• Online loan ABS issuer readies $50m IPO

    Oportun Financial, an online lender and ABS issuer, has filed documents with the Securities and Exchange Commission to raise up to $50m in an initial public offering, the company announced this week.

    • 19 Jul 2019
  • People moves in brief

    A victory for nominative determinism at BNPP — Värde Partners names new co-CEO — Credit Suisse hires Goldman banker for Saudi effort.

    • 18 Jul 2019
  • MUFG hires Loomis Sayles PM to head esoteric ABS

    MUFG has hired esoteric ABS analyst Keith Allman from Loomis, Sayles & Company as managing director and head of esoteric ABS in the Japanese bank's New York Office.

    • 18 Jul 2019
  • TDR's Ei Group bid could leave legacy securitization in place

    TDR Group’s bid for UK pub chain Ei Group is targeting a company that is already highly levered, thanks in part to the company's legacy securitized debt – first structured in the 1990s as part of a wave of pubco whole business buyouts.

    • 18 Jul 2019
  • ABS investors eye ESG as way to flag risky issuers

    Awareness of environmental, social and governance (ESG) criteria is set to expand in the securitization market, said market participants.

    • 17 Jul 2019
  • Trade finance firm closes securitization with Natixis

    Stenn, a trade finance specialist, has closed a $200m receivables securitization programme with Natixis, expanding its capital markets programme. The company said it hopes to address the $1.5tr 'trade finance gap' that could be closed by digitisation, according to the International Chamber of Commerce (ICC) and the Asian Development Bank.

    • 17 Jul 2019
  • BMW on funding spree with new auto loan ABS

    BMW returned to China’s auto loan ABS market on Tuesday with a Rmb8bn ($1.2bn) two-tranche deal, its largest issuance so far, and received a big thumbs-up from investors.

    • 17 Jul 2019
  • British Airways on the runway with EETC deal

    British Airways priced an $806.88m Enhanced Equipment Trust Certificate (EETC) securitization on Monday.

    • 16 Jul 2019
  • Ford kicks off 2019 China auto ABS series

    Ford Automotive Finance is set to join the Chinese auto loan ABS issuance spree with a Rmb4.776bn ($695m) four-tranche deal on July 23. After this transaction, the originator will have raised a chunky Rmb31.6bn from the market since its debut five years ago.

    • 16 Jul 2019
  • ARRC sets sights on Libor fallbacks for consumer loans

    The Alternative Reference Rates Committee (ARRC) is working to set guidelines for consumer loans in its latest efforts to prepare capital markets for the end of Libor.

    • 15 Jul 2019
  • Trio of equipment ABS emerge as trade headwinds persist

    De Lage Landen and John Deere have announced agricultural and construction equipment ABS deals in the midst of elevating trade uncertainties, while a transaction from Amur Equipment Finance is teeing up as as well, according to preliminary documents filed by the issuer.

    • 15 Jul 2019
  • SEC warns of ‘exacerbated’ risks from delaying transition from Libor

    The Securities and Exchange Commission (SEC) has published a report highlighting the urgency for market participants to speed up the discontinuation and transition away from Libor to alternative reference rates.

    • 15 Jul 2019
  • Geely poised to launch second auto loan ABS

    Genius Auto Finance, a joint venture between Geely Automobile and BNP Paribas Personal Finance, is planning a return to the auto loan ABS market on July 18 with a Rmb4bn ($581.6m) four-tranche deal.

    • 12 Jul 2019
  • Amundi-EIB fund to seek riskier green bonds

    Amundi and the European Investment Bank are collaborating on a new €1bn fund aimed at bringing the benefits of green bond funding to smaller issuers in the EU and those with weaker credit quality. They will originate deals through a network of banks.

    • 11 Jul 2019
  • Auto issuers preparing to bring over $4bn in new paper

    At least six auto ABS sponsors are set to bring deals to market next week, kicking off a healthy flow of issuance for July, following a post-July 4 dry spell.

    • 11 Jul 2019
  • People moves in brief

    ING’s Boekhout to head Commerz corporate biz — ICBC loan syndication head resigns — Ex-Barclays’ Wright joins S&P

    • 11 Jul 2019
  • NatWest offers online calculator to ease Sonia transition

    NatWest Markets has published a free online calculator market participants can use to work out compounded daily Sonia — the rate that looks set to replace sterling Libor from January 2022.

