Securitization in the Global Marketplace

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  • Securitization in the Global Marketplace 2020

    Welcome to Securitization in the Global Marketplace 2020.

  • European RMBS: summer brings holiday stresses

    As the Covid-19 crisis seeps into the summer months, the issue of extended payment holidays among mortgage borrowers will be a continued source of tension. While investors digest data on mortgage affordability, sources say RMBS players will be looking to non-bank issuers for new deal flow as banks access cheaper central bank funds, writes Tom Brown.

  • A new credit cycle ushers in fresh class of European NPLs

    Just when it looked as though the European NPL tide was at last beginning to fall, 14 years on from the start of the great financial crisis, a new surge of NPLs is on the horizon. It’s time to launch the securitization lifeboats. Tom Brown reports.

  • US and European CLOs: stormy evolution of an asset class

    The months since the coronavirus outbreak have proven to be an extremely turbulent time for European and US CLOs, bringing a new crisis in corporate credit, rather than in the banking sector as in 2008. Managers in both geographies are working hard to steer their deals through uncharted waters, testing new structures and deal formats. By Tom Brown and Paola Aurisicchio.

  • Financing alternative asset classes – Q&A with Bedford Row CEO Scott Levy

    Fixed income specialist Bedford Row Capital has found an opening in the market, providing institutional quality service to clients to arrange capital markets financing for esoteric and niche assets. Bedford Row CEO Scott Levy spoke with GlobalCapital about opportunities in alternative asset classes, the Covid-era marketplace and the firm’s work in Islamic finance.

  • European CLO market adapts to the challenges of the COVID-19 era

    The period since March has been a turbulent time for financial markets, and the CLO sector in Europe dealt with a complex set of disruptions when the pandemic arrived this spring. From sudden and acute stress at the corporate level to an unprecedented shift in working conditions, CLO players in Europe experienced more uncertainty that hasn’t been seen since the last crisis. Yet, the market has adapted, and while the shape and size of deals may be different, CLOs in Europe are pushing ahead. BNY Mellon and GlobalCapital gathered a variety of market experts to discuss the present state and future prospects of the European CLO market.

  • Shift in consumer behaviour rewrites the book on ABS risk

    The pandemic has put the brakes on a decade of economic expansion that was firmly driven by the strength of the US consumer and a rebuilt household balance sheet in the wake of the 2008 crisis. The sudden upending of consumer finances and soaring unemployment are just a foretaste of the new risks that the consumer ABS market is dealing with, and investors are in uncharted waters as the crisis moves into the summer. Jennifer Kang reports.

  • Vienna MTF: Taking complexity out of the listing process

    Founded in 1771 as a trading venue solely for bonds, bills of exchange and foreign currencies, Vienna Stock Exchange today is a modern market infrastructure provider for a variety of asset classes. As the spotlight gradually shifts to Vienna in different areas of debt capital markets, Matthias Szabo, Director Debt Listings, speaks to GlobalCapital about how Vienna Stock Exchange caters to the needs of a range of market participants, particularly in structured finance.

  • US mortgage players nervously eye post-Covid market

    The pandemic has been a grim reminder of the pain in mortgages, both residential and commercial, that the securitization market endured in the aftermath of the 2008 recession. As the US takes the first steps out of the shadows of the latest crisis, mortgage players are anxiously searching for clues as to what might come next. By Max Adams.

  • Q&A with Ocorian’s James Maitland, Global Capital Markets Service Line Leader and Regional Head of Americas, Bermuda & Caribbean

    GlobalCapital speaks with Ocorian's James Maitland.

  • The GlobalCapital US Securitization Awards 2020: The Winners

    The GlobalCapital US Securitization Awards 2020: The Winners

    GlobalCapital is pleased to present the winners of its annual US Securitization Awards.

  • CMBS Law Firm of the Year - Dechert

    Dechert’s US CMBS practice stands out for the breadth of work it does, its range of clients and its cutting-edge regulatory work. This culminated in leading market shares in terms of volumes and values of deals, including being the number one counsel on deals in the CRE CLO space in 2019.

  • ABS Law Firm of the Year - Kramer Levin

    Three broad themes drove Kramer Levin’s ABS practice to new heights in 2019. First, there was the ongoing adoption of clean energy deals by commercial issuers, adding to the already strong issuance from the residential side. Second, there was the rise of new asset classes including Collateralized Fund Obligations (CFOs), as private market investors sought new liquidity for their stakes in private investment funds. Third, an increase in the use of traditional private placements for ABS deals boosted the number of investor clients on the firm’s client roster. This was in addition to work in the timeshare sector and in the residential solar markets that have long been the backbone of Kramer Levin’s practice.

