Top stories
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Soft US CLO market lures investors with bifurcated debt
A total of 11 CLOs were priced last week, marking the busiest week for the market so far this year, but with wider liabilities across the board and tranches in some deals bifurcated into fixed and floating components meant to appease certain investors, sources tell GlobalCapital that the CLO market has yet to find its footing in 2019.
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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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Facing consolidation, US mortgage lenders auction off servicing rights
A brief dip in mortgage rates has given some relief to lenders, but the US mortgage industry is undergoing contraction through the first months of 2019, with several mortgage originators looking to spin off their residential lending and mortgage servicing portfolios, and others filing for bankruptcy.
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Narrow STS escape for Praetura
Praetura Asset Finance successfully snuck in with its debut securitization just days before the deadline for grandfathering under the new European securitization regulation closed, despite having only recently finished a merger with another asset finance firm.
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California bill opens way to state cat bonds
Politicians in California have put forward a bill allowing the state to use insurance-linked securities (ILS) to protect itself against natural disasters.
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ICG launches, as Japanese CLO bid set to stand firm through year-end
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The anchoring of European CLOs by Japanese investors, one of which has been claiming the senior notes on most euro CLOs issued in 2019, is likely to continue until at least mid-April, despite the year end for Japanese banks at the end of March, which often slows the market. ICG is the latest manager to launch an issue, with Goldman leading the deal.
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Shift to 144A could result in less liquid consumer ABS market
Consumer ABS issuance has been shifting gradually from publicly registered offerings to 114A private placements since 2014, according to Wells Fargo research published this week. The change in distribution could mean less demand for ABS from investors that need larger, liquid public deals.
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Controversial FHFA nominee calls for GSE recap and end to duopoly
Mark Calabria, economist and adviser to the vice-president, sat before the Senate Banking Committee on Thursday in an official confirmation hearing to become director of the Federal Housing Finance Agency (FHFA), the chief regulator of the US housing finance system.
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Barclays hires CLO strategist to London team
Barclays has hired Geoffrey Horton as a CLO and loan strategist in London.
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Goldman goes overweight on triple-A CLOs
Goldman Sachs economist Marty Young recommended in a note on Tuesday that investors go overweight on triple-A CLO debt as spreads have not fully retraced versus comparable investment grade credit products.
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Auto loans surge but performance weakening
Outstanding auto loans totalled $584bn in 2018, the highest in 19 years, according to the Federal Reserve, and though the share originated to subprime borrowers has fallen, rising delinquency rates are a cause for concern.
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Apollo sub Redding Ridge issues first euro CLO
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Apollo Global Management subsidiary Redding Ridge is in the market with its debut euro CLO arranged by BNP Paribas, out with price guidance for the deal on Tuesday.
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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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 | 10,064.23 | 34 | 12.48% |
| 2 | Barclays | 7,915.37 | 23 | 9.82% |
| 3 | Bank of America Merrill Lynch | 7,473.95 | 24 | 9.27% |
| 4 | JPMorgan | 7,314.30 | 26 | 9.07% |
| 5 | Wells Fargo Securities | 6,484.83 | 25 | 8.04% |
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
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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
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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 | 10,064.23 | 34 | 12.48% |
| 2 | Barclays | 7,915.37 | 23 | 9.82% |
| 3 | Bank of America Merrill Lynch | 7,473.95 | 24 | 9.27% |
| 4 | JPMorgan | 7,314.30 | 26 | 9.07% |
| 5 | Wells Fargo Securities | 6,484.83 | 25 | 8.04% |
