securities | 77,934.65 | 225 | 8.15% |
| 5 | Credit Suisse | 63,570.21 | 165 | 6.65% |
