IFR International - 03.11.2018

3&RMûOFûITSû#LASSû!ûNOTES ûTHEûû
.OVEMBERûûSOFTûBULLET ûATûPAR û
EQUIVALENTûTOûMID
SWAPSûPLUSûBPû
'UIDANCEûWASûûTOû
!NûALL
3WISSûCOHORTûOFûûINVESTORSûWASûLEDû
BYûASSETûMANAGERS ûINSURERSûANDûBANKû
TREASURYûACCOUNTS ûRESPECTIVELY ûACCOUNTINGû
FORû ûûANDûûOFûTHEûBOOKû0RIVATEû
banks and pension funds took the rest with
ûANDû
5NIQUELYûTOûTHEû3WISSûFRANCûMARKET ûMOSTû
!"3ûDEALSûINûTHEûCURRENCYûAREûOFFEREDûMOREû
LIKEûSTANDARDûINVESTMENT
GRADEûPAPER ûWITHû
KûDENOMINATIONSûANDûlXEDûRATESûOFû
interest.
4HEûNOTESûAREûRATEDû!!!SF ûBYû&ITCHûANDû
BACKEDûBYûABOUTû3&RMûOFû3WISSûLAW
GOVERNEDûPERFORMINGûLEASEûAGREEMENTS û
along with the related vehicles and dealer
agreements.
#REDITûENHANCEMENTûISû ûWITHûû
FROMûOVERCOLLATERALISATION ûANDûûFROMû
THEûNON
AMORTISINGûRESERVEûFUND
The bonds coupon steps up twice if not
REDEEMEDûINûTHREEûYEARS ûWITHûAûlNALû
MATURITYûOFû/CTOBERûû!û3&RMûRESERVEû
was not offered to the market.

UBSûWASûSOLEûBOOKRUNNERûCO

ARRANGERSû

were StormharbourûANDû5"3ûANDûCO

MANAGERSûWEREû#REDITû3UISSEûANDû:+"

TESCO CARDS ABS IN DOLLARS

/NEûNEWû!"3ûWASûADDEDûTOûTHEûPIPELINEûLASTû

week as TESCO PERSONAL FINANCE mandated BNP

Paribas and Citigroup FORûAûDOLLAR

ONLYûISSUEû

OFFûITSû5+ûCREDITûCARDûVEHICLEûDELAMARE CARDS.

!ûROADSHOWûINûTHEû53ûISûSCHEDULEDûFORûTHISû

WEEKûWITHûCALLSûANDûMEETINGSûINû,ONDONû

and elsewhere in Europe next week.

The originator last came to market in

.OVEMBERûLASTûYEARûWITHûAûSTERLINGûDEALû

SELLINGûaMûTHREE

YEARû4RIPLEû!ûPAPERûATû

ONE

MONTHû,IBORûPLUSûBP

UK GOVERNMENT WANTS EXTRA £3bn

FROM STUDENT LOAN ABS PROGRAMME

The UK GOVERNMENT is extending its student

LOANûSECURITISATIONûPROGRAMMEûBYûONEûYEARû

and increasing the amount it hopes to raise

BYûaBN

4HEûPROGRAMMEûWILLûNOWûRUNûUNTILû

û)TûINVOLVESûSECURITISINGûSO

CALLEDû0LANû

ûORûPRE

ûLOANSûMADEûTOûSTUDENTSûWHOû

BEGANûUNIVERSITYûINûûORûEARLIER

The Plan 1 book totals around €39bn.

0REVIOUSLYûTHEûGOVERNMENTûHADûSAIDûITû

INTENDEDûTOûRAISEûAROUNDûaBNûOVERûlVEû

YEARSûBYûSECURITISINGûANûUNDISCLOSEDûPORTIONû

of that book. The new target is £15bn.

4HEûlRSTûSECURITISATIONûWASûSOLDûINû

$ECEMBERûLASTûYEARû-ARKETINGûFORûTHEû

SECONDû

ûINCOME CONTINGENT STUDENT LOANS 2

(2007-2009)û

ûISûUNDERûWAYûAHEADûOFûEXPECTEDû

PRICINGûINûLATEû.OVEMBERûORûEARLYû$ECEMBER

The extension of the sale programme was

announced as part of the Budget

ANNOUNCEMENTûONû-ONDAY

EMEA CLO

ALCENTRA AND CVC CLOs AT 96bp

4WOû#,/ûNEWûISSUESûFROMûALCENTRA and CVCû

BOTHûSOLDû4RIPLEû!SûATûBPûOVERû%URIBORûLASTû

week.

