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Friday, 21 September 2018

Joy Wiltermuth' s stories

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  • Confidence runs high in ABS ahead of Miami conference

    Ticker | 21 September 2018

    Confidence in the US economy and the ability of consumers to repay record levels of debt have set a bullish tone for this year’s annual ABS East conference in Miami.

  • Confidence runs high in ABS ahead of Miami conference

    Structured Finance | 21 September 2018

    Confidence in the US economy and the ability of consumers to repay record levels of debt have set a bullish tone for this year’s annual ABS East conference in Miami.

  • F1 race

    Investors reach for yield instead of brakes

    Ticker | 18 September 2018

    Investors drove past warning signs and straight on to the yield of two large junk bond sales separately financing the buyouts of Refinitiv and Akzo Nobel.

  • Thomson Reuters Chief Executive Jim Smith speaks about the deal with Blackstone Group in Toronto

    Refinitiv bonds move up in secondary

    Ticker | 18 September 2018

    The US junk-rated bonds that will finance Blackstone’s buyout of a 55% stake in Thomson Reuters’ Financial & Risk business - to be renamed Refinitiv - were trading higher in the secondary market on Tuesday, according to two investors.

  • US Federal Reserve building

    New York Fed sells last of Maiden Lane assets

    Ticker | 18 September 2018

    The New York Federal Reserve said on Tuesday that it has sold the last of the once-toxic mortgage and derivative assets from Bear Stearns and American International Group.

  • Different types of chocolates are seen at the Nestle headquarters in Vevey

    Nestle's rare US dollar bond gets US$23bn in orders

    Ticker | 18 September 2018

    Nestle hit the sweet spot with its first ever US dollar deal to target domestic US investors, who put in some US$24bn of orders for the bonds, a banker on the deal told IFR.

  • HOUSING/FORECLOSURES

    The next crisis? Look elsewhere

    Top News | 14 September 2018

    Securitisation is once again a main artery of consumer finance in the US, a decade after toxic mortgage bonds precipitated a global financing crisis and helped topple Lehman Brothers.

  • Thomson Reuters Chief Executive Jim Smith speaks about the deal with Blackstone Group in Toronto

    Refinitiv deal wakes ghosts of LBOs past

    Top News | 14 September 2018

    The return of big buyouts to the leveraged finance market has rekindled memories of the 2006 and 2007 bad old days of risky underwriting and excessive debt.

  • ENI/Reuters

    Eni and Unilever lead rush of Yankees

    Top News | 07 September 2018

    Italian energy company Eni and UK consumer goods giant Unilever led a surge of Yankee issuance in the US high-grade primary market last week, seizing a chance to lock in attractive borrowing costs overseas.

  • Cigna US$20bn M&A bond lifts high-grade

    Bonds | 07 September 2018

    US health insurer Cigna was flooded with investor demand for its US$20bn bond deal on Thursday to help finance its purchase of Express Scripts, giving a big shot of confidence to the high-grade market that has seen one of its toughest periods in years.

  • Pfizer kicks off busy September in high-grade

    Bonds | 07 September 2018

    A deal by drug maker Pfizer was among the highlights of a blockbuster week in the US high-grade corporate bond market as market participants got back to business after the long Labor Day weekend.

  • Fannie sells reinsurers apartment loan risks

    Structured Finance | 07 September 2018

    Housing giant Fannie Mae has a new way to offload risks associated with its massive multifamily finance business.

  • A man stands outside Fannie Mae headquarters in Washington

    Fannie sells reinsurers apartment loan risks

    Ticker | 07 September 2018

    Housing giant Fannie Mae has a new way to offload risks associated with its massive multi-family finance business.

  • Express Scripts office

    Cigna launches US$20bn M&A bond deal

    Ticker | 07 September 2018

    US health insurer Cigna was overwhelmed with investor demand for its US$20bn bond deal on Thursday to help finance its purchase of Express Scripts.

  • ENI/Reuters

    Eni, Unilever headline rush of Yankee bond deals

    Ticker | 07 September 2018

    Italian energy company Eni and UK consumer goods giant Unilever led a surge of Yankee issuance in the US high-grade primary market this week, seizing a chance to lock in attractive borrowing costs overseas.

  • Express Scripts

    Cigna readies jumbo M&A bond

    Ticker | 04 September 2018

    Health insurer Cigna is readying a jumbo high-grade bond deal, expected to be about US$20bn in size, to help finance its acquisition of pharmacy benefit manager Express Scripts, two sources familiar with the details told IFR.

