Top stories
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ABS investors eye ESG as way to flag risky issuers
Awareness of environmental, social and governance (ESG) criteria has grown in recent years, and is set to expand to the securitization market, sources tell GlobalCapital, adding that ESG can be tied to loan performance, as well as achieve socially responsible investing goals.
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Barings brings euro CLO via arranger Goldman Sachs
Goldman Sachs has released initial price thoughts on a new €407.2m CLO for Barings.
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Trade finance firm closes $200m securitization with Natixis
Stenn has closed a $200m receivables securitization programme with Natixis, expanding its capital markets programme. The company said it hopes to address the $1.5tr 'trade finance gap' which could be closed by digitisation, according to the International Chamber of Commerce (ICC) and the Asian Development Bank.
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Debt purchaser Hoist preps securitization to fight RWA hike
Hoist Finance, a Sweden-based debt restructuring firm, has been marketing its debut securitization through Deutsche Bank — an essential part in the firm’s attempt to recover from a regulatory broadside which landed last year.
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Nochu comes back to the US, but stays at edge of euro CLO market
Norinchukin Bank has re-entered the US CLO market after pulling back in April, though is still holding back on European CLOs, and may be less incentivised to take up its previously outsize role this time around.
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Morningstar, DBRS name heads of combined mortgage rating units
Morningstar Credit Ratings and DBRS have announced the appointment of the heads of their combined RMBS and CMBS groups following Morningstar’s acquisition of its Canadian rival in May.
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British Airways on the runway with EETC deal
British Airways is getting ready to issue an $806.88m Enhanced Equipment Trust Certificate (EETC) securitization.
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European ABS pipeline heats up but Brexit window begins to close
Sterling securitization supply issue is predicted to continue up until late August at least, spurred on by the Brexit deadline of October 31. According to a syndicate banker, there are relatively few continental European investors still willing to invest in sterling deals, with the exception of selected French investment firms.
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ARRC sets sights on Libor fallbacks for consumer loans
The Alternative References Rates Committee (ARRC) is working to set guidelines for consumer loans in its latest efforts to prepare capital markets for the end of Libor.
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SEC warns of ‘exacerbated’ risks from delaying transition from Libor
The Securities and Exchange Commission (SEC) has published a report highlighting the urgency for market participants to speed up the discontinuation and transition away from Libor to alternative reference rates.
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Trio of equipment ABS emerge as trade headwinds persist
De Lage Landen and John Deere have announced agricultural and construction equipment ABS deals in the midst of elevating trade uncertainties, while a transaction from Amur Equipment Finance is teeing up as as well, according to preliminary documents filed by the issuer.
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 securitization people & markets news
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Comment
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Legislative fix for dollar Libor not a failsafe option
Among the myriad dilemmas tied to managing Libor exposures and the development of Sofr markets, one potential remedy has steadily gained more attention: leave it to the government to fix the problem.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 58,873.50 | 192 | 10.79% |
| 2 | JPMorgan | 51,400.14 | 152 | 9.42% |
| 3 | Bank of America Merrill Lynch | 41,109.55 | 134 | 7.53% |
| 4 | Wells Fargo Securities | 40,627.46 | 119 | 7.45% |
| 5 | Credit Suisse | 38,293.55 | 120 | 7.02% |
Latest awards
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The Annual GlobalCapital US Securitization Awards: The Winners
GlobalCapital held its fifth annual US Securitization Awards dinner at Manhattan's Metropolitan Club on Wednesday, May 30.
Comments? Questions? Tips?
Max AdamsSecuritization Editor
+1 212 224-3293
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Mark Goodes+44 (0)207 779 8605
mark.goodes@globalcapital.com
Phil Huntsman
+1 212 224-3294
phil.huntsman@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 | 4,347 | 16 | 16.63 |
| 2 | BNP Paribas | 2,866 | 11 | 10.96 |
| 3 | Morgan Stanley | 2,420 | 6 | 9.26 |
| 4 | Goldman Sachs | 2,276 | 6 | 8.71 |
| 5 | Bank of America Merrill Lynch (BAML) | 2,086 | 9 | 7.98 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 58,873.50 | 192 | 10.79% |
| 2 | JPMorgan | 51,400.14 | 152 | 9.42% |
| 3 | Bank of America Merrill Lynch | 41,109.55 | 134 | 7.53% |
| 4 | Wells Fargo Securities | 40,627.46 | 119 | 7.45% |
| 5 | Credit Suisse | 38,293.55 | 120 | 7.02% |
