• GlobalCapital US ABS Awards 2018: Call for Nominations

    GlobalCapital is taking nominations for its annual US ABS awards.

    • 23 Feb 2018
  • PACE lien delinquencies lower than property taxes, says DBRS

    A study by DBRS published this week shows that residential Property Assessed Clean Energy (PACE) delinquency rates have been consistently lower than delinquency rates on residential property taxes, dispelling some of the uncertainty that has cropped up around borrower repayments in the budding sector.

    • 22 Feb 2018
  • Clifden ups bid for RMAC bonds under threat of legal action

    Investors have been urged to accept a beefed up tender offer from hedge fund Clifden IOM Holdings for several pre-crisis non-conforming UK RMBS deals from the RMAC shelf, despite originator Paratus AMC threatening legal action against anyone that goes along with Clifden's move.

    • 22 Feb 2018
  • Evidence builds of tighter green bond pricing

    A new study of green bond pricing has stopped short of saying that green bond issuers can generally expect to get tighter new issue premiums. But the report’s lead author did say: “Green bond buyers can’t expect to receive a new issue premium — that is itself quite a bold statement.”

    • 22 Feb 2018
  • ABS market heads to Vegas, a hotbed of CMBS collateral

    The US securitization industry is heading to Las Vegas next week for the industry’s largest annual gathering. Fittingly, securitizations backed by the city’s casinos are on the rise, although industry pressures pose growing concerns for the market, wrote Kroll analysts in a note on Thursday.

    • 22 Feb 2018
  • European banks could be hamstrung by extra-territorial CLO rules

    New securitization rules could put EU-domiciled banks at a competitive disadvantage arranging US CLOs, if EU risk retention rules are applied in their planned form. Market participants raised the issue at a public hearing on Monday, but regulators refused to be drawn on whether they would try to cure the problem in the final version of the rules.

    • 22 Feb 2018
  • Lending Club may sell ABS residuals, increase CLUB cert issuance

    Lending Club executives said on a Tuesday earnings call that the company may look to sell the residual notes retained from a December 2017 securitization, and indicated the company’s intent to grow its Club whole loan certificate program.

    • 21 Feb 2018
  • Eyeing rate risk, funds load up on floating rate ABS

    Interest rate risk has become the driving concern among ABS investors, with data showing on Wednesday that investors are increasingly shifting into floating rate CLO, agency CMBS and agency credit risk transfer bonds, with further rate hikes on the horizon.

    • 21 Feb 2018
  • Paratus threatens legal action to thwart RMAC tender offer

    Paratus AMC, the originator of the RMAC series of UK non-conforming RMBS bonds, has hit back at hedge fund Clifden IOM No.1’s attempt to seize control of the deals, hinting ominously at potential legal action. It is the latest chapter in a vicious tussle between the two entities for the right to gain control of the underlying mortgage collateral.

    • 21 Feb 2018
  • Barclays joins repackaging consortium SPV

    Barclays Bank has joined a multi-dealer special purpose vehicle that issues secured notes, it was revealed on Wednesday.

    • 21 Feb 2018
  • European securitization veterans launch research boutique

    Two veterans of the European securitization market have launched an independent structured finance research firm, Integer Advisors. It issued its first mailout on Tuesday, covering the European Banking Authority's public hearings on securitization held on Monday.

    • 21 Feb 2018
  • CLO credit quality could weaken without risk retention, says Morgan Stanley

    Morgan Stanley analysts described the potential rollback of risk retention rules for US CLO managers as a “modest positive” for the market on Tuesday, adding $10bn to their 2018 issuance forecast, but they warned that credit quality could suffer in new deals because of the scarcity of leveraged loans.

    • 20 Feb 2018
  • Sprint sells $1.5bn HY bond, clarifies ABS legal confusion

    Wireless carrier Sprint sold a larger than expected $1.5bn eight year high yield bond on Tuesday. The company also clarified that its outstanding spectrum-backed ABS bonds do not conflict with covenants on its existing high yield bonds, before an anticipated new slug of paper from the securitization shelf.