  • CMBS Deal of the Year – Freddie Mac K-F73

    The spectre of the transition from Libor to Sofr has loomed over the market for several years with many technical issues still being worked out. Many in the market feel that the whole issue will end up in court, with judges being asked to decide the one fundamental question of who will end up paying for it. Against that backdrop, it takes a brave and committed issuer to step up to the plate and very publicly do a deal that breaks that log jam. For Freddie Mac, it was market leadership of the very highest order.

  • Best Securitization Bank of the Year - Guggenheim

    Since inception in 2014, Guggenheim’s structured finance franchise has demonstrated a strong commitment to broadening the reach of securitization and capital markets financing to new issuers and new asset classes. The team, led by industry veteran Cory Wishengrad, is stocked with senior structured finance talent hired from firms up and down Wall Street. In six years, Guggenheim Securities has brought an astounding 65 new issuers to market and introduced 19 new asset classes. That track record continued in 2019 and secured the firm’s spot as GlobalCapital’s Best Securitization Bank of the Year.

  • Securitization Trustee of the Year - U.S. Bank

    Running a successful securitization trustee business is all about balancing the need to sustain high levels of service, while building and maintaining scale by investing in the business. It is a difficult juggling act at the best of times, but in years of exceptionally strong volume, such as 2019, it marks the best from the rest.

  • Esoteric ABS Law Firm of the Year - Morgan Lewis

    2019 was a year of huge growth for the structured finance team at Morgan Lewis. With that growth, and the strong interplay of the structured finance practice with other practice areas of the firm, Morgan Lewis was able to work on some of the most interesting esoteric ABS deals of the year. The number of lawyers working in the structured finance practice grew from 45 to 60 between mid-2018 and 2020. The bulk of the new additions arrived in 2019, when seven new lawyers joined the practice in Washington, D.C, and four joined in both New York and Chicago.

  • Rating Agency Research Team of the Year - Moody’s

    The sheer amount of information, data and noise coming from the markets can be overwhelming even in the most benign periods, and investors need a reliable and impartial source to help them sort through it all. Rating agencies are a crucial conduit for this kind of analysis, and last year, the analysts at Moody’s Investors Service stood out among their peers as the most insightful, engaged, responsive and accessible research team, securing their win in GlobalCapital’s 2019 US Securitization Awards.

  • Middle Market CLO Deal of the Year - Golub Capital Partners CLO 45(M)

    In the GlobalCapital poll for our 2019 US Securitization Awards, Golub Capital with Morgan Stanley as arranger of the Golub CLO 45(M) deal nabbed 28% of the votes, taking first place among the four deals nominated. Golub Capital has a 15-year track record of managing CLOs and has been the leading middle market CLO issuer by volume for each of the last seven years, according to Creditflux data. This is Golub Capital’s seventh award in the past seven years for recognition in the CLO space.

  • Most Innovative Securitization Deal of the Year - Newmarket Capital – CITAH 2019

    Most Innovative Securitization Deal of the Year - Newmarket Capital – CITAH 2019

    The rise of impact investing and environmental, social and governance strategies (ESG) have proved capital markets can be a driving force for positive change. Newmarket Capital, established to acquire and grow the structured solutions and impact-focused IIFC funds previously housed at Mariner Investment Group, is focused on strategies including development and infrastructure finance, socially responsible investments, and impact securitization. In partnership with Citi, the Newmarket team’s CITAH 2019 transaction securitizing affordable housing loans stands out as a prime example of accessing capital markets to address an urgent social need, earning our Most Innovative Securitization Deal of the Year for 2019.

  • RMBS Bank of the Year - Nomura

    What Nomura has achieved in the US RMBS market since it decided to enter in 2013 is remarkable. In a little over six years, under the leadership of Gordon Sweely, head of securitized products, Americas, it has risen to number two in the league tables for the volume of deals done in 2019. It was involved in a large number of the most innovative and ground breaking transactions of the year as well. Perhaps most importantly, it has earned the respect and admiration of its clients and peers.

  • Securitization Technology Provider of the Year - Moody’s Analytics

    Moody’s has been collecting data on the structured finance market for almost 30 years. Today, Moody’s Analytics (sister company of credit rating agency Moody’s Investors Service) offers go-to platforms for the structured finance market and is continually developing new technology to organise and broadcast that deep data set. This has long been recognised by structured finance investors, where it has a strong client base. But over the course of 2019, the company expanded its issuer business with the purchase of the Deloitte ABS Suite software system. It has also taken great strides in enabling its data to be fed into investment bank client portals through hosted APIs, and delivering content in a modular way through i-frames. Its embedded presence across all sides of the CLO markets explains why it came top of the GlobalCapital poll for securitization technology provider of the year.

Publisher: Oliver Hawkins

Telephone: +44(0)20 7779 7304

Commercial director of events: Daniel Elton

Telephone: +44 (0)20 7779 7305

 

Publisher, special projects: Ashley Hofmann

Telephone: +44 (0)20 7779 8740