Top stories
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Ambitious Intesa NPL plan a sign of Italian debt gold rush
Intesa Sanpaolo’s newly approved plan to tackle its high non-performing loan (NPL) exposure includes a potential securitization of €11bn of gross NPLs and a loan servicing joint venture with a Swedish debt collection specialist as the scramble to win a share of the lucrative Italian debt servicing business gathers pace. Asad Ali reports.
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Ygrene gets S&P green score, ratings for latest ABS
Ygrene Energy Fund is in the market with its latest Property Assessed Clean Energy (PACE) securitization, securing both a green evaluation score and credit ratings from S&P Global Ratings for the first time. Deal watchers say that participation from one of the ‘big three’ rating agencies will help boost market participation in the growing asset class.
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KKR Reit sheds 90% of CMBS ‘B’ piece portfolio
KKR Real Estate Finance Trust announced on Wednesday that it had sold almost 90% of its portfolio of CMBS ‘B’ piece investments, with a dedicated ‘B’ piece fund now doing the bulk of the firm’s buying in that area.
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BAML hoping to tap healthy euro CMBS demand for latest deal
Bank of America Merrill Lynch announced the latest European CMBS on Thursday, a €300m offering backed by three loans secured on Italian commercial properties.
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Post Advisory Group closes debut CLO amid heavy supply
Post Advisory Group, which set up a new CLO business in September last year, closed a debut deal on Tuesday as spreads leak wider in the primary market on the back of heavy supply.
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Solar, residential PACE securitization buyer base grows
Solar and Property Assessed Clean Energy (PACE) market players at IMN’s Green Investing Conference in New York on Wednesday acknowledged heightened investor participation on securitizations from both asset classes over the past year, but warned issuers to move cautiously as rates rise in 2018.
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Ambitious Intesa NPL plan includes potential loan ABS
Intesa Sanpaolo’s newly approved plan to tackle its high non-performing loan exposure includes a potential securitization of €11bn of gross NPLs, and a loan servicing joint venture with a Swedish debt collection specialist.
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S&P to go head to head with MSCI in ESG ratings
S&P Global Ratings is preparing to launch an ESG Evaluation product, competing directly with socially responsible investment rating firms such as MSCI and Sustainalytics.
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Invictus launches investor property RMBS
Non-prime mortgage lender Invictus Capital Partners hit the market on Tuesday with an RMBS offering backed by loans on non-owner occupied investment properties.
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CAN Capital brings on GE alum as CFO
Online small business lender CAN Capital has tapped Tom Davidson, GE Capital’s former global head of securitization, to be the company's new CFO.
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‘Animal spirits’ back in US high yield as cash floods back in
The US high yield market has snapped back after softening in February and March, with recent deals issued at steep discounts bouncing back in the secondary market as retail funds flocking back to the sector chase scarce paper.
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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Latest CMBS news
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Comment
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Secrecy is not an option
A panel on gender parity in the workplace, hosted by Women’s Energy Network (WEN) last Wednesday in New York, pulled no punches in demanding that Wall Street stop hiding behind a culture that uses settlements to deal with sexual misconduct.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 37,494.89 | 105 | 12.02% |
| 2 | Bank of America Merrill Lynch | 30,932.47 | 87 | 9.92% |
| 3 | Wells Fargo Securities | 26,900.77 | 74 | 8.62% |
| 4 | JPMorgan | 23,547.25 | 70 | 7.55% |
| 5 | Credit Suisse | 19,951.44 | 47 | 6.40% |
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 | Citi | 4,296 | 9 | 13.65 |
| 2 | BNP Paribas | 3,026 | 10 | 9.61 |
| 3 | Bank of America Merrill Lynch (BAML) | 2,411 | 8 | 7.66 |
| 4 | Lloyds Bank | 2,213 | 9 | 7.03 |
| 5 | Credit Agricole | 2,025 | 6 | 6.43 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 37,494.89 | 105 | 12.02% |
| 2 | Bank of America Merrill Lynch | 30,932.47 | 87 | 9.92% |
| 3 | Wells Fargo Securities | 26,900.77 | 74 | 8.62% |
| 4 | JPMorgan | 23,547.25 | 70 | 7.55% |
| 5 | Credit Suisse | 19,951.44 | 47 | 6.40% |
