IFR International - 28.07.2018

(NZES) 2018-FNT2. Citigroup structured, JP
Morgan ûBank of America Merrill Lynch and
Credit Suisse WEREûJOINTûBOOKRUNNERS
#OLLATERALû3ECUREDûBYûASSETSûCONSISTINGû
PRIMARILYûOFûMORTGAGEûSERVICINGûRIGHTSû
owned by NRM.
,ARGESTûTRANCHEû#LASSû!û53Mû
YEARû7!,ûRATEDû4RIPLEû!ûPRICEDûATû
interpolated swaps plus 90bp.

PEPPER RESIDENTIAL
PERMANENT CUSTODIANS LTD priced a US$250m
non-conforming and prime RMBS
TRANSACTION ûCALLEDû0EPPERû2ESIDENTIALû
Securities Trust No 21 (PRST NO.21). Citigroup
and NABûJOINTûBOOKRUNNERSû$EALûALSOû
INCLUDEDû!USTRALIAûDOLLARûTRANCHES
,ARGESTûTRANCHEû#LASSû!
Uû53Mû
YEARû7!,ûRATEDû4RIPLEû!ûPRICEDûATû
ONE
MONTHû,IBORûPLUSûBP

US ABS

CLEAN FUND’S DEBUT COMMERCIAL
PACE ABS

California-based lender CLEAN FUND priced a
53MûSECURITISATIONûnûTHEûlRSTûRATEDû
DEALûOFûITSûKINDûTOûPOOLûENERGY
SAVINGûTAXû
liens on commercial buildings.
4HEûBONDûDEAL ûRATEDû4RIPLEû!ûBYû$"23 û
BUNDLEDûUPûûPROPERTY
ASSESSEDûCLEANû
ENERGYû0!#% ûTAXûLIENSûONûBUILDINGSûINûSIXû
states.
0!#%ûLIENSûHELPûPROPERTYûOWNERSûlNANCEû
BUILDINGûIMPROVEMENTS ûFROMûINSTALLINGû
ENERGY
SAVINGûAPPLIANCESûTOûMAKINGûSEISMICû
RETROlTS
4HEûLIENSûTYPICALLYûAREûREPAIDûINûlVEûTOûû
YEARS ûACCORDINGûTOûTHEû$"23ûPRE
SALE
!NDûWHILEûTHEû#LEANû&UNDûBONDSûCAMEû
WITHûAûLONGû
YEARûWEIGHTEDûAVERAGEûLIFE û
the deal still hit its pricing target of
interpolated swaps plus 125bp to yield
 ûACCORDINGûTOûAûPERSONûWITHû
knowledge of the trade.
“I think this is a good signal to the market
THATûCOMMERCIALû0!#%ûCANûGETûDONE vûAûPERSONû
with knowledge of the transaction told IFR.
“There is a ton of demand for these types
OFûBONDSv
4HEûDEBUTûDEAL ûCALLEDûCLEAN PACE 2018-1 û
TOOKûMOREûLEADûTIMEûTHANûTHEûTYPICALû!"3û
deal.
DBRS issued its bond pre-sale report on
*ULYû ûANDûTHEûDEALûPRICEDûLASTû7EDNESDAYû
through Credit Suisse.
-AINSTREAMû!"3ûDEALSûOFTENûGOûMUCHû
faster. DISCOVER BANKûLASTûWEEKûROLLEDûOUT û
UPSIZEDûANDûPRICEDûITSû
YEARû4RIPLEû!û
rated US$900m credit card deal from
53M ûWITHINûAûMATTERûOFûHOURS
"UTûWHILEû#LEANû&UNDûTOOKûITSûTIME ûITûDIDû
ENDûUPûWITHûAûPOSITIVEûOUTCOME ûANDûDREWû

interest from insurance companies to

opportunity funds to clients with a

RENEWABLE

ENERGYûFOCUSûTHEûPERSONûSAID

h7EûEXPECTûMOREûOFûTHESEûDEALSûINûTHEû

FUTUREvûTHEûPERSONûSAID

4HEû#LEANû&UNDûDEALûCOMESûJUSTûAûMONTHû

after California adopted more stringent

ENERGYûEFlCIENCYûSTANDARDSûFORûHOMESûANDû

COMMERCIALûBUILDINGSûWHICHûCOULDûBEûAû

BOONûFORûTHEûFUTUREûOFû0!#%

4HEûREQUIREMENTSûWHICHûGOûINTOûEFFECTûATû

THEûSTARTûOFûûWILLûCALLûONûALLûNEWû

residential homes to include solar

installations and for healthcare buildings to

COMPLYûWITHûNEWûENERGYûEFlCIENCYû

standards.

h0!#%ûPROGRAMMESûSTANDûTOûBENElTûASû

BUILDERSûLOOKûFORûlNANCINGûALTERNATIVESûTOû

PAYûFORûTHESEûNEWûENERGYûEFlCIENCYûANDû

ENERGYûRENEWALûREQUIREMENTSvû-ORNINGSTARû

said in a related report.

