Top stories
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ARRC sets sights on Libor fallbacks for consumer loans
The Alternative Reference Rates Committee (ARRC) is working to set guidelines for consumer loan products in its latest efforts to prepare the market for the end of Libor as a reference rate.
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Trio of equipment ABS emerge as trade headwinds persist
De Lage Landen and John Deere have announced agricultural and construction equipment ABS deals in the midst of elevating trade uncertainties, while a transaction from Amur Equipment Finance is teeing up as as well, according to preliminary documents filed by the issuer.
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Allen & Overy grows lev fin team in New York
Allen & Overy has hired added a partner to the firm’s leveraged finance practice in New York.
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Morgan Stanley restructures Irish NPL deal after roadshow
Morgan Stanley revised tranche sizes and coupons on an Irish non-performing loan RMBS deal for Lone Star, following investor feedback in last week's roadshow.
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Auto issuers preparing to bring over $4bn in new paper
At least six auto ABS sponsors are set to bring deals to market next week, kicking off a healthy flow of issuance for July, following a post-July 4 dry spell.
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KKR ushers in first public Spanish NPL transaction
KKR is bringing the first public Spanish non-performing loan (NPL) securitization with JP Morgan as arranger. The deal marks a long awaited event in the sector, and will join at least two more public NPL deals from Spain that sources say are in the works, writes Tom Brown.
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Red Cross volcano bond attracts UK state
The Natural Disaster Fund, backed by the UK government, has a first option to subscribe to a small catastrophe bond to be issued by the Danish Red Cross, which conveys volcano risk.
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DLT firm starts securitization platform for private debt
A blockchain and distributed ledger technology (DLT) company is launching a platform to increase access to capital markets funding for small companies and open the private debt market to more investors.
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Interest rate cut to drive investors to esoteric asset classes
With the Federal Reserve on Wednesday signalling a July interest rate cut, investors say they are planning to move further afield for opportunities, shifting more heavily into off-the-run assets to hit yield targets.
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Westfield Stratford City to refinance 2014 CMBS
A loan on the Westfield Stratford shopping centre in East London, last securitized in a 2014 CMBS, is being refinanced, with BNP Paribas and HSBC announced as arrangers for a new £750m ($940m) dual tranche offering.
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Benchmark ABS to outperform higher yielding sectors
The primary pipeline is building up again after eight issuers filed documents for upcoming ABS deals after the US public holiday weekend. Several sponsors are bringing retail auto or timeshare ABS deals, both of which have been flagged as bright spots in the market this week by Bank of America Merrill Lynch analysts, due to comparatively tight spreads and strong fundamentals.
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 | 58,403.50 | 191 | 10.83% |
| 2 | JPMorgan | 50,900.93 | 151 | 9.44% |
| 3 | Bank of America Merrill Lynch | 40,321.46 | 131 | 7.47% |
| 4 | Wells Fargo Securities | 39,996.15 | 117 | 7.41% |
| 5 | Credit Suisse | 37,748.55 | 119 | 7.00% |
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 | Citi | 4,347 | 16 | 16.63 |
| 2 | BNP Paribas | 2,866 | 11 | 10.96 |
| 3 | Morgan Stanley | 2,420 | 6 | 9.26 |
| 4 | Goldman Sachs | 2,276 | 6 | 8.71 |
| 5 | Bank of America Merrill Lynch (BAML) | 2,086 | 9 | 7.98 |
Bookrunners of Global Structured Finance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 58,403.50 | 191 | 10.83% |
| 2 | JPMorgan | 50,900.93 | 151 | 9.44% |
| 3 | Bank of America Merrill Lynch | 40,321.46 | 131 | 7.47% |
| 4 | Wells Fargo Securities | 39,996.15 | 117 | 7.41% |
| 5 | Credit Suisse | 37,748.55 | 119 | 7.00% |
