Securitization

Top stories

Loan downgrades the biggest risk for CLOs in 2019, says Wells

Wells Fargo analysts said that the biggest risk for CLOs next year was loan rating downgrades putting strain on the structures, although the bank is not expecting to see an increase in loan defaults despite the rise of late cycle lending behaviour.
- 19 Nov 2018
GlobalCapital European Securitization Awards: Call for Nominations

GlobalCapital is pleased to announce the call for nominations for its European Securitization Awards.
- 05 Nov 2018

Amigo taps securitization funding through RBC

Amigo, a FTSE 250 lender which targets the guarantor-backed loan segment, has completed a £150m securitization facility to repay its current drawings under a revolving credit facility and help expand its business.
- 19 Nov 2018
Wall Street largely cautious on opportunity zones

The hot new item in the world of commercial real estate is the opportunity zone, a geographic designation approved by the US Treasury that will encourage investment in underserved communities through tax incentives.
- 16 Nov 2018
Solar ABS issuance flares up

A trio of solar securitizations is progressing through the pipeline this week, giving investors a chance to get their hands on nearly $1bn of bonds tied to residential solar assets.
- 16 Nov 2018
Goldman vehicle provides risk retention for Dutch RMBS issuer

Frequent Dutch RMBS originator, Elan Woninghypotheken (EW), is back with its second deal of the year, with risk retention provided by a Goldman Sachs-controlled private financing vehicle based in Luxembourg.
- 15 Nov 2018
CRE debt market shifts as banks pull back and funds step in

Commercial real estate financiers at a conference in New York on Thursday discussed the changing nature of their business, which has seen many large banks shun “commoditized” lending for CMBS deals while debt funds use repo and warehouse financing to gobble up a larger slice of US commercial real estate lending.
- 15 Nov 2018
Eagle Point partners with wealth advisor to bring CLOs to high net worth buyers

Investment adviser Alexandria Capital is teaming up with credit firm and CLO investor Eagle Point Credit Management to bring CLO investing opportunities to more family offices and high net worth individuals.
- 14 Nov 2018
NIBC to re-ignite Dutch RMBS programme after long dry spell

Following the successful debut issuance of £250m senior preferred bonds last week, NIBC's latest transaction, Dutch MBS XIX, brings them back to the securitization market for the first time since January 2013.
- 14 Nov 2018
Goldman Special Situations Group issues loan-backed notes

The Special Situations Group at Goldman Sachs has structured private financing vehicles based in Luxembourg, which package up bundles of loans made by the group with an average rating of B/B-. The vehicle will also hold risk retention interests for Goldman-sponsored securitizations.
- 14 Nov 2018
CMBS pay-off rate hits post-crisis high in October

The percentage of CMBS loans that were paid off at maturity surged in October, according to Trepp, hitting the highest level since the commercial real estate data provider began tracking the figures, in 2008.
- 13 Nov 2018
Swollen Cali wildfire risk hits insurance, ILS sectors

Camp Fire is the most destructive wildfire in California’s history and the latest sign that insurers in the state are facing a recurring threat from blazes. Within the catastrophe bond market, the recent events have focused minds on insurance losses as usual, but also on the utility companies that have issued securities to cover their liability for losses.
- 13 Nov 2018

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.

Comment

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.
- 28 Aug 2018

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Bookrunners of Global Structured Finance

Rank	Lead Manager	Amount $m	No of issues	Share %
View full table For detailed analysis:
Last updated Today
1	Citi	118,826.70	342	11.07%
2	Bank of America Merrill Lynch	94,721.79	272	8.82%
3	JPMorgan	92,878.89	270	8.65%
4	Wells Fargo Securities	82,807.12	240	7.71%
5	Credit Suisse	70,475.74	184	6.57%

Latest awards

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.
- 19 May 2016

Comments? Questions? Tips?

Max Adams
Securitization Editor
+1 212 224-3293

max.adams@globalcapital.com

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

GlobalCapital European securitization league table

Rank	Lead Manager/Arranger	Total Volume $m	No. of Deals	Share % by Volume
View full table
1	BNP Paribas	14,443	29	18.07
2	Bank of America Merrill Lynch (BAML)	8,264	27	10.34
3	Lloyds Bank	7,329	24	9.17
4	Citi	6,748	19	8.44
5	JP Morgan	5,220	8	6.53

Bookrunners of Global Structured Finance

Rank	Lead Manager	Amount $m	No of issues	Share %
View full table For detailed analysis:
Last updated Today
1	Citi	118,826.70	342	11.07%
2	Bank of America Merrill Lynch	94,721.79	272	8.82%
3	JPMorgan	92,878.89	270	8.65%
4	Wells Fargo Securities	82,807.12	240	7.71%
5	Credit Suisse	70,475.74	184	6.57%