• Wells analysts see shades of 2013 'taper tantrum' in autumn volatility

    Looking at the broad-based market volatility battering financial markets this fall, analysts at Wells Fargo are eyeing similar conditions between ‘Red October’ and the 2013 taper tantrum, with one notable exception — the absence of a major investor to help reduce volatility and absorb new supply.

    • 12 Nov 2018
  • Securitization hedge fund LibreMax buys CLO manager

    LibreMax, the securitization focused hedge fund started by famed crisis-era ABS trader Greg Lippmann, is betting on the continued bull run of the CLO market with the acquisition of Trimaran Advisors.

    • 12 Nov 2018
  • Northview UK RMBS joins November deal flow

    New issue euro ABS announcements have slowed to a trickle in November. Deals still making their way through the pipeline include two CMBS deals – Arrow 2018 and Oranje ELOC 32 – a UK credit card ABS, a Spanish SME CLO and a student loan ABS deal. On Monday, Northview Group added to those deals with a £327m non-conforming RMBS transaction.

    • 12 Nov 2018
  • Sunrun preps solar ABS offering as pace of issuance picks up

    Residential solar installer Sunrun is preparing to launch an asset-backed securitization in the next few weeks after a spurt of offerings from competitors.

    • 08 Nov 2018
  • Tie banker bonuses to ESG, says Euro Parliament in radical push for green finance

    The chances of a profound transformation of financial markets to equip them to fight climate change rose this week, when the European Parliament adopted a bold set of policies that would require investors, banks and companies to take into account their impacts on the environment and society. Bonuses would be linked to sustainability targets.

    • 08 Nov 2018
  • CSAM boosts latest CLO as market hits $112bn

    Credit Suisse Asset Management increased the size of its latest CLO by over $200m on Thursday, with ICG also pricing a new deal this week to bring year to date volumes in the US to $112bn.

    • 08 Nov 2018
  • Demand for Dilosk RMBS paves way for BTL deal

    In a week with just one new issue euro ABS announcement — a Spanish small and medium-enterprise (SME) CLO — investors piled into specialist lender Dilosk’s Irish retail mortgage backed security (RMBS). Pricing of the deal at the tight end of guidance will open the door for the lender to step into the buy-to-let RMBS market in 2019, executives say.

    • 08 Nov 2018
  • Brexit barriers could impact Sonia, says BoE group

    The sterling overnight index average (Sonia), the rate chosen to replace sterling Libor by regulators, may suffer from a “bifurcation of… sterling money markets” after Brexit, according to a Bank of England Sonia Oversight Committee.

    • 08 Nov 2018
  • FHFA issues 2019 agency lending guidance

    The Federal Housing Finance Authority (FHFA) published guidance on multifamily lending caps for Fannie Mae and Freddie Mac on Tuesday, limiting the total amount of loans that they can buy next year to $35bn each.

    • 07 Nov 2018
  • Apollo adds CMBS carveout to LifePoint high yield bonds

    The high yield bonds being issued to support Apollo’s acquisition of hospital group LifePoint Health include carve-outs that allow the private equity firm to pay itself dividends by securitizing LifePoint’s property and equipment without falling foul of additional debt and restricted payments covenants.

    • 07 Nov 2018
  • AXA charges into US commercial real estate debt

    AXA Investment Managers, a unit of the French insurer, has announced that it is acquiring a business line owned by Quadrant Real Estate Advisors and will assume management of $9.4bn of US commercial mortgage loans.

    • 07 Nov 2018
  • Kroll hired to rate first CLO transaction

    Kroll Bond Rating Agency has won a mandate for its first CLO rating, after hiring staffers from S&P Global and Goldman Sachs earlier this year to break into the booming corner of the securitization market.

    • 07 Nov 2018
  • Dudgeon restores sterling market confidence

    TC Dudgeon Ofto — the owner of the transmission lines from the North Sea Dudgeon Offshore Wind Farm — restored investors’ confidence in the sterling corporate bond market on Tuesday. It was notable, as it was a fundamentally green issuer selling bonds without green bond labels.

    • 07 Nov 2018
  • Fairhold saga continues with new Court hearing to ‘restrain’ Clifden

    Attempts to divert the assets of distressed UK CMBS Fairhold to an affiliate of hedge fund Clifden IOM looked to be over in August when the issuer and note trustee Global Loan Agency Services (GLAS) convinced a judge that Clifden’s actions amounted to an ‘unprincipled asset grab’. But Clifden’s behaviour since that ruling has prompted yet another court hearing.

    • 07 Nov 2018
  • Wells Fargo erroneously foreclosed on 545 borrowers, quarterly filings reveal

    Tucked away in Wells Fargo’s third quarter filings with the Securities and Exchange Commision was news that the bank incorrectly denied 870 loan modifications and wrongly foreclosed on 545 agency borrowers between 2010 and 2015. The news is yet another blemish on Wells Fargo's customer service record.

    • 06 Nov 2018
  • Analysts predict US high yield rebound

    Some US high yield analysts have said markets “oversold” last week and are expecting spreads to rebound after they slipped to their widest level in a year.

