• NAB’s RMBS to offer direct green/non-green price comparison

    The forthcoming mortgage securitization by National Australia Bank, which includes a green tranche, will be one of the first times any issuer has issued green and normal bonds at the same time that are identical in almost every other way. As such, it will offer a rare insight into pricing.

    • 12:45 PM
  • SoFi, Lending Club gear up for busy quarter

    Up to four transactions from marketplace lenders SoFi and Lending Club are slated to hit the market this quarter, including prime and non-prime consumer and student loan refinancing offerings.

    • 22 Jan 2018
  • Rise in Treasury yields drives CMBS to post-crisis tights

    The first CMBS conduit deal was priced on Friday, with spreads at the top of the capital structure falling to post-crisis tight levels, reflecting the rise in the 10 year Treasury rate and the move in swap spreads.

    • 22 Jan 2018
  • UK RMBS ‘on fire’ as further supply looms

    The order book for London Wall Mortgage Capital’s UK buy-to-let RMBS Fleet 2018-1 has been opened amid high hopes it will meet the same buoyant demand seen in other UK RMBS sold this year. But with cheap central bank funding to be withdrawn and a potential £1bn sale of legacy mortgages coming up, some observers have their doubts that the rally can last.

    • 22 Jan 2018
  • Survey shines light on 3.29m index tally

    The Index Industry Association on Monday revealed that its members administered about 3.29m indices around the world, with more than 95% of those referencing equities.

    • 22 Jan 2018
  • Local investors keep Ford’s ABS on track

    Ford Automotive Finance (China) started the year in China’s asset-backed securities market by selling a Rmb4bn (Rmb618.3m) deal on Thursday. The deal was open to foreign investors, but onshore demand formed the core support for Ford’s sale, sources on the deal told GlobalRMB.

    • 19 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
  • 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
  • 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
  • Risk transfer deal transfers risk

    Risk managers are already turned on to the benefits of balance sheet CLOs — if arrangers and investors in this intensely private market are to be believed, almost every large institution in Europe has been looking at issuing these deals. But they still leave a nasty taste in some mouths.

    • 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
  • 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
  • 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
  • Cineworld launches $6.6bn financing package for Regal takeover

    On Wednesday, Cineworld launched a $4bn term loan and £1.7bn rights issue to back its acquisition of Regal, the second biggest cinema operator in the US.

    • 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
  • 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
  • Carillion loan was hedged in HSBC CLO

    HSBC hedged part of its lending to Carillion in a synthetic CLO, Metrix 2015-1, with the latter company’s liquidation announcement on Monday triggering a credit event in the portfolio.

    • 17 Jan 2018
  • FIG investors weigh up AT1s as first of 2018 arrives

    Raiffeisen Bank International was marketing the first additional tier one (AT1) note of the year on Wednesday morning, with investors continuing to see value in the asset class. Meanwhile, covered bond investors are becoming fussier over price adjustments.

    • 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
  • UK buy to let duo hit screens following Finsbury Square

    Charter Court Financial Services and BlackRock's London Wall Mortgage Capital are in the market with two UK buy-to-let RMBS deals, Precise Mortgage Funding 2018-1 and Fleet 2018-01. The deals take advantage of strong demand for UK RMBS seen in last week’s Finsbury Square 2018-1.

    • 15 Jan 2018
  • Spire boosts CLO and credit biz with Tikehau hire

    Spire Partners has hired a senior credit analyst from Tikehau.

    • 15 Jan 2018
  • Former Intesa CEO launches big Spac to invest in fintech or NPLs

    Corrado Passera, former CEO of Intesa Sanpaolo and government minister, is leading the promotion of a €500m special purpose acquisition company (Spac) focusing on financial services.

    • 15 Jan 2018
  • Swedish report recommends cash for green bond issuers

    Green bond issuers could be encouraged with a payment from the government if the bond finances a reduction in carbon dioxide emissions, according to a report for the Swedish government this week.

    • 12 Jan 2018
  • US CLOs braced for further tightening

    US CLO debt is at its tightest levels since the financial crisis, but with seemingly relentless demand spreads are set to get even tighter once the primary market builds up steam, according to bankers.

    • 11 Jan 2018
  • US high yield at 10 year tights as retail cash returns

    US high yield spreads touched the tightest levels seen in over a decade this week, with the return of mutual and retail fund flows and sluggish supply creating attractive financing conditions for the few borrowers that emerged.

    • 11 Jan 2018
  • European cat bond market poised to grow as UK ILS law passes

    Something is brewing in the catastrophe bond market. Last month the UK government passed a law allowing the creation of insurance-linked security (ILS) vehicles, paving the way for the first ever transaction. More issuance is expected, while more insurers around Europe are expected to consider catastrophe bonds, reports Jasper Cox.

