Top stories
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Goldman, Mosaic ready co-sponsored solar ABS
Goldman Sachs and residential solar finance firm Mosaic are preparing to jointly issue a new solar loan securitization, Mosaic Solar Loan Trust 2018-2-GS.
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Range of CMBS deals line up as market heads into summer
A flurry regulatory documents filed on Thursday and Friday point to a number of CMBS deals hitting the market this week, including conduit deals from Wells Fargo and UBS and several single asset-single borrow (SASB) deals. CRE CLOs are also on the radar, as that market experiences a "frenzy" of activity.
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Euro ABS pipeline swells post-conference
The primary European ABS market has sparked to life since the annual Global ABS event in Barcelona earlier this month, with announcements last week of German-Dutch CMBS, Spanish RMBS, UK RMBS and Italian NPL deals, as well as a prime UK credit card ABS announced on Monday.
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Freddie's CRT programme reaches $1tr mark but collateral running short
Freddie Mac has officially transferred more than $1tr worth of mortgage risk via its credit risk transfer (CRT) RMBS programme, bringing the total amount of mortgage principal risk shifted away from both Fannie Mae and Freddie Mac since 2013 to over $2.25tr.
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Pair of single borrower CMBS price, while CRE CLOs see more action
A pair of single borrower deals were priced this week — the hotel-backed AHTP 2018-ATRM and WFCM 2018-1745, a securitization of a $319m loan partially used to refinance an office complex on 1745 Broadway in New York. Meanwhile, the market for commercial real estate CLOs is showing no signs of fatigue.
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Goldman makes swift return with new CMBS
Goldman Sachs as sole arranger, lead manager and bookrunner announced a €235m CMBS, Kantoor Finance 2018 DAC, on Wednesday, the second CMBS of the year from the investment bank. It follows swiftly on the heels of its £427m Ribbon Finance deal, which was priced at the end of May.
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Freddie Mac issues $1.22bn multifamily CMBS deal
Freddie Mac has issued a new multifamily CMBS offering from its K shelf, K-077, which is backed by a pool of mortgages on apartment properties. The deal marks Freddie Mac’s 21st K-Series deal of the year.
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PetSmart downgraded by S&P after Chewy transfer
S&P Global Ratings knocked a notch off pet food retailer PetSmart’s corporate credit rating on Thursday, citing the firm’s ‘unsustainable’ capital structure and the increased risk of a distressed debt exchange after a portion of its subsidiary Chewy was transferred to private equity sponsors.
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Rally in CRE CLOs pushes issuance to new levels
Commercial real estate CLO issuance is on a tear in 2018, with $6.4bn already printed so far — including deals from stalwarts such as Blackstone and newcomers such as Silverpeak Argentic and Varde.
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Merrill Lynch coughs up for excess RMBS mark-ups
Merrill Lynch, Pierce, Fenner & Smith, a brokerage subsidiary of Bank of America Merrill Lynch, has agreed to pay $15.7m for defrauding customers and excessively marking up the value of securities while trading non-agency RMBS.
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TwentyFour readies second Malt Hill RMBS
TwentyFour Asset Management on Wednesday mandated Bank of America Merrill Lynch as arranger for Malt Hill No.2, a buy-to-let (BTL) RMBS comprising mortgages originated by Coventry Building Society through its Godiva brand.
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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Secrecy is not an option
A panel on gender parity in the workplace, hosted by Women’s Energy Network (WEN) last Wednesday in New York, pulled no punches in demanding that Wall Street stop hiding behind a culture that uses settlements to deal with sexual misconduct.
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 59,475.13 | 168 | 11.58% |
| 2 | Bank of America Merrill Lynch | 53,515.89 | 141 | 10.42% |
| 3 | Wells Fargo Securities | 39,671.56 | 116 | 7.73% |
| 4 | JPMorgan | 39,226.50 | 111 | 7.64% |
| 5 | Credit Suisse | 30,786.36 | 73 | 6.00% |
Latest awards
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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.
Comments? Questions? Tips?
Max AdamsSecuritization Editor
+1 212 224-3293
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
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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 | 9,725 | 17 | 21.27 |
| 2 | JP Morgan | 4,494 | 5 | 9.83 |
| 3 | Citi | 4,296 | 9 | 9.40 |
| 4 | Bank of America Merrill Lynch (BAML) | 3,067 | 11 | 6.71 |
| 5 | Lloyds Bank | 2,346 | 10 | 5.13 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 59,475.13 | 168 | 11.58% |
| 2 | Bank of America Merrill Lynch | 53,515.89 | 141 | 10.42% |
| 3 | Wells Fargo Securities | 39,671.56 | 116 | 7.73% |
| 4 | JPMorgan | 39,226.50 | 111 | 7.64% |
| 5 | Credit Suisse | 30,786.36 | 73 | 6.00% |