  • Pfizer World Headquarters building

    Pfizer kicks off busy September in high-grade

    Ticker | 04 September 2018

    Drug maker Pfizer led a busy day in the US high-grade market on Tuesday as market participants got back to business after the long Labor Day weekend.

  • Mortgage

    Mortgage bond ratings get harder to decode

    Top News | 31 August 2018

    Credit rating opinions on new types of residential mortgage bonds have become increasingly divided, making it harder for investors to gauge their risks.

  • MOVES-SocGen's McGarvey leaves bank

    Ticker | 29 August 2018

    Dan McGarvey, Societe Generale’s head of US asset-backed products origination, has left the bank, according to two people familiar with the matter.

  • vw volkswagen

    ABS supply may set post-crash record

    Ticker | 27 August 2018

    Asset-backed bond issuance could set a post-crisis record of US$225bn this year due to robust supply and favourable financing conditions, according to JP Morgan data.

  • Rising student debt burden could fall to the US government

    Structured Finance | 24 August 2018

    Repayment of the US$1.5trn US student loan burden will mostly fall to the government unless new plans are designed that help borrowers chip away at their debts, S&P said in a report.

  • Graduation ceremony

    Rising student debt burden could fall to US government

    Ticker | 22 August 2018

    Repayment of the US$1.5trn US student loan burden will mostly fall to the government unless new plans are designed that help borrowers chip away at their debts, S&P said in a new report.

  •  A Royal Bank of Scotland branch

    Crisis-era mortgage probe nears end with RBS settlement

    Top News | 17 August 2018

    A multi-year investigation by US regulators into the role that big banks played in creating toxic mortgage securities nearly a decade ago is now drawing to a close.

  • 666 Fifth Ave debt paid, except for a note with no hope

    Structured Finance | 17 August 2018

    The long saga surrounding the future of 666 Fifth Avenue in New York City has drawn to a close, but not without more than a hundred million dollars in bonds used to finance the trophy building taking a loss.

  • Top NYC pre-crisis CMBS loans

    Structured Finance | 17 August 2018

    The bulk of money borrowed to finance the purchase of 666 Fifth Avenue in New York City has finally been repaid following a tumultuous decade that included a near-default and major debt restructuring.

  • US dollar bills

    US household debt climbs to US$13.29trn: NY Fed

    Ticker | 14 August 2018

    Total US household debt jumped to a record US$13.29trn in the second quarter, marking the 16th quarter in a row with an increase, the Federal Reserve Bank of New York said on Tuesday.

  • A building at 666 Fifth Avenue, owned by Kushner Companies

    666 Fifth Ave debt paid, except for a note with no hope

    Ticker | 13 August 2018

    The long saga surrounding the future of 666 Fifth Avenue in New York City has drawn to a close, but not without more than a hundred million dollars in bonds used to finance the trophy building taking a loss.

  • NBC logos are seen on a door with buildings around Rockefeller Center reflected in the background at the home of NBC's studios, in New York

    Top NYC pre-crisis CMBS loans

    Ticker | 13 August 2018

    The bulk of money borrowed to finance the purchase of 666 Fifth Avenue in New York City has finally been repaid following a tumultuous decade that included a near default and major debt restructuring.

  • Warehousing and industrial units are seen for sale and to let in south east London

    Cracks appear in CMBS as risky B pieces get downgraded

    Ticker | 10 August 2018

    Downgrades to the B-piece portion of post-crisis commercial property bonds are on the rise this year, driving up the risks of losses to the very investors who took up these bonds for a yield pick-up.

  • Cracks appear in CMBS B-piece ratings

    Structured Finance | 10 August 2018

    Downgrades to the B-piece portion of post-crisis commercial property bonds are on the rise this year, driving up the risks of losses to the very investors who took up these bonds for a yield pickup.

  • JLL, CPS team up on real estate workouts

    People & Markets | 10 August 2018

    Jones Lang LaSalle and turnaround firm CPS are banding together to give problem commercial real estate properties a second chance by restructuring their debt.

  • CMBS

    Jones Lang LaSalle and CPS team up on real estate workouts

    Ticker | 06 August 2018

    Jones Lang LaSalle and turnaround firm CPS are banding together to give problem commercial real estate properties a second chance by restructuring their debt.

