STRUCTURED FINANCE&IVEûBANKSûWEREûHIREDûASûJOINTûLEADSûFORû
3AECUREûûBank of America Merrill Lynch, ING,
Rabobank, SG and Wells Fargo.
4HEûNOTESûAREûBACKEDûBYûAûPORTFOLIOûOFû
RESIDENTIALûMORTGAGESûSIZEDûATûõMûGROSS û
ORûATûõMûNETûOFûSAVINGSûDEPOSITS
4HEREûAREû ûLOANS ûOFûWHICHûû
CARRYû.('ûGUARANTEESû4HEûAVERAGEûCURRENTû
LOANûBALANCEûISûõKûTHEûWEIGHTEDûAVERAGEû
LOAN
TO
MARKETûVALUEûISû ûORûANûINDEXEDû
û3EASONINGûISûûYEARS
4HEû#LASSû!SûHADûAûPRE
SETûCOUPONûOFûBPû
OVERûTHREE
MONTHû%URIBORûANDûWEREûSOLDûATûAû
CASHûPRICEûOFû
STERLING PIPELINE EASES4WOûNON
STANDARDû5+û2-"3ûDEALSûVIEDûFORû
THEûATTENTIONûOFû5+ûINVESTORSûLASTûWEEK û
while euro denominated trades were
OFFERINGûATTRACTIVEûYIELDSûTOO
“Some of those investors will be
participating in the European trades now
that European spreads have backed out
CONSIDERABLY vûSAIDûAûSYNDICATEûOFlCIAL
3TERLINGûDEALSûWIDENEDûMOREûSEVERELYû
THANûEUROûONESûMIDWAYûTHOUGHûTHEûYEARû
ENCOURAGINGû5+ûACCOUNTSûWHOûCANûALSOûBUYû
EUROSûTOûFOCUSûJUSTûONûTHEûSTERLINGûMARKET
But in October German autos widened out
INTOûTHEûS ûWHILEû&RENCHûANDûNOWû$UTCHû
RMBS have printed in the 30s.
3UPPLYûFROMû5+ûISSUERSûHASûREPEATEDLYû
TESTEDûTHEûSTERLINGûBUYERûBASEûINûTHEûPASTûFEWû
MONTHSûBUTûTHEûPIPELINEûHASûNOWûEASEDûOFF û
WITHûJUSTûTHEû5+ûGOVERNMENTûSTUDENTûLOANû
!"3ûVISIBLEû4ESCOû0ERSONALû&INANCEûISû
RETURNINGûWITHûAûNEWû5+ûCREDITûCARDû!"3ûBUTû
HASûOPTEDûTOûSELLûONLYûDOLLARS
h)ûTHINKûITûQUIETENSûDOWNûFROMûHERE vûSAIDû
THEûOFlCIALûh)FûMARKETûCONDITIONSûAREûTHEREû
THENûWEûMAYûSEEûONEûORûTWOûNEWûDEALSû
EMERGE vûBUTûSOMEûISSUERSûMAYûWAITûUNTILû
*ANUARYûONûTHEûGROUNDSûTHATûTHEûNEWûYEARû
means new cash for investors to put to
work.
4HEûlRSTûOFûTHEûTWOû5+û2-"3ûPRICEDûLASTû
week was FINSBURY SQUARE 2018-2 from
Northview Group’s KENSINGTON MORTGAGE CO.
4HEûDEALûWASûPRICEDûONû7EDNESDAYû
afternoon via BNP Paribas, Citigroup and
National Australia Bank.
Three of the four tranches came wide or
ATûTHEûWIDEûENDûOFû)04Sû(OWEVERûTHEûlNALû
DEALûSIZEûWASûAûCHUNKYûaM ûUPPEDûFROMûANûINITIALûaMûMINIMUMûTOûINCLUDEûAûPRE
funding portion.
4HEûDEALûSECURITISESûSPECIALISTûPRIME û
PERFORMING ûlRST
RANKINGûMORTGAGESûANDûISû
THEûSECONDûOFFûTHEûPROGRAMMEûTHISûYEARû
FOLLOWINGûAûDEALûINû*ANUARYûWHENûTHEûMARKETû
was much tighter.
4HEûNEWûISSUESûaMû4RIPLEû!ûTRANCHE û
WITHûAû
YEARûWEIGHTEDûAVERAGEûLIFE ûWASû
1.2 times covered at 95bp. IPTs were low to
MIDûSû4HATûISûBPûOUTSIDEûTHEûBPûPRINTû
INû*ANUARY
#LASSESû"ûTOû$ûHADûAû
YEARû7!,û4HEû
aMû!A!!û#LASSû"ûCAMEûûTIMESû
COVEREDûATûBP ûAFTERûMIDûSû)04Sû4HEû
aMû!!û#LASSû#ûCAMEûûTIMESûDONEûATû
BP ûWIDEûOFûHIGHûSû)04S
4HEû#LASSû$ ûSIZEDûATûaM ûWASûûTIMESû
COVEREDûATûBP ûFROMûLOWûTOûMIDûSû)04Sû
4HEREûISûALSOûAûaMû#LASSû8ûWHICHûCAMEûATû
BP
#LASSESû"ûTOû$ûONûTHEû*ANUARYûDEALûCAMEûATû
BP ûBPûANDûBP
4HEûSECONDû2-"3 ûTOGETHER ASSET BACKED
SECURITISATION 2018-1 ûWASûPRICEDûONEûDAYûLATERû
ONû4HURSDAYû)TûISûBACKEDûBYûaMûlRSTû
ANDûSECONDûCHARGEûOWNER
OCCUPIEDûANDûBUY
TO
LETûMORTGAGESûORIGINATEDûBYûTOGETHER
FINANCIAL SERVICES.
