Top stories
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Fitch warns on challenge of investor consent in Libor transition
As Libor’s end date approaches, Fitch Ratings warns this week that investor consent for the switch to a replacement rate represents a significant challenge for legacy RMBS deals.
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Napier Park announces third railcar ABS deal
Alternative asset manager Napier Park is returning to the securitization market with a $258m deal via its railcar leasing platform with Trinity Industries after a two year hiatus.
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Venn Partners closes €550m warehouse line
Dutch investment manager Venn Partners has announced the closing of a €550m warehouse line for prime Dutch residential mortgages originated by the Venn Hypotheken platform.
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Deutsche hoists £225m of NPLs into securitization
Hoist Finance has completed its securitization of €225m of Italian non-performing unsecured loans with the help of Deutsche Bank, after announcing the deal nearly a month ago.
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TGI Friday's franchise ABS downgraded for second time
Kroll Bond Rating Agency downgraded two classes of notes from restaurant chain TGI Friday’s inaugural ABS deal, citing continued decline in same-store sales and store count since the transaction closed in March 2017.
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BAML and Lloyds bring Aldermore STS deal ahead of Brexit rush
Aldermore Bank has tapped Bank of America Merrill Lynch and Lloyds to arrange a prime UK RMBS deal set to qualify for the ‘simple, transparent and standardised’ (STS) regulatory label, looking to get ahead of a raft of RMBS issuance expected in September.
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Co-op Bank pre-places last of legacy assets in fourth Warwick deal
Co-op Bank opted to pre-place its fourth Warwick Finance RMBS on Friday, selling the last of a legacy portfolio it began securitizing in 2015.
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Greene King to keep securitization unchanged as CK Asset takes over taps
Chinese investment giant CK Asset Holdings has swooped into the European boom of public-to-private buyouts with the £4.6bn takeover of UK pub company and brewer Greene King. The investor intends to keep the pub chain’s securitization in place for the time being and not suck dividends out of the company, leaving bondholders happy.
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Funding Circle prices inaugural US securitization
UK-based online lender Funding Circle priced its $198.45m offering backed by loans made to small and medium-sized enterprises (SMEs), as the company pushes to diversify its funding globally.
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PGIM to reset Dryden 48 European CLO
BNP Paribas is pitching a reset of Dryden 48 Euro CLO 2016 on behalf of PGIM Fixed Income, keeping the late summer CLO reset and refinance wave rolling.
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Pet supply whole biz securitization shelved
Pet Supplies Plus cancelled its $330m inaugural whole business securitization backed by franchise fees and company profits planned for this week.
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 | 69,310.90 | 231 | 10.40% |
| 2 | JPMorgan | 64,579.62 | 197 | 9.69% |
| 3 | Wells Fargo Securities | 51,322.59 | 157 | 7.70% |
| 4 | Bank of America Merrill Lynch | 50,413.91 | 166 | 7.56% |
| 5 | Credit Suisse | 47,114.03 | 149 | 7.07% |
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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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 | BNP Paribas | 5,997 | 17 | 15.40 |
| 2 | Citi | 4,679 | 16 | 12.02 |
| 3 | Lloyds Bank | 3,158 | 6 | 8.11 |
| 4 | Bank of America Merrill Lynch (BAML) | 3,104 | 10 | 7.97 |
| 5 | Morgan Stanley | 3,066 | 8 | 7.88 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 69,310.90 | 231 | 10.40% |
| 2 | JPMorgan | 64,579.62 | 197 | 9.69% |
| 3 | Wells Fargo Securities | 51,322.59 | 157 | 7.70% |
| 4 | Bank of America Merrill Lynch | 50,413.91 | 166 | 7.56% |
| 5 | Credit Suisse | 47,114.03 | 149 | 7.07% |