    • 20 Feb 2018
  • PeerIQ, Cross River Bank launch loan buying service

    Marketplace lending data company PeerIQ and Cross River Bank announced a partnership on Tuesday to launch a loan buying service for banks and institutional investors looking to access the online lending sector.

    • 20 Feb 2018
  • Australia’s mortgage proposals to improve bank credit risk, says Moody's

    Revisions of mortgage risk weights proposed by the Australian Prudential Regulation Authority are credit positive for the country’s banks. The revision may result in a higher composition of riskier loans in prospective capital relief RMBS trades, according to Moody’s.

    • 20 Feb 2018
  • Clifden beefs up tender in last-ditch attempt to stop RMAC call

    Clifden IOM Holdings has beefed up its tender offer for several pre-crisis non-conforming RMBS issues, in a last-ditch attempt to fend off the redemption of the bonds by their originator. With the hedge fund offering 105, investors have every reason to hit the bid, but the clock is ticking, as the originator has already activated the call.

    • 20 Feb 2018
  • MUFG promotes credit sales head

    MUFG has created a new job — global co-coordinator for origination and distribution — for its head of EMEA credit sales, Emmanuel Delattre.

    • 20 Feb 2018
  • Obvion drops call for extra-long Storm RMBS

    Obvion placed an ultra-long European residential mortgage-backed security on Thursday, dropping the usual five year call from its Storm prime mortgage shelf, and extending the weighted average life of the notes over 10 years.

    • 19 Feb 2018
  • ABS trading: keeping it old school

    The $4.5m rap on the knuckles for Deutsche Bank’s CMBS trading desk for taking advantage of an opaque system of secondary trading should come as no surprise. The market revels in its lack of transparency, so don’t expect change any time soon.

    • 15 Feb 2018
  • Goldman banker joins Swiss bank to launch structured finance biz

    A managing director at Goldman Sachs has joined Swiss private banking group Reyl & Cie to head its new structured finance business.

    • 15 Feb 2018
  • UK banks eye dollar RMBS as TFS rolls off

    UK securitization issuers preparing for the end of the Bank of England's Term Funding Scheme are eyeing dollar-denominated RMBS, following a strong result for Nationwide's Silverstone 2018-1 issue, marketed over two weeks in the UK and US.

    • 15 Feb 2018
  • EBA pushes for tougher hedging after Premier Oil splits risk transfer market

    Premier Oil’s restructuring last year was a test for the risk transfer market, as the different synthetic securitizations exposed to the troubled firm reacted very differently. The European Banking Authority wants to see a tougher approach and more consistency in the market, which could hurt some firms’ ability to transfer risk.

    • 15 Feb 2018
  • Macquarie looks to broaden US ABS footprint

    Macquarie Group is seeking to hire a US ABS director for its credit markets team as it looks to grow its presence in US esoteric ABS sectors, including whole business, marketplace lending and renewable energy finance.

    • 15 Feb 2018
  • More debut issuers drawn to CRE CLOs for cheap funding

    First time issuers are dominating activity in the growing market for commercial real estate CLOs, with Bridge Debt Strategies the latest debut real estate investment trust to tap the market.

    • 14 Feb 2018
  • Al Rayan sets path to further Islamic UK RMBS

    Al Rayan Bank priced the first UK Islamic securitization this week. Even though the final spread was more than double the level of another recently priced prime UK RMBS, repeat issuance from the issuer’s Tolkien Funding programme is likely and a number of other issuers could follow.

    • 14 Feb 2018
  • Global Jet revives scuttled 2017 aircraft deal

    Global Jet Capital, a private aircraft financier, has revived a securitization backed by a portfolio of aircraft leases and loans that the company scuttled late last year.