    • 11 Jul 2019
  • Red Cross volcano bond attracts UK state

    The Natural Disaster Fund, backed by the UK government, has a first option to subscribe to a small catastrophe bond to be issued by the Danish Red Cross, which conveys volcano risk.

    • 11 Jul 2019
  • DLT firm starts securitization platform for private debt

    A blockchain and distributed ledger technology (DLT) company is launching a platform to increase access to capital markets funding for small companies and open the private debt market to more investors.

    • 10 Jul 2019
  • Interest rate cut to drive investors to esoteric asset classes

    With the Federal Reserve on Wednesday signalling a July interest rate cut, investors say they are planning to move further afield for opportunities, shifting more heavily into off-the-run assets to hit yield targets.

    • 10 Jul 2019
  • BMW readies its biggest auto loan ABS

    After raising Rmb5.5bn ($799m) from its largest auto loan ABS deal in March, BMW’s Chinese auto finance arm is returning for more. The planned Rmb8bn deal will hit the market on July 16.

    • 10 Jul 2019
  • Benchmark ABS to outperform higher yielding sectors

    The primary pipeline is building up again after eight issuers filed documents for upcoming ABS deals after the US public holiday weekend. Several sponsors are bringing retail auto or timeshare ABS deals, both of which have been flagged as bright spots in the market this week by Bank of America Merrill Lynch analysts, due to comparatively tight spreads and strong fundamentals.

    • 09 Jul 2019
  • As Deutsche commences equities cuts, fixed income reshuffle in the cards

    Layoffs began at Deutsche Bank in New York on Monday morning, following the German bank's announcement that it will exit the equities business and rejig fixed income operations globally, including in securitization.

    • 08 Jul 2019
  • UK Green Strategy has everything but a finance plan

    The UK government launched its Green Finance Strategy this week, including a broad range of measures to stimulate awareness of climate change and other environmental problems in financial markets, and ease the flow of capital to green projects. But observers criticised the government for not setting out a plan on how to finance the transition to a zero emissions economy.

    • 04 Jul 2019
  • Mercedes Silver Arrow deal tightens from price guidance

    Mercedes-Benz Bank launched its Silver Arrow Compartment 10 auto deal on Wednesday via arranger HSBC, with the senior notes 2.3x covered.

    • 03 Jul 2019
  • Pipeline thins, but ABS deals still flow ahead of July 4

    The primary pipeline is light ahead of the July 4 holiday, but deals continue to flow, with personal loan and single family rental deals announced this week.

    • 02 Jul 2019
  • UK aims to pull away with Green Finance Strategy but is still in the slow lane

    Despite the agony of Brexit, the UK has been making impressive strides in turning away from climate change. The government's new Green Finance Strategy is the latest. It goes in the right direction, but unfortunately is less a leap, more a shuffle.

    • 02 Jul 2019
  • UK’s new Green Finance Institute to ask the hard questions

    The UK’s Green Finance Institute was launched on Tuesday, with the dual aims of finding solutions to sustainable financing problems and making London the leading global centre for green finance.

    • 02 Jul 2019
  • Pass-through certificates emerge as popular financing option for marketplace lenders

    Online lenders are venturing beyond traditional ABS and tapping alternative financing methods, such as pass-through certificates, driven by investor demand and issuers’ desire to diversify their investor base and sources of funding.

    • 01 Jul 2019
  • Solar securitizer Sunnova files for IPO

    Residential solar company Sunnova Energy Corp. has filed a draft prospectus for an initial public offering on the New York Stock Exchange.

    • 01 Jul 2019
  • Nomura credit syndicate head departs

    Nomura’s head of EMEA credit debt syndicate has left the bank, as has its EMEA head of credit structuring.

    • 01 Jul 2019

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 4,486 16 13.62
2 Citi 4,347 16 13.20
3 Lloyds Bank 3,158 6 9.59
4 Morgan Stanley 3,066 8 9.31
5 Bank of America Merrill Lynch (BAML) 2,771 10 8.42

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 59,774.40 197 10.64%
2 JPMorgan 52,017.12 155 9.26%
3 Wells Fargo Securities 42,153.78 123 7.51%
4 Bank of America Merrill Lynch 41,657.82 137 7.42%
5 Credit Suisse 38,415.30 121 6.84%