• 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • ‘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
  • 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
  • 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
  • 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
  • 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

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 13,091.24 36 12.23%
2 Bank of America Merrill Lynch 10,472.90 27 9.79%
3 Wells Fargo Securities 9,632.91 31 9.00%
4 JPMorgan 9,162.38 30 8.56%
5 Credit Suisse 4,676.43 10 4.37%