    • 14 Feb 2018
  • Morningstar appoints new president, sees potential boom in esoteric ABS

    Morningstar Credit Ratings has named managing director of RMBS and ABS Brian Grow as president, as the rating agency eyes a growing esoteric securitization market in 2018.

    • 13 Feb 2018
  • Marble Point US CLO fund lists on LSE

    Shares in US CLO manager Marble Point’s listed loan fund were admitted to the London Stock Exchange on Tuesday, after the firm successfully closed a $42.5m initial public offering on Friday.

    • 13 Feb 2018
  • Tax reform presents obstacle for residential PACE ABS

    A trio of changes in the recently signed US tax reform package could lead to shrinking origination volumes of residential Property Assessed Clean Energy (PACE) liens, and speed up prepayments on existing PACE securitizations, analysts at Morningstar Credit Ratings cautioned this week.

    • 13 Feb 2018
  • Little respite for loan starved CLOs despite credit swings

    US high yield bonds have been jittery in recent days but the loan market has largely held firm, with few opportunities for CLO managers to buy assets on the cheap. The riskiest pieces of CLO debt have shown some vulnerability to market pressures, however.

    • 13 Feb 2018
  • Blackstone CMBS defies ECB ban to price at tight end of talk

    Blackstone’s Italian CMBS Pietra Nera Uno was priced this week at the tight end of the 115bp-125bp price talk range for the senior tranche, despite a minor upset last Thursday as the European Central Bank (ECB) decreed that CMBS would be ineligible as repo collateral.

    • 13 Feb 2018
  • UK challenger lender TruFin floats for £70m

    TruFin, the UK financial technology and direct lending holding company, has completed its £70m IPO on the London Stock Exchange.

    • 13 Feb 2018
  • Deutsche Bank to repay $3.7m to ‘misled’ CMBS customers

    The Securities and Exchange Commission has settled charges with Deutsche Bank over the “misleading” of customers over the price of US CMBS bonds, ordering the bank to repay more than $3.7m to customers, on top of a $750,000 fine.

    • 12 Feb 2018
  • Purchasing Power makes ABS return

    Purchasing Power, a speciality e-commerce retailer, is back in the ABS market after a three-year absence.

    • 12 Feb 2018
  • Natixis closes Amazon office securitization

    Natixis has securitized a commercial mortgage made to real estate investment firms RFR Holding and TriStar Capital secured on a brand new office building outside Seattle that is leased to Amazon.

    • 12 Feb 2018
  • CLO supply to improve, but risk retention ruling could dent European demand

    A ruling last week by a US court exempting CLO managers from risk retention rules should boost supply of US CLOs, though demand may suffer, as regulated European investors will no longer be able to buy into US deals, said bankers. Likewise, European CLO spreads may tighten as the supply of compliant paper dwindles.

    • 12 Feb 2018
  • Photos from the Syndicated Loan and Leveraged Finance Awards 2017

    GlobalCapital revealed the winners of its Syndicated Loan and Leveraged Finance Awards 2017 at its 15th Annual Loans Dinner on Wednesday. Banks and borrowers from all over the EMEA region attended the dinner at the new venue of Gibson’s Hall in Bishopsgate, London.

    • 12 Feb 2018
  • ECBC launches EeMAP public consultation

    The European Covered Bond Council (ECBC) has launched a consultation seeking market feedback on draft guidelines for a standardised European energy efficient mortgage.

    • 12 Feb 2018
  • Fannie Mae’s surge makes green MBS a big market

    Fannie Mae has quietly become a powerhouse in green securitization. In 2017 it issued $27.6bn of green mortgage-backed securities, dwarfing all other issuance ever.

    • 11 Feb 2018
  • US CLO industry wins risk retention exemption

    In a big vote of confidence in the CLO product, the District of Columbia Court of Appeals ruled on Friday that CLO managers should be exempt from risk retention requirements, vindicating the arguments put forward by the Loan Syndications and Trading Association against federal regulatory agencies.

