Eyeing pullback in market making, INTL jumps into ABS
Weak liquidity in ABS markets has been a top complaint of market participants for the past 18 months as many dealers pull back, but broker-dealer INTL FCStone is viewing the dislocation as an...
View ArticleEIB to hit dollar market in second five year deal of 2016
The European Investment Bank is to hit the dollar market with a five year benchmark, its second print in the currency this year, as issuers continue to focus on the short end of the curve.
View ArticleBP breaks Big Oil’s silence as €2bn bond wins hefty book
BP on Monday became the first big oil company to brave Europe's corporate bond market this year, as it issued a €2bn dual tranche bond.
View ArticleDeutsche offers OneSavings vendor finance on mortgage sale
Deutsche Bank has sold a £400m book of mortgages to OneSavings Bank, and financed the challenger bank’s purchase by buying notes in the resulting securitization, Rochester No. 2. Morgan Stanley...
View ArticleSponda readies €221m rights issue with Forum as reserve buyer
The board of Sponda, the Finnish property investment firm, has decided to raise €220.8m in a rights issue to partially repay a bridge loan.
View ArticleTwo dealers look to break into PACE space
Two major players in the securitization market are said to be looking to get in on the ground floor of the burgeoning market for Property Assessed Clean Energy (PACE) asset-backed securities.
View ArticleFreddie Mac floats second STACR deal of 2016
Freddie Mac is marketing STACR 2016-HQA1, the government sponsored agency's second credit risk transfer (CRT) offering of the year.
View ArticleCinven sells first block in Coor since IPO
Cinven sold a Skr735m ($86m) block of shares in Swedish outsourcing company Coor Service Management on Thursday last week. The deal represented a whopping 250 days of average trading in the stock.
View ArticleCFTC data show thawing risk appetites
Equity, currency, and rates futures traders adopted a less risk-averse posture last week after market prices stabilised. The weekly Commitment of Traders report from the Commodity Futures Trading...
View ArticleSterling bond mart open despite Brexit fears as Scotland Gas gets £250m
Scotland Gas Networks came to the sterling bond market on Monday with a £250m 11 year offering that was nearly twice subscribed.
View ArticleBig banks may pull out of ABS market making, say panellists
Large financial institutions may be unwilling to continue to make markets in securitizations if punitive liquidity regulation in the ABS space continues,, according to panellists at ABS Vegas.
View ArticleEurope's bonus cap has weakened the banks
No part of banking regulation has attracted more controversy than the bonus cap. Now, with the latest round of miserable bank results, pressure on profitability, and capital ratios in question, it...
View ArticleBaby bust could hit periphery
With some of the lowest fertility rates on earth, the highly indebted periphery nations are going to face a struggle to handle a combination of extensive social security obligations and a small numbers...
View ArticleEuropean buyers could drive US CLO market
European investors are likely to be major contributors to the US CLO market as the country finalises its risk retention requirements, according to panellists at ABS Vegas.
View ArticleWiS: Industry needs to up its diversity game
Representatives from Women in Securitization, a Structured Finance Industry Group initiative, said that a lack of transparency and employer accountability in the reporting of employee diversity is one...
View ArticleBig banks may pull plug on market making
Large financial institutions may be unwilling to continue to make markets in securitizations if punitive liquidity regulation in the ABS space continues, according to panellists at ABS Vegas.
View ArticleLiquidity, not credit, driving MPL ABS spreads wide
The lack of liquidity, not weakened in credit conditions, has been the driving force sending marketplace lending securitization spreads wide by the hundreds, panelists at ABS Vegas said on Monday.
View ArticlePrivate label RMBS reform moves forward
A US Treasury-led initiative to spur the recovery of the US private label (PLS) RMBS market announced key steps to improve the transparency of the product on Monday.
View ArticleCLO managers on the defensive
CLO managers are in defensive mode and have little appetite for the bargains on offer in the energy and commodities sector, attendees at ABS Vegas’ CLO credit selection roundtable heard on Monday.
View ArticlePiwowar slams risk retention, warns of STS over-reliance
Michael Piwowar, Commissioner of the U.S. Securities and Exchange Commission, was critical of US risk retention regulations in a keynote address on Tuesday, blaming “bureaucratic self preservation” for...
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