Top stories
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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.
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GlobalCapital European Securitization Awards: Call for Nominations
GlobalCapital is pleased to announce the call for nominations for its European Securitization Awards.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Securitization hedge fund LibreMax buys CLO manager
LibreMax, the securitization-focused hedge fund started by famed crisis-era ABS trader Greg Lippmann, is betting on the continued bull run of the CLO market with the acquisition of Trimaran Advisors.
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Wells analysts see shades of 2013 ‘taper tantrum’ in autumn volatility
Looking at the broad-based volatility battering financial markets this autumn, analysts at Wells Fargo have spotted similarities between "red October" and the 2013 taper tantrum, with one notable exception — the absence of a major investor to help reduce volatility and absorb new supply.
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Northview UK RMBS joins November deal flow
New issue euro ABS announcements have slowed to a trickle in November. Deals still making their way through the pipeline include two CMBS deals – Arrow 2018 and Oranje ELOC 32 – a UK credit card ABS, a Spanish SME CLO and a student loan ABS deal. On Monday, Northview Group added to those deals with a £327m non-conforming RMBS transaction.
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.
Latest ABS news
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Latest CMBS news
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Latest securitization people & markets news
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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 | 117,398.62 | 338 | 11.04% |
| 2 | Bank of America Merrill Lynch | 94,721.79 | 272 | 8.91% |
| 3 | JPMorgan | 92,612.23 | 269 | 8.71% |
| 4 | Wells Fargo Securities | 82,597.19 | 239 | 7.77% |
| 5 | Credit Suisse | 69,442.99 | 183 | 6.53% |
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
Subscriptions
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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Most Viewed: Securitization
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- Goldman vehicle provides risk retention for Dutch RMBS issuer
Bank Profiles
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 | 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 % |
|---|---|---|---|---|
| 1 | Citi | 117,398.62 | 338 | 11.04% |
| 2 | Bank of America Merrill Lynch | 94,721.79 | 272 | 8.91% |
| 3 | JPMorgan | 92,612.23 | 269 | 8.71% |
| 4 | Wells Fargo Securities | 82,597.19 | 239 | 7.77% |
| 5 | Credit Suisse | 69,442.99 | 183 | 6.53% |