!LCENTRASûDEALûTHEûõMûJUBILEE CLO XXIû

WASûARRANGEDûBYûMorgan Stanleyû)TSû$OUBLEû!û

3INGLEû!ûANDû4RIPLEû"ûTRANCHESûPRINTEDûATû

BPûBPûANDûBP

"ELOWûINVESTMENTûGRADEûTHEû$OUBLEû"Sû

CAMEûATûAûBPûDISCOUNTûMARGINûANDûTHEû

3INGLEû"SûATûBP

4HEûNON

CALLûPERIODûRUNSûTOû*ANUARYûû

ANDûREINVESTMENTûTOû*ULYû

4HEû#6#ûTRADEûWASûCVC CORDATUS LOAN FUND

XIIûVIAûBNP Paribasû0RICINGûONûTHEûõMû

DEALûINCLUDEDûBPûBPûANDûBPûONû

THEû$OUBLEû!Sû3INGLEû!SûANDû4RIPLEû"S

The Double B notes came at a 570bp

DISCOUNTûMARGINûANDûTHEû3INGLEû"SûATûBP

,IKEûWITHûTHEûNEWû*UBILEEûTHEûNON

CALLû

ANDûREINVESTMENTûPERIODSûENDûINû*ANUARYû

ûANDû*ULYûûRESPECTIVELY

!LSOûFROMûTHEû#,/ûARENAûLASTûWEEKû

BLACKSTONE/GSO reset GRIFFITH PARK CLO.

Deutsche Bank WASûARRANGERû3EEûTHEûSUMMARYû

details table for the full capital structure.

US ASSET-BACKED SECURITIES
BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share
bank or group issues US$(m) (%)

1 Citigroup 158 56,433.17 15.9
2 JP Morgan 106 27,165.58 7.7
3 BAML 89 25,185.27 7.1
4 Deutsche Bank 85 20,290.35 5.7
5 Barclays 81 19,627.34 5.5
6 RBC 61 17,084.53 4.8
7 Wells Fargo 81 17,066.88 4.8
8 Credit Suisse 56 11,427.70 3.2
9 Mizuho 43 11,138.68 3.1
10 MUFG 37 9,305.98 2.6
Total 638 353,962.90
Excludes MBS.

Source: Refinitiv SDC code: F14

STRUCTURED FINANCE – ALL INTL ISSUERS

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

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

1 Credit Suisse 101 33,136.79 11.5

2 JP Morgan 98 25,009.32 8.6

3 Citigroup 102 21,418.85 7.4

4 BAML 89 21,092.89 7.3

5 Wells Fargo 80 19,611.81 6.8

6 Barclays 69 16,204.03 5.6

7 Deutsche Bank 71 14,262.15 4.9

8 Goldman Sachs 52 12,110.30 4.2

9 Morgan Stanley 42 10,460.44 3.6

10 Lloyds Bank 30 8,584.80 3.0

Total 530 289,182.99

Includes securitisations, PFI bonds, self-funded issues and credit-linked notes. Excludes US global ABS/MBS and CDOs.

Source: Refinitiv SDC code: J10c

GLOBAL CDOs
BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share
bank or group issues US$(m) (%)

1 Citigroup 79 39,110.63 23.7
2 Morgan Stanley 14 7,376.34 4.5
3 BAML 16 7,110.96 4.3
4 BNP Paribas 16 5,770.77 3.5
5 Credit Suisse 12 5,538.70 3.4
6 Deutsche Bank 8 4,581.85 2.8
7 JP Morgan 12 3,842.00 2.3
8 Barclays 13 3,390.07 2.1
9 Goldman Sachs 9 3,373.19 2.0
10 Jefferies 7 3,043.65 1.8
Total 335 164,988.44
Including Euro, foreign, global, US domestics.

Source: Refinitiv SDC code: B12

GLOBAL STRUCTURED FINANCE IN US$

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

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

1 Citigroup 253 90,797.25 14.8

2 Credit Suisse 18 7 70,350.07 11.4

3 JP Morgan 215 67,912.86 11.0

4 Wells Fargo 191 64,377.59 10.5

5 BAML 175 57,108.85 9.3

6 Goldman Sachs 112 36,646.49 6.0

7 Morgan Stanley 96 32,604.47 5.3

8 Barclays 116 31,203.13 5.1

9 Deutsche Bank 111 27,119.07 4.4

10 RBC 70 20,236.41 3.3

Total 1,125 615,450.75

Including securitisations (Euro, foreign, global and domestics, excluding

CDOs) and PFI bonds.

Source: Refinitiv SDC code: B16b

ALL EUROMARKET CDOs

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

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

1 Citigroup 22 9,451.48 13.5

2 Credit Suisse 10 4,367.40 6.2

3 Morgan Stanley 8 4,106.04 5.9

4 BNP Paribas 11 3,995.42 5.7

5 BAML 10 3,922.26 5.6

6 Goldman Sachs 8 2,904.96 4.2

7 Barclays 11 2,485.97 3.6

8 Deutsche Bank 4 2,207.16 3.2

9 JP Morgan 5 1,144.22 1.6

10 Wells Fargo 4 899.24 1.3

Total 147 69,937.23

Excludes global and domestic.

Source: Refinitiv SDC code: J11