    • 09 Feb 2018
  • ECB signals CPT covered bonds’ risk with greater repo haircuts

    The European Central Bank (ECB) has effectively doubled valuation haircuts for conditional pass through (CPT) covered bonds that are retained for repo purposes. The move, which follows the bank’s decision to not buy CPTs from non-investment grade issuers for its purchase programme, signals that the central bank sees inherent risks in the structure.

    • 09 Feb 2018
  • Italian banks fear ECB will target existing NPLs

    The European Central Bank might implement its controversial provisioning proposal for NPL inflows from April — later than originally anticipated, it said this week. But Italian lenders are now scared their existing NPLs will be on the hook next.

    • 08 Feb 2018
  • US RMBS to escape downgrades from hurricane impact, says Fitch

    Regions in the US hit by hurricanes in August and September are recovering at a rate that will likely spare residential mortgage bonds from downgrades, said Fitch Ratings on Thursday.

    • 08 Feb 2018
  • Philly Fed chief warns of mounting student debt

    Patrick Harker, president and CEO of the Federal Reserve Bank of Philadelphia, said on Thursday that student loan debt is becoming a “real threat” to American households, with the number of older student loan borrowers quadrupling in the last 10 years.

    • 08 Feb 2018
  • Rare Italian CMBS offering hits primary pipeline

    Blackstone is in the market with a rare Italian CMBS transaction, with price talk emerging Thursday for Pietra Nera Uno S.r.l, a €403.8m securitization backed by a trio of loans secured by retail properties.

    • 08 Feb 2018
  • ‘Get ready’ for NPL addendum as Italian champs look to cut exposure

    The European Central Bank’s addendum on non-performing loans (NPLs) will be published in March and could be implemented straight away, according to Danièle Nouy, chair of the body’s Supervisory Board. Meanwhile, UniCredit and Intesa Sanpaolo progressed with plans to reduce NPL levels this week.

    • 08 Feb 2018
  • Shaken but not deterred: Lat Am quake cover drives largest World Bank cat bond

    The World Bank has priced $1.36bn of catastrophe bonds to provide earthquake protection to Mexico, Chile, Colombia and Peru, despite bondholders losing their principal on Mexico’s last cat bond after a quake in September.

    • 08 Feb 2018
  • Buyers say subprime autos have room to run

    Bonds backed by car loans made to subprime borrowers have remained a hot sector of the securitization market, as buyers say the asset class cruised through broader market volatility this week and that spreads have room to grind tighter.

    • 07 Feb 2018
  • CFPB head names new chief of staff

    Mick Mulvaney, the acting director at the Consumer Financial Protection Bureau (CFPB), has appointed Kirsten Sutton Mork as the new chief of staff.

    • 07 Feb 2018
  • UniCredit cuts NPLs with completion of FINO

    UniCredit on Wednesday announced the completion of the second phase of its “failure is not an option” (FINO) plan to reduce its non-performing loan exposure and obtain recognition of “Significant Risk Transfer” by the end of March.

    • 07 Feb 2018
  • Volatility clips US high yield wings

    Equity market turmoil has brought the US high yield market down from exuberant levels, but some investors have welcomed the move and are confident that primary market activity will soon pick up, despite one borrower scrapping a deal on Tuesday.

    • 07 Feb 2018
  • Argentic to debut in growing CRE CLO market

    Argentic Silverpeak has announced a debut US CLO backed by commercial real estate loans, following the pricing of a $932m TPG Real Estate Finance deal on Monday, as tight pricing encourages borrowers to turn to the capital markets to finance short dated real estate lending.

    • 06 Feb 2018
  • Navient brings first student loan refi deal

    Student loan servicer Navient has rolled out a student loan refinancing securitization, the first such deal from the issuer since acquiring online student lender Earnest, as it moves away from loans originated via the Federal Family Education Loan Program (FFELP).

    • 06 Feb 2018
  • Barings achieves tight print for latest European CLO

    CLO equity investors expressed strong interest for the €509.25m Barings Euro CLO 2018-1, with the equity tranche four times subscribed according to a market source.

