Top stories
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Fair Oaks targets ESG principles for debut European CLO
Fair Oaks Capital is planning to launch its debut European CLO this quarter, with deal documentation structured to comply with ‘environmental, social and governance’ (ESG) principles.
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GlobalCapital Securitization Outlook Survey
Welcome to GlobalCapital's 1st Annual Securitization Survey.
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Resi PACE issuers maneuver to navigate policy headwinds
Residential Property Assessed Clean Energy (PACE) finance companies are looking to re-educate contractors and more directly market PACE to consumers in order to clear policy hurdles that have stifled origination volumes over the past year.
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First non-UK European marketplace loan securitization prepped
Younited Credit is preparing to issue the €156m Youni 2019-1, the first non-UK marketplace loan securitization to be sold in Europe.
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Trinitas opts for CLO refi over reset
A CLO reset caught in the crossfire while fourth quarter rates volatility ushered havoc into fixed income markets has at last been refinanced via arranger Natixis, which priced the deal earlier in the week.
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Italian NPL supply likely to be down in 2019, but UTPs step forward
Bank of America Merrill Lynch's securitization research team said that they expect Italy’s NPL issuance volumes for 2019 to be lower than last year’s levels, despite the renewal of the Garanzia Cartolarizzazione Sofferenze (GACS) scheme and provisions added to encourage securitization of unlikely to pay (UTP) assets.
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Full plate for Nochu drives managers to pre-crisis deal structures
CLO anchor investor Norinchukin Bank is said to be looking at a full calendar of deals in the next two months, leaving some managers not on the Japanese bank’s list planning to revive structures not seen since before the last crisis in a bid to drum up interest and improve the arbitrage function of their CLOs.
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Voya, KKR CLOs best evaded post-crisis loan defaults
In an analysis of CLO managers’ holdings of distressed loans since the financial crisis, a team of analysts at JP Morgan found that Voya and KKR were the top managers for selling loans that later became distressed at the highest spread versus their eventual recovery price.
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Start II, Castlelake deals boost aircraft ABS volumes
A pair of aircraft deals were priced last week during the the busiest single week for the ABS market since July 2018. Both transactions garnered considerable attention among securitization investors, pointing to high hopes aviation finance participants have for the sector in 2019.
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S&P to ease CLO and CDO ratings methodology
S&P Global Ratings has announced that it intends to recalibrate its CLO ratings tools to better account for years of performance data that show the firm’s models predicted more defaults than have occurred across CLO and CDO asset classes.
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First Sonia RMBS prices with huge demand for STS paper
Nationwide Building Society this week priced the first securitization benchmarked over Sonia, the UK’s alternative rate for sterling Libor. The Silverstone RMBS deal, which is also eligible for ‘simple, transparent, standardised’ regulatory treatment, was heavily subscribed by investors.
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Rizwan Hussain-linked vehicle targets Merrill RMBS for £25m payout
An investment vehicle linked to Rizwan Hussain, the controversial former banker who has tried to seize control of several pre-crisis securitizations, has claimed there is a ‘manifest error’ in an old Bank of America Merrill Lynch securitization — which, if corrected, would ensure £25m flows out of the deal.
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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Legislative fix for dollar Libor not a failsafe option
Among the myriad dilemmas tied to managing Libor exposures and the development of Sofr markets, one potential remedy has steadily gained more attention: leave it to the government to fix the problem.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 30,859.27 | 98 | 11.55% |
| 2 | JPMorgan | 25,235.99 | 70 | 9.44% |
| 3 | Wells Fargo Securities | 24,432.24 | 66 | 9.14% |
| 4 | Bank of America Merrill Lynch | 23,023.30 | 73 | 8.61% |
| 5 | Barclays | 16,351.18 | 54 | 6.12% |
Latest awards
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The Annual GlobalCapital US Securitization Awards: The Winners
GlobalCapital held its fifth annual US Securitization Awards dinner at Manhattan's Metropolitan Club on Wednesday, May 30.
Comments? Questions? Tips?
Max AdamsSecuritization Editor
+1 212 224-3293
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Mark Goodes+44 (0)207 779 8605
mark.goodes@globalcapital.com
Phil Huntsman
+1 212 224-3294
phil.huntsman@globalcapital.com
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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 | Citi | 3,115 | 8 | 18.68 |
| 2 | Goldman Sachs | 2,096 | 5 | 12.57 |
| 3 | Morgan Stanley | 1,965 | 5 | 11.78 |
| 4 | BNP Paribas | 1,685 | 5 | 10.10 |
| 5 | Barclays | 1,565 | 3 | 9.38 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 30,859.27 | 98 | 11.55% |
| 2 | JPMorgan | 25,235.99 | 70 | 9.44% |
| 3 | Wells Fargo Securities | 24,432.24 | 66 | 9.14% |
| 4 | Bank of America Merrill Lynch | 23,023.30 | 73 | 8.61% |
| 5 | Barclays | 16,351.18 | 54 | 6.12% |
