Securitization

Top stories

Solar securitizer Spruce looks to turn corner under new management

With a new owner, revamped management team and a change of headquarters, solar securitizer Spruce Finance is looking to chart a course forward following a turbulent couple of years in which the solar loan originator's early backers are said to have been "wiped out."
- 14 Dec 2018

CLO investors eye quiet start to 2019 as volatility bites

Leveraged loan prices are plummeting in secondary trading and CLO managers are scrambling to market new deals even after US equities have recovered from their recent tumble.
- 13 Dec 2018
White House promotes opportunity zones as financing lines up

Momentum behind opportunity zones — geographic designations meant to draw in real estate investors through tax breaks — is building after the White House announced on Wednesday that it was establishing an Opportunity and Revitalization Council to foster public investments in qualified opportunity zones.
- 13 Dec 2018
EBA guidelines on STS provide 'welcome clarity' for EU ABS

Guidelines released by the European Banking Authority (EBA) on Wednesday brought the European ABS market much-needed clarity, as issuers grapple with new rules set to apply in the new year.
- 13 Dec 2018
Sunrun prices latest solar securitization

Residential solar developer Sunrun priced its second ever securitization on Wednesday, Sunrun 2018-1, a $378.5m offering backed by leases and power purchase agreements tied to rooftop solar systems.
- 12 Dec 2018
BAML prices Taurus European CMBS deal

After snapping up around €100bn of ABS this year, investors are preparing to shut their books in the run up to year end. The last remaining CMBS deal in the pipeline — Taurus 2018-3 DEU from Bank of America Merrill Lynch — was priced on Wednesday with senior tranche demand just over the threshold and junior spreads offered at wider levels compared with initial price talk.
- 12 Dec 2018
Sofr comes down from all-time highs

The Secured Overnight Financing Rate (Sofr), the chosen alternative to dollar Libor rates, has shown more volatility, spiking to an all-time high toward the end of last week before moving back down this week.
- 11 Dec 2018
Amigo reveals new CFO, follows November ABS tap

FTSE 250 guarantor loans specialist Amigo Holdings, which reported a year-on-year growth of 34% in customer numbers for the six months to September and a 56% increase in profits, has picked Nayan Kisnadwala as the new chief financial officer to replace Simon Dighton.
- 11 Dec 2018
Tesla charges up auto ABS deal

Tesla filed paperwork last week signaling its intention to sell its second ever auto ABS deal.
- 10 Dec 2018
Securitization sceptic nominated as housing finance chief

President Donald Trump nominated Mark Calabria, a well-known securitization sceptic, to head the Federal Housing Finance Agency (FHFA) — the body charged with regulating government-sponsored enterprises (GSEs) — on Wednesday.
- 10 Dec 2018
Kroll rates first European CMBS transaction

Salus European Loan Conduit No. 33 DAC, a £367m single asset CMBS, was priced last Friday with marks from Kroll Bond Rating Agency. It is the first European CMBS deal to be rated by the agency since it opened its European operation in 2017.
- 10 Dec 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	130,010.09	379	11.12%
2	Bank of America Merrill Lynch	104,113.90	304	8.90%
3	JPMorgan	102,778.33	300	8.79%
4	Wells Fargo Securities	93,728.92	276	8.01%
5	Credit Suisse	76,904.09	209	6.58%

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	15,256	32	17.31
2	Bank of America Merrill Lynch (BAML)	9,637	29	10.93
3	Citi	8,264	22	9.37
4	Lloyds Bank	7,329	24	8.31
5	JP Morgan	6,580	10	7.46

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	130,010.09	379	11.12%
2	Bank of America Merrill Lynch	104,113.90	304	8.90%
3	JPMorgan	102,778.33	300	8.79%
4	Wells Fargo Securities	93,728.92	276	8.01%
5	Credit Suisse	76,904.09	209	6.58%