OTHER DEALS GROW

%LSEWHEREûINû!"3ûDEALûVOLUMEûWASûRATHERû

MUTEDûWITHûONLYûAûHANDFULûOFûNAMESû

coming after a US$15bn deluge of supply hit

the prior week.

3TILLûMANYûDEALSûTHATûDIDûEMERGEûWEREû

able to grow.

!UTOûLENDERûWORLD OMNI increased its bond

SALEûTOû53BNûFROMûJUSTûUNDERû53M

TORONTO-DOMINION increased the size of its

%VERGREENûCREDITûCARDûDEALûTOû53MûFROMû

53MûANDûCARûRENTALûCOMPANYû

ENTERPRISE grew its auto lease deal to US$1bn

FROMû53M

US ABS DEAL PRICINGS

CLEANFUND COMMERCIAL

CLEANFUNDûPRICEDûAû53MûCOMMERCIALû

0!#%û!"3ûCLEAN 2018-1ûVIAûCredit Suisse.

#OLLATERALû0OOLûOFûû0!#%ûASSESSMENTSû

AGAINSTûCOMMERCIALûPROPERTIESûINûSIXûSTATESû

WITHûANû7!ûINTERESTûRATEûûANDû7!û

original term of 22.9 years.

Single tranche: #LASSû!û53Mû



YEARû7!,ûRATEDû!!!û$"23   ûPRICEDûATû

interpolated swaps plus 125bp.

COMMONBOND

COMMONBOND INCûPRICEDûAû53Mû

PRIVATEûSTUDENTûLOANû!"3ûTRANSACTIONûCALLEDû

CommonBond Student Loan Trust (CBSLT

2018-B-GS). Goldman Sachs structured the deal

ANDûWASûAûJOINTûBOOKRUNNERûWITHûBarclaysû

Citigroup and Guggenheim.

#OLLATERALû0RIVATEûSTUDENTûLOANS

,ARGESTûTRANCHEû#LASSû!

û53Mû



YEARû7!,ûRATEDû4RIPLEû!ûPRICEDûATû

interpolated swaps plus 63bp.

DISCOVER BANK

DISCOVER BANK priced an upsized US$900m

FROMû53M   ûCREDITûCARDû!"3ûCALLEDû

DISCOVER CARD EXECUTION NOTE TRUST (DCENT)

SERIES 2018-A4. RBC structured the deal and

WASûAûJOINTûBOOKRUNNERûWITH MUFG.

#OLLATERALû#REDITûCARDûPAYMENTS

3INGLEûTRANCHEû#LASSû!û53Mû



YEARû7!,ûRATEDû4RIPLEû!ûPRICEDûINûLINEû

with guidance at interpolated swaps plus

23bp.

$IRECTûCOMPARABLEû$#%.4û

!û

   û53BNû

YEARû7!,ûRATEDû

4RIPLEû!ûPRICEDûATûINTERPOLATEDûSWAPSûPLUSû

BP

ENTERPRISE FLEET FINANCING

ENTERPRISE FLEET MANAGEMENT priced an

UPSIZEDû53BNûFROMû53M  ûAUTOûmEETû

LEASEûTRANSACTIONûENTERPRISE FLEET FINANCING

(EFF 2018-2). JP Morgan structured the deal and

WASûAûJOINTûBOOKRUNNERûWITHûHSBCûRBC and

Wells Fargo.

#OLLATERALû.OTESûWILLûBEûSECUREDûBYû

payments on a pool of open and closed-end

VEHICLEûmEETûLEASEûCONTRACTSûFORûCARSûLIGHT

DUTYûTRUCKSûANDûOTHERûVEHICLESûORIGINATEDûBYû

EFM.

,ARGESTûTRANCHEû#LASSû!

û53Mû

YEARû7!,ûRATEDû4RIPLEû!ûPRICEDûATû%$3&û

GLOBAL CDOs

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 Citigroup 62 31,617.89 27.4

2 Morgan Stanley 9 4,690.39 4.1

3 Deutsche Bank 7 3,573.68 3.1

4 Credit Suisse 8 3,514.72 3.0

5 BAML 10 3,506.54 3.0

6 JP Morgan 6 3,012.51 2.6

7 BNP Paribas 8 2,611.23 2.3

8 Barclays 7 1,573.24 1.4

9 Greensledge CM 4 1,505.13 1.3

10 Goldman Sachs 4 1,470.33 1.3

Total 229 115,258.12

Including Euro, foreign, global, US domestics.

Source: Thomson Reuters SDC code: B12

ALL EUROMARKET CDOs

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 Citigroup 17 7,711.98 14.1

2 Morgan Stanley 6 3,055.09 5.6

3 BAML 9 3,031.79 5.5

4 Credit Suisse 7 2,907.72 5.3

5 BNP Paribas 8 2,611.23 4.8

6 Deutsche Bank 4 2,207.16 4.0

7 JP Morgan 4 2,194.86 4.0

8 Barclays 7 1,573.24 2.9

9 Goldman Sachs 4 1,470.33 2.7

10 Wells Fargo 5 1,062.82 1.9

Total 113 54,736.54

Excludes global and domestic.

Source: Thomson Reuters SDC code: J11