Top stories

  • Duration risk lurks in bullish US CLO market

    The CLO curve has flattened as a result of the success of the refinancing market, and investors may be becoming complacent on the duration risk in longer dated bonds, said a CLO portfolio manager on Thursday.

    • 18 Jan 2018

  • US loan covenants sink to weakest level on record

    Moody’s Investors Service said on Thursday that quality of covenants in the US leveraged loan market have dropped to their weakest ever level.

    • 18 Jan 2018
  • Mulvaney initiates first wave of change at the CFPB

    Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau (CFPB), announced a wave of changes to rules overseen by the agency this week, including a potential revision of the Payday Rule, in addition to seeking public input on the agency’s operations.

    • 17 Jan 2018
  • EIB inks big synthetic trade with Crédit Agricole

    EIB Group, which comprises the European Investment Bank and the European Investment Fund, has carried out a synthetic securitization with Crédit Agricole CIB to support French SME and intermediate-size-enterprise (ISE) lending, injecting roughly €1.1bn into the economy.

    • 18 Jan 2018
  • WBBS shows strength of sterling RMBS market

    West Bromwich Building Society (WBBS) priced its first RMBS deal in five years on Thursday, selling the bonds well inside initial guidance. The comfortably oversubscribed order book showed that further supply can be easily absorbed by the market.

    • 18 Jan 2018
  • Cheap funding lures Sonic back to ABS market

    Fast food chain Sonic Drive-In is marketing a securitization this week, with executives saying this month that they would be looking to lock in a “favorable” interest rate to refinance a 2016 deal.

    • 17 Jan 2018
  • CMBS market set to surge after slow start

    A typically slow start for new US CMBS issuance this year has led to spreads tightening in the secondary market, though the primary pipeline is bracing itself for a surge of deals.

    • 17 Jan 2018
  • Precise buy-to-let RMBS wins tight pricing

    The strength of demand for UK RMBS was highlighted on Wednesday with the launch of Charter Mortgages’ Precise Mortgage Funding 2018-1B, with the deal being priced well inside of initial guidance and all tranches subscribed multiple times over.

    • 17 Jan 2018
  • Apollo preps first 2018 aircraft ABS for takeoff

    Apollo Aviation is opening the 2018 aircraft ABS pipeline with a $442m securitization, but the deal’s exposure to emerging market obligors poses risks.

    • 16 Jan 2018
  • Newcomer Avid heads to subprime auto ABS market

    Subprime auto lender Avid Acceptance LLC is lining up an inaugural securitization as the 2018 new issue pipeline builds and as industry observers anticipate the ABS market skewing towards “deep subprime” issuers.

    • 16 Jan 2018
  • EBA and ESMA heed calls for clarity on STS

    Responding to the securitization industry’s concerns that proposed draft regulations lack clarity and may ultimately prove self-defeating, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) will hold a joint public hearing on the new rules.

    • 16 Jan 2018


The GlobalCapital View logo   Comment

  • CFPB turmoil could unravel Cordray-era protections

    The leadership tussle at the Consumer Financial Protection Bureau (CFPB) threatens to muzzle the watchdog or even have it put down. Many in the securitization industry would welcome that, but this newspaper is not so keen to bid farewell to Main Street's best friend just yet.

    • 28 Nov 2017
  • UK is offering a Brexit bet with student loan ABS

    The long awaited student loan securitization from the UK Department for Education might be the closest structured finance investors get to being able to bet on the economic effects of the country's exit from the European Union.

    • 28 Nov 2017

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Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,505.59 4 13.16%
2 SG Corporate & Investment Banking 1,292.64 1 11.30%
2 Rabobank 1,292.64 1 11.30%
4 Wells Fargo Securities 942.61 3 8.24%
5 Mizuho 875.48 2 7.65%

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Max Adams
Securitization Editor
+1 212 224-3293
max.adams@globalcapital.com

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

 

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,505.59 4 13.16%
2 SG Corporate & Investment Banking 1,292.64 1 11.30%
2 Rabobank 1,292.64 1 11.30%
4 Wells Fargo Securities 942.61 3 8.24%
5 Mizuho 875.48 2 7.65%