Securitization

Top stories

Demand for Dilosk RMBS paves way for BTL deal

In a week with just one new issue euro ABS announcement — a Spanish small and medium-enterprise (SME) CLO — investors piled into specialist lender Dilosk’s Irish retail mortgage backed security (RMBS). Pricing of the deal at the tight end of guidance will open the door for the lender to step into the buy-to-let RMBS market in 2019, executives say.
- 08 Nov 2018
FHFA issues 2019 agency lending guidance

The Federal Housing Finance Authority (FHFA) published guidance on multifamily lending caps for Fannie Mae and Freddie Mac on Tuesday, limiting the total amount of loans that they can buy next year to $35bn each.
- 07 Nov 2018
Apollo adds CMBS carveout to LifePoint high yield bonds

The high yield bonds being issued to support Apollo’s acquisition of hospital group LifePoint Health include carve-outs that allow the private equity firm to pay itself dividends by securitizing LifePoint’s property and equipment without falling foul of additional debt and restricted payments covenants.
- 07 Nov 2018
AXA charges into US commercial real estate debt

AXA Investment Managers, a unit of the French insurer, has announced that it is acquiring a business line owned by Quadrant Real Estate Advisors and will assume management of $9.4bn of US commercial mortgage loans.
- 07 Nov 2018
Kroll hired to rate first CLO transaction

Kroll Bond Rating Agency has won a mandate for its first CLO rating, after hiring staffers from S&P Global and Goldman Sachs earlier this year to break into the booming corner of the securitization market.
- 07 Nov 2018
Fairhold saga continues with new Court hearing to ‘restrain’ Clifden

Attempts to divert the assets of distressed UK CMBS Fairhold to an affiliate of hedge fund Clifden IOM looked to be over in August when the issuer and note trustee Global Loan Agency Services (GLAS) convinced a judge that Clifden’s actions amounted to an ‘unprincipled asset grab’. But Clifden’s behaviour since that ruling has prompted yet another court hearing.
- 07 Nov 2018
Wells Fargo erroneously foreclosed on 545 borrowers, quarterly filings reveal

Tucked away in Wells Fargo’s third quarter filings with the Securities and Exchange Commision was news that the bank incorrectly denied 870 loan modifications and wrongly foreclosed on 545 agency borrowers between 2010 and 2015. The news is yet another blemish on Wells Fargo's customer service record.
- 06 Nov 2018
NatWest Markets mandated on debut Spanish SME CLO

The transaction, Alhambra SME Funding 2018-1, comprises sub-investment grade senior secured and unsecured loans to Spanish SMEs and mid-caps originated by Be-Spoke Capital (Ireland) Ltd.
- 06 Nov 2018
Analysts predict US high yield rebound

Some US high yield analysts have said markets “oversold” last week and are expecting spreads to rebound after they slipped to their widest level in a year.
- 06 Nov 2018
FCA warns on equity release mortgage boom

Chris Woolard, executive director of strategy and competition at the UK’s Financial Conduct Authority, has warned mortgage bankers about the explosive grow in the lifetime mortgage section of the market — a move driven partly by regulatory changes for the UK’s life insurers.
- 06 Nov 2018

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.

Comment

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.
- 28 Aug 2018

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Bookrunners of Global Structured Finance

Rank	Lead Manager	Amount $m	No of issues	Share %
View full table For detailed analysis:
Last updated Today
1	Citi	117,261.12	337	11.10%
2	Bank of America Merrill Lynch	94,723.52	272	8.97%
3	JPMorgan	92,612.23	269	8.77%
4	Wells Fargo Securities	82,597.19	239	7.82%
5	Credit Suisse	69,442.99	183	6.57%

Latest awards

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.
- 19 May 2016

Comments? Questions? Tips?

Max Adams
Securitization Editor
+1 212 224-3293

max.adams@globalcapital.com

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

GlobalCapital European securitization league table

Rank	Lead Manager/Arranger	Total Volume $m	No. of Deals	Share % by Volume
View full table
1	BNP Paribas	14,443	29	18.07
2	Bank of America Merrill Lynch (BAML)	8,264	27	10.34
3	Lloyds Bank	7,329	24	9.17
4	Citi	6,748	19	8.44
5	JP Morgan	5,220	8	6.53

Bookrunners of Global Structured Finance

Rank	Lead Manager	Amount $m	No of issues	Share %
View full table For detailed analysis:
Last updated Today
1	Citi	117,261.12	337	11.10%
2	Bank of America Merrill Lynch	94,723.52	272	8.97%
3	JPMorgan	92,612.23	269	8.77%
4	Wells Fargo Securities	82,597.19	239	7.82%
5	Credit Suisse	69,442.99	183	6.57%