4HEûaMû#LASSû!ûCAMEûOVERûûTIMESû
COVEREDûATûBP ûVERSUSûAûBPûPRINTûFORû
the previous deal from the originator on its
DEBUTûINû3EPTEMBERûLASTûYEAR
4HEûNOTESûWENTûûTOûTHEû5+ ûûTOû
"ENELUXûANDûûTOû'ERMANYû!SSETûMANAGERSû
TOOKûûANDûCENTRALûBANKSûANDûOFlCIALû
INSTITUTIONSû
The new deal’s £12.2m Class B came 2.3
TIMESûCOVEREDûATûBP ûTHEûaMû#LASSû#û
four times done at 210bp and the £23m
Class D 3.9 times covered at 275bp.
5+ûBUYERSûACCOUNTEDûFORûûOFûTHEû
MEZZANINEûBOOK ûWITHû"ENELUXûATûû!LLû
accounts were asset managers.
4HEûDEALûWASûLEDûBYûCitigroup ûHSBC and
Lloyds.GLOBAL STRUCTURED FINANCE IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 SG 11 4,096.02 10.8
2 Credit Agricole 8 2,949.08 7.8
3 UniCredit 10 2,508.53 6.6
4 BNP Paribas 9 2,374.73 6.3
5 Commerzbank 4 1,842.32 4.8
6 Santander 7 1,828.65 4.8
7 Cooperatieve Rabobank 3 1,787.86 4.7
8 Natixis 4 1,751.05 4.6
9 JP Morgan 3 1,743.46 4.6
10 BAML 6 1,700.95 4.5
Total 58 37,990.63
Includes securitisations, credit-linked notes (Euro, foreign, global and
domestics) and excludes CDOs.
Source: Refinitiv SDC code: B16gALL EUROPEAN ISSUERS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Lloyds Bank 27 7,988.30 10.3
2 BAML 24 7,224.51 9.3
3 BNP Paribas 21 6,448.39 8.3
4 SG 13 5,176.85 6.6
5 Citigroup 18 4,524.24 5.8
6 Credit Agricole 8 3,596.36 4.6
7 Natixis 10 3,096.92 4.0
8 UniCredit 10 2,985.16 3.8
9 JP Morgan 7 2,933.89 3.8
10 Barclays 11 2,819.13 3.6
Total 112 77,857.72
Includes securitisations, credit-linked notes (Euro, foreign, global and domestics) and excludes CDOs.Source: Refinitiv SDC code: B16nSECURITISATIONS – ALL EUROPEAN RMBS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 BAML 20 4,906.28 15.4
2 Lloyds Bank 15 4,368.02 13.7
3 BNP Paribas 11 3,530.62 11.1
4 Citigroup 10 2,246.85 7.1
5 Cooperatieve Rabobank 3 1,787.86 5.6
6 Morgan Stanley 8 1,775.38 5.6
7 JP Morgan 6 1,764.02 5.6
8 SG 3 1,725.66 5.4
9 Natixis 6 1,715.43 5.4
10 Barclays 7 1,309.15 4.1
Total 51 31,777.08
Including Euro, foreign, global and domestics, excluding CDOs.
Source: Refinitiv SDC code: B10a
ALL INTL ISSUERS (EXCLUDING SELF-FUNDED)
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Credit Suisse 101 33,136.79 12.7
2 JP Morgan 95 23,446.26 9.0
3 Citigroup 98 20,433.19 7.8
4 BAML 82 19,039.37 7.3
5 Wells Fargo 73 17,469.82 6.7
6 Barclays 60 13,669.59 5.2
7 Deutsche Bank 69 13,548.90 5.2
8 Goldman Sachs 47 11,048.74 4.2
9 Morgan Stanley 38 9,354.22 3.6
10 BNP Paribas 25 7,217.71 2.8
Total 480 261,032.96
Includes securitisations, PFI bonds and credit-linked notes. Excludes US global ABS/MBS, CDOs and self funded issues.Source: Refinitiv SDC code: J10dGLOBAL SECURITISATIONS IN STERLING
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues £(m) (%)
1 Lloyds Bank 22 4,079.45 20.4
2 BAML 19 3,323.60 16.6
3 BNP Paribas 12 2,483.21 12.4
4 Citigroup 11 1,652.18 8.3
5 Barclays 8 1,080.99 5.4
6 HSBC 8 1,028.52 5.2
7 MUFG 1 1,006.20 5.0
8 Natixis 6 776.24 3.9
9 NatWest Markets 4 745.18 3.7
10 JP Morgan 4 663.58 3.3
Total 50 19,966.96
Including Euro, foreign, global and domestics, excluding CDOs.
Source: Refinitiv SDC code: B16i