Issuers priced two sterling residential mortgage-backed securities (RMBS) deals this week, with Precise Mortgage Funding 2020–1B showing an unprecedented five times coverage on senior notes and up to 12 times on the mezzanine tranches, as overseas investors return to the sterling market.
A wave of CLO refinancings and resets rolled in this week, fueled by tightening spreads on triple-A paper, with sources expecting the trend to continue alongside a slowly building new issue pipeline.
Securitizations tied to oil and gas-related cash flows have emerged in recent months, despite growing support from the buy side for socially responsible investments (SRI).
Some of the largest issuers in the leveraged finance universe are repricing their loans, cutting 50bp or more from their margins on the back of strong market conditions and proven performance since the loans were raised.
Banks should stop issuing loans and bonds linked to Libor by October, according to the Bank of England’s Working Group on Sterling Risk-Free Reference Rates. But the scale of the challenge facing firms, particularly in the loan market, is causing concern.
Credit Suisse on Thursday announced the launch of SCALE Aviation, a subsidiary of the bank aiming to boost liquidity in the aircraft industry by providing capital markets financing as well as direct assistance on acquisition, trading and management of aircraft collateral.
As head of BlackRock, the largest asset manager, Larry Fink’s pivot to responsible investing in recent years has been influential.
As head of BlackRock, the largest asset manager, Larry Fink’s pivot to responsible investing in recent years has been influential.
Issuers priced two sterling residential mortgage-backed securities (RMBS) deals this week, with Precise Mortgage Funding 2020–1B showing an unprecedented five times coverage on senior notes and up to 12 times on the mezzanine tranches, as overseas investors return to the sterling market.
Goldman Sachs is bringing River Green Finance 2020, the first European commercial mortgage-backed security (CMBS) of the year and the first in Europe to be marketed as green.
A wave of CLO refinancings and resets rolled in this week, fueled by tightening spreads on triple-A paper, with sources expecting the trend to continue alongside a slowly building new issue pipeline.
US middle market debt specialist and CLO manager Monroe Capital has hired four staffers to its private credit team in New York and Chicago.
As head of BlackRock, the largest asset manager, Larry Fink’s pivot to responsible investing in recent years has been influential.
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | Wells Fargo Securities | 2.47 | 7 | 15.42% |
| 2 | Citi | 1.62 | 6 | 10.12% |
| 3 | Deutsche Bank | 1.19 | 5 | 7.41% |
| 4 | China Merchants Securities Co Ltd | 1.00 | 4 | 6.24% |
| 5 | RBC Capital Markets | 0.85 | 3 | 5.28% |
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