Hoist Finance, a Sweden-based debt restructuring firm, has been marketing its debut securitization through Deutsche Bank — an essential part in the firm’s attempt to recover from a regulatory broadside which landed last year.
Sterling securitization supply issue is predicted to continue up until late August at least, spurred on by the Brexit deadline of October 31. According to a syndicate banker, there are relatively few continental European investors still willing to invest in sterling deals, with the exception of selected French investment firms.
Morgan Stanley revised tranche sizes and coupons on an Irish non-performing loan RMBS deal for Lone Star, following investor feedback in last week's roadshow.
KKR is bringing the first public Spanish non-performing loan (NPL) securitization with JP Morgan as arranger. The deal marks a long awaited event in the sector, and will join at least two more public NPL deals from Spain that sources say are in the works, writes Tom Brown.
Credit Suisse International has mandated itself as sole arranger, along with Bank of America as joint lead manager, for Hawksmoor Mortgage Funding 2019-1, the refinancing of one of the UK's largest non-conforming mortgage portfolios, originated by GE Capital. Leads announced a fully preplaced deal, but some bonds may eventually be offered to investors, according to one buyside source.
Kensington priced its Finsbury Square buy-to-let (BTL) RMBS deal on Thursday at 103bp over Sonia, tight of initial price thoughts (IPTs) of 105bp-110bp, despite the fact that many UK and European investors have stated that they are fully allocated in securitized products at the moment.
Sterling ABS issuance is keeping a steady pace as July rolls on, with Kensington Mortgage Co mandating BNP Paribas as arranger and lead manager alongside Citigroup, Deutsche Bank, National Australia Bank and Standard Chartered for its Sonia-benchmarked Finsbury 2019-2 UK RMBS deal.
Finance Ireland is bringing a multi-tranche transaction mixing both Irish owner-occupied and buy-to-let loans, through arranger Bank of America Merrill Lynch. BNP Paribas, Citi are also on the deal as joint lead managers.
Starwood Capital sold $519m worth of non-qualifying mortgage bonds on Wednesday morning, getting the deal off ahead of the July 4 holiday weekend.
Venn Partners is getting ready to price its second Cartesian Mortgages deal to qualify for the ‘simple, transparent and standardised' (STS) label, with senior notes guided by arrangers Venn and BNP Paribas in the high 50bp, and the rest of the capital stack guided in the low to high 100bp range. Obvion, meanwhile, has priced its latest Green Storm RMBS.
Lloyds and BNP Paribas have announced new ABS issues for their internal clients, preparing issues backed by UK credit cards and Italian auto loans. BNPP's deal is a debut for Findomestic, the Italian subsidiary of BNP Paribas Personal Finance, and will be a full capital stack issue.
The European securitization pipeline is bulging with 14 deals in the market this week, adding to an already heightened primary market supply on the back of the Global ABS event in early June.
Paratus sold a UK buy-to-let (BTL) RMBS on June 28 via arrangers Bank of America Merrill Lynch and Natixis, pricing the senior notes at 105bp over three month Libor.
Want full access to GlobalCapital?
If you are new to GlobalCapital or you already subscribe to some of our channels you can still easily extend your access.
Take a trial to the entire site or subscribe online to see all our capital markets news, opinion and data sets.
Don't miss out!Free trial
Read the magazine on your mobile device
Most Viewed: Securitization
Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|5||Bank of America Merrill Lynch (BAML)||2,086||9||7.98|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|3||Bank of America Merrill Lynch||41,109.55||134||7.53%|
|4||Wells Fargo Securities||40,627.46||119||7.45%|