    • 06 Nov 2018
  • NatWest Markets mandated on debut Spanish SME CLO

    The transaction, Alhambra SME Funding 2018-1, comprises sub-investment grade senior secured and unsecured loans to Spanish SMEs and mid-caps originated by Be-Spoke Capital (Ireland) Ltd.

    • 06 Nov 2018
  • European Parliament pushes for tougher impact disclosures

    The European Parliament will push for stronger rules on sustainability for investment firms and banks, after its Economic and Monetary Affairs Committee voted on Monday evening to go beyond what the European Commission is recommending.

    • 06 Nov 2018
  • European ABS issuance pushes past 2017 tally

    UK and Dutch RMBS, auto ABS and CLOs raised more than €3.4bn last week, taking the year to date total of €82.6bn of European ABS past 2017’s full year tally, according to Morgan Stanley data. But predicting next year’s issuance levels will be a tricky task.

    • 06 Nov 2018
  • FCA warns on equity release mortgage boom

    Chris Woolard, executive director of strategy and competition at the UK’s Financial Conduct Authority, has warned mortgage bankers about the explosive grow in the lifetime mortgage section of the market — a move driven partly by regulatory changes for the UK’s life insurers.

    • 06 Nov 2018
  • Dongfeng-Nissan kicks off its fourth ABS this year

    Regular issuer Dongfeng-Nissan Auto Finance will open books for a Rmb4.43bn ($639.6m) auto loan securitization on Thursday.

    • 06 Nov 2018
  • Hannon Armstrong readies $440m solar lease ABS

    Real estate investment trust Hannon Armstrong has announced SunStrong 2018-1, an ABS transaction backed by a pool of residential rooftop solar leases the company acquired from a solar developer.

    • 05 Nov 2018
  • New bank liquidity proposals could slash bank MBS holdings

    The Federal Reserve unveiled changes to US bank regulatory standards last week that would reduce or eliminate liquidity coverage ratios at mid-size financial firms. Many in the agency MBS market expect the move to weigh on demand for tier one Ginnie Mae bonds.

    • 05 Nov 2018
  • Ellington expands European reach with long-short UCITS fund

    Alternative investment management firm Ellington, founded in 1994 and based in Connecticut, has teamed up with London-based Trium Capital to launch a long/short credit UCITS fund later this quarter.

    • 05 Nov 2018
  • GlobalCapital European Securitization Awards: Call for Nominations

    GlobalCapital is pleased to announce the call for nominations for its European Securitization Awards.

    • 05 Nov 2018
  • GlobalCapital Loan Awards poll 2018 goes live

    GlobalCapital’s poll to determine our Syndicated Loan and Leveraged Finance Awards 2018 is now open. We would be delighted if you would take this opportunity to pick the deals and firms that have made the most difference to making loan markets a success in 2018.

    • 05 Nov 2018
  • Three deals pulled in volatile US high yield market

    Three US high yield bonds have been pulled in the last week after spreads widened from their tightest level since the financial crisis to their widest level in a year over the course of October.

    • 01 Nov 2018
  • Sudden stop for conduits could drain €130bn from Europe’s banks

    Obscure disclosure rules for European securitizations could bring asset-backed commercial paper conduits to a sudden stop on January 1, forcing the banks that sponsor them to step in with liquidity support of up to €130bn.

    • 01 Nov 2018
  • Morgan Stanley preps Dutch conduit CMBS

    Morgan Stanley announced a Dutch conduit CMBS, Oranje (ELoC 32), on Thursday.

    • 01 Nov 2018
  • LaSalle acquires bridge lender Latitude

    LaSalle Investment Management announced on Thursday that it had entered into an agreement to make a majority acquisition of Latitude Management Real Estate Investors, which it valued to be worth $1.2bn.

    • 01 Nov 2018
  • Pollen Street sells Funding Circle ABS exposure

    P2P Global, a listed investment fund managed by Pollen Street Capital, which buys marketplace loans across Europe and the US, has sold 95% of its exposure to the most recent securitization of Funding Circle loans, which it sponsored in May.

    • 01 Nov 2018

European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,032.07 25 9.77%
2 Barclays 15,041.98 19 9.17%
3 Citi 13,795.56 24 8.41%
4 HSBC 11,845.99 17 7.22%
5 BNP Paribas 10,802.75 16 6.58%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 39,984.80 109 11.91%
2 JPMorgan 29,288.84 79 8.72%
3 HSBC 28,343.59 71 8.44%
4 Bank of America Merrill Lynch 27,301.17 79 8.13%
5 Goldman Sachs 24,436.35 54 7.28%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 35,330.71 93 8.02%
2 HSBC 31,785.95 112 7.22%
3 Barclays 31,737.51 60 7.21%
4 UniCredit 30,928.85 82 7.02%
5 BNP Paribas 27,077.42 66 6.15%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 77,113.86 440 6.87%
2 Citi 75,996.41 275 6.77%
3 HSBC 71,702.97 280 6.39%
4 Barclays 59,526.84 228 5.31%
5 Deutsche Bank 51,764.72 162 4.61%