Top stories
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Former Berlusconi assistant derails Deutsche CMBS
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The repayment of the first European multi-loan CMBS since the crisis is mired in a legal tug-of-war between Blackstone, the deal’s sponsor, and Italian media group RCS, which is chaired by Urbano Cairo, a former assistant to Silvio Berlusconi.
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GlobalCapital US Securitization Awards: Call for Nominations
GlobalCapital is pleased to announce the call for nominations for its annual US Securitization Awards.
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ABS pipeline flush with mix of consumer and esoteric deals
With the annual SFIG conference just around the corner, a wide variety of deals across auto, aircraft and student loans ABS were priced this week. Year to date ABS issuance volume now stands at $39.79bn, most of which comprises auto transactions.
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Volkswagen taps UK auto ABS as car sales decline
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Volkswagen Financial Services UK is launching a new auto ABS transaction from its UK master trust programme for approximately £500m at a time when both used and new UK car sales have started to decline. Crédit Agricole Corporate and Investment Bank is acting as arranger and lead manager.
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FMO securitizes to help migrant entrepreneurs
FMO, the Dutch development bank, is constructing an innovative programme using synthetic securitization techniques to finance entrepreneurs from Africa, the Middle East and eastern Europe.
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FRTB rule still has bite after Basel revises risk weights
JP Morgan researchers on Wednesday flagged the finalized Fundamental Review of the Trading Book (FRTB) rule as only slightly less problematic for securitized products dealers than the original version published by the Basel Committee in 2014, stating that capital requirements were still too burdensome and could lead to whole sectors experiencing a drop in issuance.
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FOMC discusses MBS runoff, skirts responsibility for vol
The Federal Reserve grabbed market participants' attention on Wednesday as it released the minutes of its most recent Federal Open Market Committee meeting, held from January 29-30, in which members agreed to pause rate rises and the central bank's balance sheet reduction.
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Auto deals dominate midweek ABS pipeline
A trio of auto ABS deals from CIG Financial, Honda and American Car Center were priced this week, contributing around $1.6bn to consumer ABS issuance.
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Prepayment differentials low in lead up to UMBS
Prepayment speeds for agency MBS issued by the US government sponsored enterprises (GSEs) were similar to one another in the fourth quarter, reflecting how a push for aligned underwriting at the GSEs appears to be bearing fruit in the months before the UMBS debuts.
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JPM’s chief regulatory officer and Sofr architect to retire
Sandra O’Connor, chief regulatory officer at JPMorgan Chase, is retiring from the firm on April 1, according to an internal memo seen by GlobalCapital.
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Ares brings European CLO as secondary tightens
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A new euro CLO from Ares is in the pipeline, with Citi acting as manager and the triple-A notes preplaced, while spreads in the ABS secondary market continue to grind tighter.
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Soft CLO market lures investors with split tranches
Eleven CLOs were priced last week, marking the busiest week so far this year, but with wider spreads across the board and tranches in some deals split into fixed and floating components to appease some investors, sources said that the CLO market has yet to find its footing in 2019.
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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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 | 12,356.92 | 41 | 13.22% |
| 2 | Bank of America Merrill Lynch | 10,716.42 | 32 | 11.47% |
| 3 | Barclays | 8,716.58 | 27 | 9.33% |
| 4 | JPMorgan | 7,774.38 | 29 | 8.32% |
| 5 | Wells Fargo Securities | 7,444.83 | 29 | 7.97% |
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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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 | Bank of America Merrill Lynch (BAML) | 1,284 | 2 | 30.09 |
| 2 | Barclays | 633 | 1 | 14.82 |
| 3 | BNP Paribas | 509 | 1 | 11.91 |
| 4 | Citi | 467 | 1 | 10.94 |
| 5 | Morgan Stanley | 455 | 1 | 10.66 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 12,356.92 | 41 | 13.22% |
| 2 | Bank of America Merrill Lynch | 10,716.42 | 32 | 11.47% |
| 3 | Barclays | 8,716.58 | 27 | 9.33% |
| 4 | JPMorgan | 7,774.38 | 29 | 8.32% |
| 5 | Wells Fargo Securities | 7,444.83 | 29 | 7.97% |
