Euro Securitization Awards

GlobalCapital has closed the nominations stage of it annual European securitization awards — shortlists and pitched awards next

The Covid-19 pandemic presented a raft of new challenges for rating securitizations, as issuers, investors and servicers struggled to understand not just how underlying asset classes would cope but the short- and longer-term implications on cashflows as well as credit risk. Moody’s used the breadth and depth of its global franchise to provide consistent guidance and found new ways to reach out to the market and is our Securitization Rating Agency of the Year 2021.

Looking through the votes for RMBS deal of the year, GlobalCapital saw this deal lagging behind issues from Crédit Immobilier de France Development and LendInvest, both bold executions as the pandemic closed in, and triumphs for the syndicate and treasury teams involved.

Financial services boutique ISP Group launched its debut European CLO Opportunity Fund during the early spring market turmoil last year. Since then the Ardesia fund has proven its flexibility, recycling risk as the markets moved through panic, recovery and stability modes to deliver a 40%-plus return.

Two strong themes emerged from an extraordinary year for the securitization market in 2020 and both were recognised by voters in the RMBS and CMBS deal categories.

Secondary trading of ABS enjoyed a boom in 2020. For trading desks, that required a need to step up and provide liquidity for clients trying to manage portfolios during difficult markets. BNP Paribas did this demonstrating its commitment to the market as it continued to grow its business to match its leading position in the primary securitized products market. For the second year running BNP Paribas is our Secondary ABS/RMBS Trading House of the Year.

Santander Consumer Bank AG is a relative veteran as an issuer in the securitization market but it is still pushing boundaries. With securitization a central part of its funding – and capital management – plans, a focus on the product across the firm and an experienced team, the bank delivered our ABS Issue of the Year, the largest cash risk transfer deal in the public market, and also wins our ABS Issuer of the Year accolade.

Regulatory pressure has led to over €70bn of non-performing loan transactions from Italian lenders during the last few years, shaking up the servicing business. Prelios has been at the front of the pack from the start and is our Servicer of the Year, after a 2020 in which it began the industrialisation of unlikely-to-pay servicing, built out the first Italian non-performing exposures digital marketplace, and delivered market-leading financial performance.

GlobalCapital is delighted to reveal the winners of its 2021 European Securitization Awards, where we seek to recognise the most notable and innovative deals, banks and market participants of 2020.

The environmental, social and governance area of finance has been one of the hottest this year, with sustainability branding stuck on every financial product imaginable, from commercial paper to subscription lines, leveraged loans and bank capital.

When a crisis hits, it’s often the equity tranches that feel the brunt but the Covid-19 pandemic in 2020 ultimately created opportunities for some investors in the space. M&G, with its strong reputation among counterparties and ability to invest across the full range of assets, overcame the challenges and is our Securitization Equity Investor of the Year.

From supporting transactions under stress during treacherous market conditions, to helping clients navigate the data and reconciliation challenges of the simple, transparent and standardised (STS) regime, Citi was able to build on strong foundations to deliver for clients in a critical time for the market, making it our Securitization Trustee of the Year.