    • 11 Jan 2018
  • Hedge fund makes bold bid to seize UK mortgage book

    Clifden IOM No.1, a real estate-focused hedge fund, has launched an audacious bid to take control of £2bn of pre-crisis UK mortgages, launching a tender that could forestall a refinancing of the portfolios by the original lender, Paratus AMC. Owen Sanderson reports.

    • 11 Jan 2018
  • Kensington prices largest, tightest RMBS deal to date

    Kensington, which is now known as Northview Group (NVG), has issued its largest new origination RMBS transaction post-crisis at the tightest spreads.

    • 11 Jan 2018
  • Updated: Ford China starts engine for 2018 auto ABS race

    Ford Automotive Finance (China) is preparing for a Rmb4bn ($614m) deal in the onshore asset-backed securities market – the first by a foreign originator in 2018. But the carmaker is not in the mood for change in the New Year, sticking with the same format it printed in last August.

    • 11 Jan 2018
  • Sears lands new financing amid new round of closures

    US retailer Sears has landed a $100m private secured term loan, with a potential further $200m to be secured against the collateral, after the firm announced a fresh batch of store closures that Morningstar said could cause trouble for 16 CMBS loans.

    • 10 Jan 2018
  • KKR fund to target ‘undervalued’ UK, Irish and US assets

    KKR’s latest global private credit fund will target asset classes seen as undervalued, including UK prime auto loans, Irish SME loans and US residential bridge loans, said portfolio manager Dan Pietrzak on Wednesday.

    • 10 Jan 2018
  • Mezz RMBS demand heats up as slate of issues hit screens

    Demand for the mezzanine tranches of RMBS Finsbury Square has been strong, boding well for a series of new UK RMBS issues that hit came to market on Wednesday.

    • 10 Jan 2018
  • Investors debate Monte tier two as NPL securitization progresses

    Financial institutions bond investors were assessing this week whether or not they should invest in Banca Monte dei Paschi di Siena’s first deal since its recapitalisation by the state last summer.

    • 10 Jan 2018
  • CALC takes new route in Chinese dollar ABS

    China Aircraft Leasing Group Holdings (CALC) has sealed a rare asset-backed securities deal in the onshore market — the first dollar-denominated ABS to be publicly traded. But while the transaction holds symbolic significance, the format is unlikely to become the norm for the Chinese ABS market.

    • 10 Jan 2018
  • NAB to become second green RMBS issuer

    National Australia Bank has mandated its own investment bank to lead a potential mortgage securitization that could include a green tranche, making it only the second issuer of green residential mortgage-backed securities.

    • 10 Jan 2018
  • GM, CPS price first auto ABS deals of 2018

    GM Financial and Consumer Portfolio Services hit the ABS primary market with the first US auto loan transactions of the year on Tuesday, with heavy demand for paper helping both issuers tighten pricing from guidance.

    • 09 Jan 2018
  • KKR, Barings close private debt funds

    KKR closed fundraising for a $2.24bn global private credit fund on Monday that will target private junior and mezzanine corporate debt as well as asset-backed financing, while on Tuesday Barings said it had closed a $1.85bn fund that will invest in private senior secured middle market loans.

    • 09 Jan 2018
  • Clifden launches £2bn tender for legacy UK mortgage bonds

    Clifden IOM No. 1, a real estate-focused hedge fund, has launched a tender for UK RMBS bonds totalling £2bn from the RMAC series, which were issued before the crisis by non-conforming lender GMAC-RFC. The fund has stayed tight-lipped about its strategy, but some see it as an attempt to seize control of the collateral, following an announcement before Christmas that the original sponsors could call the deals.

    • 09 Jan 2018
  • Neon opens up UK ILS market

    Neon Underwriting has launched the first insurance linked security (ILS) deal in the UK, after a new law designed to incentivise the creation of vehicles was passed last month.

    • 09 Jan 2018
  • Agency CRT bonds rally to kick off 2018

    Agency credit risk transfer (CRT) RMBS has started 2018 in rally mode, with the secondary market performance of bonds across triple-B, double-B and unrated classes surpassing analysts' expectations.

    • 08 Jan 2018
  • HSBC beefs up US corporate, FIG teams

    HSBC has hired managing directors in its US healthcare and consumer and retail coverage teams, as well as a new head for its US financial institutions group.

    • 08 Jan 2018
  • Year-end prompted string of synthetic securitizations

    Banks lined up to close capital relief securitizations at the end of last year, protecting portfolios of leveraged loans, commercial property and project finance.

    • 08 Jan 2018
  • BlackRock MD joins Alcentra as head of US loans and high yield

    The former head of loans and CLOs at BlackRock has joined Alcentra, the alternative fixed income specialist for BNY Mellon Investment Management, as head of US loans and high yield.

