Securitization - European Archive

  • CBAM brings first post-covid debut CLO ahead of market drought

    CBAM brings first post-covid debut CLO ahead of market drought

    CBAM Partners is the first manager to price a debut CLO in Europe since the covid-19 pandemic began – but market participants are worried about the lack of new warehouses opening, forecasting a drought ahead after the pre-crisis deals are termed out.

  • RMBS stalwarts signal readiness to call

    RMBS stalwarts signal readiness to call

    Kensington and Precise Mortgages, two of the most frequent issuers in the UK RMBS market, have signalled a willingness to call their outstanding deals, in a sign that a rallying market is taking extension risk off the table.

  • CVC and Spire ready new European CLOs

    CVC and Spire ready new European CLOs

    CVC Credit Partners and Spire Partners have announced new European CLOs, CVC Cordatus Loan Fund XVII and Aurium CLO VI, as the European market slowly gets back to normal.

  • TFS extension to non-banks simpler than alternatives

    TFS extension to non-banks simpler than alternatives

    Market commentators said an extension of the UK government’s Term Funding Scheme (TFS) to cover non-deposit-taking institutions would be simpler than alternative funding options to support lenders that have not benefited from government liquidity schemes.

  • UK mortgage moratoriums clash with Libor deadline

    UK mortgage moratoriums clash with Libor deadline

    The Financial Conduct Authority has ruled out an extension of Libor, leaving the UK RMBS market to face the challenges of transitioning legacy deals before the end of the year. Because of the Covid moratorium extension, this leaves little time to move on to the new benchmark while the market digests new mortgage affordability data.

  • FCA moratorium guidance to lessen RMBS protections

    FCA moratorium guidance to lessen RMBS protections

    The UK’s Financial Conduct Authority (FCA) has encouraged banks not to record mortgage loans with payment moratoriums as being in default, delaying default related triggers designed to protect noteholders and causing concerns around RMBS deal performance.

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