Latest RMBS news
The debut public RMBS from Together Finance, formerly Jerrold Holdings, saw strong levels of oversubscription and tight pricing across the capital stack, once again strong demand and favourable pricing available for issuers in the securitization markets.
Santander is returning to the UK prime RMBS market with its latest master trust securitization, the latest UK bank to return to the securitization market ahead of the Bank of England's term funding scheme expiring next year.
Before the Bank of England’s easy money schemes, UK issuers were reliant upon a deeper base of US buyers to get deals over the line. With the end in sight for the BoE’s Term Funding Scheme (TFS), sellers are looking to restore the link between the US and the UK markets to support sterling issuance.
Virgin Money’s first prime UK RMBS deal of the year was well received by domestic buyers, but demand was particularly healthy in the US, with the dollar tranche of the deal heavily oversubscribed.
Virgin Money's new UK RMBS, Gosforth Funding 2017-1, saw strong demand for both sterling and dollars in its new deal, despite much of the US market heading to Miami for IMN's ABS East conference.
A secondary reoffer of RMBS notes from Banca Popolare di Bari hit the euro pipeline last week, but investors are cautious about the notes given the noise surrounding Italy this year.
UK mortgage lenders are positioning themselves to re-enter the securitization market next year, as they wean themselves off the Bank of England’s Term Funding Scheme (TFS), which is slated to end in February 2018.
MTGLQ Investors, a subsidiary of Goldman Sachs, has bought $2.4bn of mortgages from Fannie Mae, as investors eye the attractiveness of non-performing and re-performing mortgage credit in a strengthening US housing market.
A debut non-conforming UK RMBS deal from Together Financial Services, formerly Jerrold Holdings, is being marketed to investors this week, the first public RMBS from the specialist lender.
UK lenders had drawn over £75bn ($98.24bn) from the Bank of England’s Term Funding Scheme (TFS) as of June 30, according to figures released by the central bank on Thursday.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
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|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||4,755||19||11.75|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||71,587.85||220||11.03%|
|3||Wells Fargo Securities||64,351.96||203||9.92%|