Top stories
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BAML securitization outlook turns bearish
Bank of America Merrill Lynch analysts turned bearish on securitization markets this week, saying that the growing US-China trade war and a flatter US Treasury curve were strong reasons to start taking risk off the table.
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Freddie Mac seasoned CRT, Starwood flagship RMBS deals price
A number of non-agency RMBS deals were priced at the end of last week, including private label deals from Starwood and Redwood and a seasoned credit risk transfer (CRT) deal from Freddie Mac.
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US levfin volumes jump after strong earnings season
Both the US high yield and leveraged loan markets absorbed a flurry of deals at the end of last week, after second quarter results painted a strong picture for corporate earnings.
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Judge swats down Clifden’s ‘unprincipled asset grab’
Instead of acting as the saviour of note holders of a distressed pre-crisis CMBS, Clifden IOM’s recent actions were an attempt to profit from the hurriedly arranged appointment of a deal administrator for the Fairhold transaction. It was an ‘unprincipled asset grab’ a High Court Judge told the court on Friday.
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GSEs inch closer to single securitization platform
Fannie Mae and Freddie Mac, the government-sponsored enterprises at the heart of US housing finance, are less than a year away from launching a common securitization platform that will rebalance the market to make a more level playing field for their respective securities.
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TSI appoints new managing director
True Sale International GmbH (TSI), founded in 2004 to expand the German securitization market, has appointed Jan-Peter Hülbert to steer the group forward with a focus on advancing STS regulation and third party certification, according to a press release on Thursday.
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Deloitte: London could package new ILS products
London's finance sector and new technology could expand insurance-linked securities (ILS) outside their traditional domain and package up different risks into tradeable products, according to a Deloitte consultant.
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WeWork’s footprint in US CMBS set to surpass $1bn
Kroll Bond Rating Agency this week highlighted the growing exposure CMBS investors have to WeWork, the coworking space company the business model of which has been criticised by some investors for being front loaded with short-term risk.
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Commercial PACE firms plot regular ABS outings
Securitizations of commercial Property Assessed Clean Energy (PACE) financings are slowly becoming more common — and with two C-PACE deals notched to date, executives at issuing firms say they plan to be regular sellers.
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Weakness in UK retail pressures euro CLOs
Bank of America Merrill Lynch Analysts in a note this week pointed to weakening in UK retail businesses as a pressure point for European CLOs, citing recent poor performance across such sectors as clothing and restaurants.
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Home retailer Conn's preps new ABS
Home appliance retailer Conn’s is issuing an ABS backed by sales contracts and loans, its sixth such deal since 2015.
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 | 79,222.71 | 230 | 11.49% |
| 2 | Bank of America Merrill Lynch | 65,088.22 | 185 | 9.44% |
| 3 | Wells Fargo Securities | 55,825.35 | 161 | 8.10% |
| 4 | JPMorgan | 52,873.25 | 155 | 7.67% |
| 5 | Credit Suisse | 44,197.08 | 113 | 6.41% |
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 | 10,542 | 20 | 17.55 |
| 2 | Bank of America Merrill Lynch (BAML) | 6,103 | 21 | 10.16 |
| 3 | Citi | 5,130 | 13 | 8.54 |
| 4 | JP Morgan | 4,681 | 6 | 7.79 |
| 5 | Morgan Stanley | 4,137 | 11 | 6.89 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 79,222.71 | 230 | 11.49% |
| 2 | Bank of America Merrill Lynch | 65,088.22 | 185 | 9.44% |
| 3 | Wells Fargo Securities | 55,825.35 | 161 | 8.10% |
| 4 | JPMorgan | 52,873.25 | 155 | 7.67% |
| 5 | Credit Suisse | 44,197.08 | 113 | 6.41% |