    • 08 Jan 2018
  • Obvion sets sights on record pricing with first Dutch RMBS of 2018

    Rabobank has mandated lead banks for its first Storm RMBS deal of 2018, which is expected to be priced this week and could potentially set a new record.

    • 08 Jan 2018
  • Kensington to raise up to £616m as buyers warm to MBS

    Kensington Mortgage Co was close behind Vauxhall Finance on Thursday in announcing its first securitization of 2018. The issuer declared its fifth Finsbury Square issue to fund an existing mortgage portfolio of £431m, plus up to £185m of pre-funding for new loans.

    • 04 Jan 2018
  • Vauxhall starts up ABS in hot sterling market

    The first two European securitizations of 2018 appeared on Thursday — both sterling issues — with Vauxhall Finance, the new name for GMAC UK, announcing a £428m car loan ABS and Kensington Mortgage Co bringing the latest issue from its Finsbury Square programme.

    • 04 Jan 2018
  • Quiet start for US CLO market, but record year predicted

    In a quiet start to the US CLO market in 2018, only reset and refinancing deals have emerged so far, but Wells Fargo is predicting a record year of issuance for the asset class. Some investors are pulling back, however, as loan market fundamentals show signs of deterioration.

    • 04 Jan 2018
  • Funding Circle sets up US financing line with Kansas bank

    The US arm of small business lender Funding Circle has set up a partnership with Kansas based InTrust Bank, as the online platform expands its sources of funding and plans to launch a US bond programme.

    • 04 Jan 2018
  • S&P predicts $1tr of ABS issuance in 2018

    After a booming 2017, with record deal volumes across securitized asset classes, S&P Global Ratings has predicted there will be $1tr of issuance across global ABS markets in 2018, driven by sustained economic expansion.

    • 03 Jan 2018
  • Carlyle to put $800m to work in booming CLO market

    The Carlyle Group has raised over $800m for its Carlyle Structured Credit Fund, which will invest in the CLO debt of third-party managers in the US and Europe.

    • 03 Jan 2018
  • Securitization: Green opportunities appear as PACE accelerates

    Europe lags behind the US in green securitizations, but efforts buoyed by pro-ABS regulations — and an initiative to kick-start the Property Assessed Clean Energy (PACE) market in Spain — could soon change that. Meanwhile in the US, ABS participants are hyping the emergence of a robust secondary market for residential PACE bonds, in addition to increasing momentum in commercial PACE ABS, after a maiden transaction hit last September. Sasha Padbidri and Sam Kerr report.

    • 03 Jan 2018
  • Securitization: Hot loan market to test CLO managers’ mettle in 2018

    The onset of risk retention rules proved an unexpected boon for the US CLO market last year. The resulting surge of investor demand meant placing new deals was no real challenge. But in an increasingly aggressive loan market, CLO managers are being forced to make bold credit decisions to generate expected returns, writes David Bell.

    • 03 Jan 2018
  • EBA, ESMA float technical standards for STS

    Regulators responsible for drawing up the technical standards for the 'simple, transparent, standardised' (STS) framework for European securitization have published five draft consultation papers, seeking industry comment through March.

    • 03 Jan 2018
  • Natixis preps single borrower deal to kick off 2018

    A single borrower CMBS deal in the works from Natixis is set to be among the first in the asset class in 2018.

    • 02 Jan 2018
  • In 2018, abnormal will remain normal for Euro ABS

    Last year was a strange one for European ABS, with negative yielding euro paper and the securitization of higher risk credit titillating the market, but with extraordinary monetary policy set to continue in the eurozone, and economic fundamentals improving across the continent, these trends will likely continue in 2018.

    • 02 Jan 2018
  • Covéa windstorm trade a first for European cat bond market

    Covéa Mutual Insurance Group has issued its debut catastrophe bond, a four year €90m deal to protect its French subsidiaries against losses from European windstorms.

    • 02 Jan 2018

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,822.01 5 13.56%
2 NatWest Markets 3,741.73 3 10.52%
3 Citi 3,544.03 6 9.97%
4 Goldman Sachs 3,231.80 5 9.09%
5 Barclays 2,461.72 2 6.92%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,145.87 7 13.07%
2 Citi 7,659.35 12 12.29%
3 Deutsche Bank 7,559.81 8 12.13%
4 Goldman Sachs 6,147.24 8 9.86%
5 JPMorgan 6,097.01 8 9.78%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 7,351.66 8 10.92%
2 JPMorgan 6,925.07 9 10.28%
3 Credit Agricole CIB 6,342.60 7 9.42%
4 Goldman Sachs 5,890.15 6 8.75%
5 Citi 5,011.57 14 7.44%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,413.64 38 9.58%
2 JPMorgan 14,608.06 45 9.08%
3 Goldman Sachs 12,082.56 15 7.51%
4 Deutsche Bank 11,477.72 22 7.13%
5 HSBC 10,810.86 21 6.72%