    • 06 Feb 2018
  • The HLEG’s report: L’union fait la force

    In the week Belgium announces its first green bond roadshow, the national motto (Eendracht maakt macht in Dutch) aptly captures the real importance of the European Commission’s new roadmap on sustainable finance, which lays out a panoply of actions Europe could take to green its financial system. That is: unity makes strength.

    • 06 Feb 2018
  • Rare data center ABS hits primary pipeline

    Vantage Data Centers is in the market with an unusual securitization backed by real estate and tenant lease payments on wholesale data centers.

    • 05 Feb 2018
  • US CLOs hit 100bp, but BAML cautions on short term

    Enjoying its busiest start to the calendar year since 2013, the US CLO market steamed ahead last week with triple-A new issue spreads touching the 100bp milestone. Bank of America Merrill Lynch cautioned last Friday on the risk of market volatility seeping into the underlying loan market, however.

    • 05 Feb 2018
  • European primary volumes to drag compared to UK

    European securitization volumes are expected to be muted over the medium term, said Bank of America Merrill Lynch (BAML) analysts in a report published on Monday, in sharp contrast to the strong start to the year seen in the UK.

    • 05 Feb 2018
  • Angel Oak fund closes rare bank debt securitization

    A fund controlled by investment manager Angel Oak Capital Advisors has closed a rare, $155.2m securitization backed by subordinate debt issued by 25 community banks.

    • 01 Feb 2018
  • Buyers line up to get behind wheel of first Tesla auto ABS

    Tesla’s first outing in the securitization market was greeted with much fanfare from investors, with the electric car maker pricing its deal on Thursday to huge demand.

    • 01 Feb 2018
  • LMA plans could cut off ‘risk-free profits’ for loan banks

    Slow settlements and burdensome admin in the European leveraged loan market have been delivering risk-free profits to some loan arrangers — leaving loan funds and CLO managers fuming, and prompting a move from the Loan Market Association to work on a fix. But in a hot market, voluntary guidance may not be enough.

    • 01 Feb 2018
  • Elevate appoints PayPal CIO to board of directors

    Online subprime lender Elevate Credit is bringing PayPal chief information officer Bradley Strock on to its board of directors as the company proceeds with plans to launch a credit card service this year.

    • 01 Feb 2018
  • Deriv, cap market groups join forces on Libor

    Trade associations representing derivatives and capital markets have published a road map that they hope will lay the path to a smooth transition away from “ibor” interest rate benchmarks.

    • 01 Feb 2018
  • EBA plans could cut benefits of synthetic securitization

    The European Banking Authority’s plans to level the playing field for synthetic securitization could raise the cost of such deals for banks supervised by the European Central Bank’s Single Supervisory Mechanism (SSM), slowing down a market which has boomed in the last two years, and forcing banks to look elsewhere for capital relief.

    • 01 Feb 2018

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 8,631.56 13 12.63%
2 JPMorgan 7,267.09 8 10.64%
3 Barclays 6,912.22 7 10.12%
4 NatWest Markets 5,400.28 4 7.90%
5 HSBC 4,881.02 6 7.14%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,651.00 27 14.15%
2 HSBC 11,973.58 17 10.82%
3 JPMorgan 11,557.79 19 10.45%
4 Bank of America Merrill Lynch 9,047.71 21 8.18%
5 Goldman Sachs 8,869.90 16 8.02%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 13,618.01 17 9.87%
2 JPMorgan 11,435.68 20 8.29%
3 Citi 11,339.99 28 8.22%
4 NatWest Markets 9,152.73 8 6.63%
5 Credit Agricole CIB 8,464.56 15 6.13%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 31,306.13 82 9.61%
2 JPMorgan 28,433.28 108 8.73%
3 HSBC 22,935.74 61 7.04%
4 Barclays 20,560.29 40 6.31%
5 Goldman Sachs 17,261.21 27 5.30%