  • Homes for sale

    Housing market cools in high-tax cities due for tax pinch

    Ticker | 03 August 2018

    The housing market in high-tax East Coast and Midwest cities has already started to cool, even before tax reforms go into effect, Amherst Capital Management said in a report Friday.

  • CMBS 2.0 bond losses likely to grow: KBRA

    Structured Finance | 03 August 2018

    Losses are likely to grow on post-crisis commercial mortgage-backed securitisations as loan servicers take a harsher view on recoveries, KBRA said in a new report.

  • Neuberger enters non-qualified fray

    Structured Finance | 03 August 2018

    Neuberger Berman has become the latest player to bundle up home loans into a new breed of mortgage bonds.

  • Mortgage

    Experts worry about protections in new mortgage bonds

    Top News | 03 August 2018

    Structural protections in new mortgage bond deals remain weak a decade after the sector was at the centre of the financial crisis, a group of industry experts said last week.

  • Neuberger Berman offices

    Neuberger enters non-QM fray

    Ticker | 02 August 2018

    Neuberger Berman became the latest player to bundle up home loans into a new breed of mortgage bonds.

  • Mortgage

    Experts worry new mortgage bonds still have weak protections

    Ticker | 01 August 2018

    Structural protections in new mortgage bond deals are still weak a decade after the sector helped fuel the financial crisis, a group of industry experts said on Tuesday.

  • Kroll Bond Ratings

    CMBS 2.0 bond losses likely to grow: KBRA

    Ticker | 30 July 2018

    Losses are likely to grow on post-crisis commercial property bonds as loan servicers take a harsher view on recoveries, KBRA said on Monday in a new report.

  • Shopping mall

    Christiana Mall CMBS gets rare downsize

    Ticker | 27 July 2018

    Banks looking to sell some US$400m of property bonds backed by the Christiana Mall in Delaware took the rare step this week of cutting down the deal’s size to get it done.

  • New CRT index rolls out

    Structured Finance | 27 July 2018

    Bond investors have another way to gauge their performance in the burgeoning credit risk transfer (CRT) bond market.

  • MBS DEAL PRICINGS

    Structured Finance | 27 July 2018

    It is a rare thing when a CMBS deal in the US gets downsized. But that is what happened recently when a group of banks tried to sell US$400m of bonds backed by the Christiana Mall in Delaware.

  • Fog settles on Golden Gate Bridge

    Clean Fund clears debut commercial PACE ABS

    Ticker | 27 July 2018

    California-based lender Clean Fund priced a US$103.57m securitisation - the first of its kind to pool energy-saving tax liens on commercial buildings.

  • Freddie Mac

    New CRT index rolls out

    Ticker | 23 July 2018

    Bond investors have another way to gauge their performance in the burgeoning credit risk transfer (CRT) bond market.

  • Harley Marine's ABS rattled by battle

    Structured Finance | 20 July 2018

    A battle for control over Harley Marine Services has sent spreads dramatically wider on the tug and barge company’s only asset-backed securitisation, but ratings agency KBRA said there is no evidence of increased credit risk.

  • Rwater.jpg

    ABS investors snap up blast of summer supply

    Ticker | 19 July 2018

    Investors were undaunted by the US$15bn deluge of new asset-backed bond supply on tap for this week, which is expected to mark a record summer week for issuance.

  • Barge

    Harley Marine's ABS rattled by battle over company control

    Ticker | 19 July 2018

    A battle for control over Harley Marine Services has sent spreads dramatically wider on the tug and barge company’s only asset-backed bond deal, but ratings agency KBRA said on Thursday there is no evidence of increased credit risk.

  • Auto ABS

    S&P cuts Honor sub-prime auto bond rating deeper into junk

    Ticker | 18 July 2018

    Bonds from Honor Finance’s only sub-prime auto loan securitisation fell several notches deeper into junk territory on Wednesday amid growing concerns the deal could take a rare write-off.

  • A commercial development in Williston, North Dakota

    Cashflows fall sharply on 2017 CMBS loans: report

    Ticker | 16 July 2018

    Cashflows on properties with CMBS debt originated last year have fallen 8.2% below their underwritten levels overall, Bank of America Merrill Lynch said in a new report.

  • Atlantis Resort tests appetite with huge bond sale

    Structured Finance | 13 July 2018

    Bond investors are being pitched a huge slice of Paradise Island’s Atlantis Resort, a beach-front property in the Bahamas that was once controlled by Donald Trump.

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