Top stories
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ARRC releases recommended Libor fallbacks for loans and bonds
The Alternative Reference Rates Committee (ARRC) on Thursday issued recommendations for Libor replacement, indicating that it believes the market should effectively-self regulate when it comes to picking a new benchmark for floating rate debt contracts.
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GlobalCapital Securitization Outlook Survey
Welcome to GlobalCapital's 1st Annual Securitization Survey.
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Voya prepares to issue second European CLO
Voya Alternative Asset Management is preparing to issue a €354.32m CLO via Citi, the US manager’s second European CLO since setting up shop in Europe.
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New York Supreme Court kicks Italian CMBS dispute to Milan
A legal battle between US private equity firm Blackstone and Italian media group RCS over an Italian CMBS will be settled in Milan, the New York state Supreme Court decided on Wednesday.
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Barings BDC preps static CLO in pivot back to mid market
Bank of America is marketing a static CLO for Barings Business Development Company, a subsidiary of the North Carolina-based asset manager, as the sponsor looks to move away from broadly syndicated loans back towards lending into the middle market.
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Colorado true lender case threatens marketplace ABS trusts
A Colorado state court ruled earlier this month that marketplace loan ABS trusts that purchase loans originated to customers in the state are subject to local consumer credit laws, raising the potential for lawsuits if loans were originated via partner banks outside of the jurisdiction.
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Spain's bad bank finds NPLs a bad business
Spanish bad bank Sareb is reducing NPL portfolio sales in 2019 after increased competition made large sales unprofitable, and is instead focusing on converting NPLs into real estate assets via foreclosure. Tom Brown reports.
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ESMA lists no ABS authority for Spain under new rules
A list of competent authorities under article 29 of the new Securitization Regulation published by the European Securities and Markets Authority (ESMA) showed that Spain is still without a securitization regulator, in an example of the teething difficulties of the new European securitization regime.
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GE Capital's defunct subprime shop files Chapter 11
WMC Mortgage LLC, the subprime mortgage origination shop owned by GE Capital since 2004, has officially filed for a Chapter 11 reorganization as its parent company attempts to restructure the business and move past legacy costs tied to the financial crisis.
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LendingClub to end small business loan originations
LendingClub announced it will close its small business lending unit after five years in operation, as the company shifts to a platform model focused on connecting prospective small business loan applicants to two partner companies.
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US disaster relief agency issues another flood bond
The US Federal Emergency Management Agency (FEMA) has returned to the catastrophe bond market to manage risk in its flood insurance programme. The agency is resorting to the insurance-linked security market as it looks to change its financial model.
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Japanese CLO holdings back in focus as bank earnings loom
While Japanese regulators opted for 'reg-lite' when determining that CLO holdings did not pose a substantial systemic risk to its domestic banking sector, an opposition to risky overseas investment among Japanese politicians is growing as more cracks show in the nation’s banking sector.
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 | 33,707.86 | 107 | 11.65% |
| 2 | JPMorgan | 26,311.06 | 76 | 9.09% |
| 3 | Wells Fargo Securities | 25,846.25 | 72 | 8.93% |
| 4 | Bank of America Merrill Lynch | 23,273.95 | 75 | 8.04% |
| 5 | Barclays | 17,494.57 | 59 | 6.04% |
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
Subscriptions
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 | 3,237 | 10 | 19.12 |
| 2 | Goldman Sachs | 2,096 | 5 | 12.39 |
| 3 | Morgan Stanley | 1,965 | 5 | 11.61 |
| 4 | BNP Paribas | 1,686 | 6 | 9.96 |
| 5 | Barclays | 1,565 | 4 | 9.25 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 33,707.86 | 107 | 11.65% |
| 2 | JPMorgan | 26,311.06 | 76 | 9.09% |
| 3 | Wells Fargo Securities | 25,846.25 | 72 | 8.93% |
| 4 | Bank of America Merrill Lynch | 23,273.95 | 75 | 8.04% |
| 5 | Barclays | 17,494.57 | 59 | 6.04% |
