The securitization new issue pipeline is set to slow as a record number of industry players meet in Las Vegas at the Structured Finance Industry Group (SFIG) and Information Management Network (IMN) debut conference.
In the run-up to the conference several deals were announced. According to Standard & Poor’s, global structured finance issuance increased to $10 billion last week, up $7 billion from the week prior and equal to the 2013 weekly average.
U.S. ABS has led the way; two weeks into 2014, the new issue market has seen nine deals for a total of $9 billion, according to a Wells Fargo report.
Primary issuance has largely been dominated by
The student loan market also saw one FFELP deal issued by Sallie Mae and HLSS issued a $800 million, servicer advance receivables securitization.
Despite the busy start to the year, analysts at Wells Fargo said that ABS volumes have so far lagged the year to date pace set in 2013 by $2.4 million. However that is likely to change once the market resumes next week, after the industry conference.
On the CMBS side
JP Morgan priced the super-senior notes from its single borrower CMBS transaction that is backed the Fontainebleau Miami Beach,
“Stable pricing at tighter levels on new issue deals will support loan origination in the near term, in our view,” said S&P analysts.