Top stories
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GSEs must decide their own destinies, FHFA chief says
Federal Housing Finance Agency (FHFA) chief Mark Calabria said on Monday that he expects the government sponsored enterprises (GSEs) to decide their own paths out of conservatorship in the coming years, rather than have the housing regulator lay out a controlled plan for their privatisation.
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The 2019 GlobalCapital US Securitization Awards: The Winners
GlobalCapital held its sixth annual US Securitization Awards at New York's Metropolitan Club on Wednesday, May 8.
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GlobalCapital Securitization Outlook Survey
Welcome to GlobalCapital's 1st Annual Securitization Survey.
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Marketplace lenders make flight to quality as recession fears grow
Online lenders are shifting towards higher quality borrowers as concerns over a recession in the near term increase.
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Second CMBS 2.0 default points to struggling UK retail sector
A post-crisis CMBS loan tied to a UK retail property has defaulted, only the second CMBS 2.0 default seen to date, pointing to continued weakness in the retail sector.
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Clydesdale moves to STS and Sonia for new Lanark deal
Clydesdale Bank has mandated BNP Paribas, Bank of America Merrill Lynch, Citi and Lloyds for it Lanark 2019-2 UK RMBS offering. The multi-currency deal will comply with the ‘simple, transparent and standardised’ (STS) regulation and include a Sonia-linked sterling tranche.
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European pipeline bulges with trio of new deals
The new issue pipeline in Europe is showing no sign of slowing down following what was one of the busiest weeks of the year so far, as issuers tee up three new deals, including the first public auto ABS to be issued by Mercedes-Benz in Italy.
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US CLO portfolio quality in decline since winter selloff, says Wells
A team of researchers at Wells Fargo led by David Preston said in a webcast on Friday that managed CLO portfolios saw a decline in quality as managers in aggregate failed to build par and bought lower credit quality loans.
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Credit enhancement on the decline in marketplace loan ABS deals
Credit enhancement levels have been shrinking meaningfully in ‘A’ rated notes of frequent marketplace loan ABS issuers since 2017, according to Fitch Ratings research published this week.
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BAML makes switch to Sonia with new RMBS mandate
Bank of America Merrill Lynch has been mandated for a new UK RMBS transaction for specialist lender Precise Mortgages, with all tranches on offer referencing the sterling overnight index average (Sonia).
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Resurgent CMBS market no help for latest Blackstone deal
The European CMBS market has defied its ineligibility for the European Securities and Markets Authority's (ESMA) new ‘simple, transparent and standardised’ (STS) securitization framework intended to boost confidence in the market. The asset class that appeared dead and buried after the financial crisis has outpaced other asset classes in recent times. But the resurgence did not stop one deal this week from suffering heavy investor scrutiny, writes Tom Brown.
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JP Lease prices debut aviation deal
JP Lease has completed a $553.65m aircraft lease securitization backed by a portfolio comprising newer, liquid aircraft with long remaining lease terms.
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Credit card delinquencies pile up for younger borrowers
Credit card delinquency rates are increasing as user demographics shift to include a higher percentage of younger consumers, according to data from the Federal Reserve.
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
Latest RMBS news
Latest CMBS news
Latest CLO/CDO news
Latest securitization people & markets news
Latest Asia securitization news
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 | 40,734.72 | 129 | 11.29% |
| 2 | JPMorgan | 32,938.92 | 93 | 9.13% |
| 3 | Wells Fargo Securities | 30,907.51 | 87 | 8.57% |
| 4 | Bank of America Merrill Lynch | 27,917.30 | 88 | 7.74% |
| 5 | Credit Suisse | 22,890.32 | 71 | 6.35% |
Latest awards
-
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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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 | 3,691 | 11 | 20.70 |
| 2 | Morgan Stanley | 2,420 | 6 | 13.57 |
| 3 | Goldman Sachs | 2,096 | 5 | 11.75 |
| 4 | BNP Paribas | 1,686 | 6 | 9.45 |
| 5 | Barclays | 1,565 | 4 | 8.78 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 40,734.72 | 129 | 11.29% |
| 2 | JPMorgan | 32,938.92 | 93 | 9.13% |
| 3 | Wells Fargo Securities | 30,907.51 | 87 | 8.57% |
| 4 | Bank of America Merrill Lynch | 27,917.30 | 88 | 7.74% |
| 5 | Credit Suisse | 22,890.32 | 71 | 6.35% |
