Securitization - Article Archive

  • Large CLO Bidlist Due Today

    Bids on a large list of collateralized loan obligations were due at 11 a.m. today.

    • 28 Feb 2013
  • Q & A: John Fraser, 3i Debt Management

    3i Debt Management, which recently closed a $510.1 million collateralized loan obligation refinancing a 2011-vintage WCAS Fraser Sullivan deal, plans to hit the market two to three times more this year with new-issue CLOs.

    • 28 Feb 2013
  • Cabela’s Ponders Change In ABS Strategy

    Cabela’s is considering shaking up its issuance plans for the year, after buysiders piled in to its first 10-year credit card backed securitization, according to Kevin Werts, cfo of the Sidney, Neb.-based outdoor retailer’s financing arm World’s Foremost Bank.

    • 28 Feb 2013
  • Specially Serviced CMBS Loans At Three-Year Low

    The volume of specially serviced loans in U.S. commercial mortgage-backed securities dropped to $70.6 billion as of Dec. 31, its lowest level since the end of 2009, according to Fitch Ratings.

    • 28 Feb 2013
  • U.S. Credit Card ABS Issuance Set To Soar

    Issuance of U.S. asset-backed securities linked to credit card payments are set to surge to a four-year high in 2013, topping $50 billion for the first time in four years, according to Fitch Ratings.

    • 28 Feb 2013
  • OCC, Fed Issue Foreclosure Amendments

    The Office of the Comptroller of the Currency and the Federal Reserve Board have jointly released amendments to their enforcement actions against 13 mortgage servicers over their mortgage and foreclosure practices.

    • 28 Feb 2013
  • CS Issues $425.7 Mln Jumbo RMBS

    Credit Suisse has issued a $425.7 million offer of residential mortgage-backed securities tied to jumbo loans, its first such sale without government backing this year, according to Fitch Ratings.

    • 28 Feb 2013
  • Regulators Mull Tough Action On Living Wills

    The Federal Reserve and Federal Deposit Insurance Corp. are debating how much time they should give banks to produce a credible living will in the event of collapse or face corrective measures.

    • 28 Feb 2013
  • Distressed Sales On The Decline

    Distressed sales fell 6% in 2012 to 43%, still accounting for a “disproportionately high portion of home sales” across the U.S., according to RealtyTrac.

    • 28 Feb 2013
  • Foreclosures Drop 17.8% In January

    There were 61,000 foreclosures completed in January, a drop of 17.8% from a year earlier, while foreclosure inventory fell 21% over the same period, according to CoreLogic.

    • 28 Feb 2013
  • Regulators Monitoring Bank Reserve Levels

    Thomas Curry, the U.S. Comptroller of the Currency, said the OCC and other regulators are monitoring banks to make sure they do not reduce provisions to cover bad loans by too much to boost profits.

    • 28 Feb 2013
  • Sallie Mae Sells First Post-Crisis B Class

    Student loan originator Sallie Mae priced a $1.1 billion private student loan asset-backed securitization, its first to include a subordinate tranche since the financial crisis.

    • 28 Feb 2013
  • E.U. Reaches Banker Bonus Pact

    The European Parliament has reached an agreement on bankers’ compensation that will limit bonuses to twice a bankers’ salary, despite objections from the U.K.

    • 28 Feb 2013
  • CA Preps Euro Covered Bond

    Crédit Agricole’s Crédit Agricole Home Loan unit is preparing a minimum EUR500 million ($653.9 million) seven-year euro-denominated covered bond.

    • 28 Feb 2013
  • FSA’s Mis-Selling Claims Questioned

    Stephen Hester, ceo of the Royal Bank of Scotland, has taken issue with the U.K.’s Financial Services Authority’s claim that 90% of small and medium-size enterprises were mis-sold interest-rate swaps, saying the actual percentage is significantly less because RBS sold “a lot more simple products.”

    • 28 Feb 2013
  • RBS Eyes More Time To Sell Branches

    The Royal Bank of Scotland has told the European Commission that it wants an extension until the end of this year for disposing of more than 300 branches in the U.K. as mandated by an E.C. bailout deal.

    • 28 Feb 2013
  • Ireland Ends Bank Guarantee Scheme

    The Irish government has announced it will end the Irish Bank Eligible Liabilities Guarantee scheme on March 28, but Fitch Ratings says it believes the state will continue to support the country’s largest banks even without the guarantees.

    • 28 Feb 2013
  • U.K. To Lower Capital Requirements For New Banks

    Lord Adair Turner, chairman of the U.K.’s Financial Services Authority, says new banks will be required to hold less capital than their established peers to help boost competition.

    • 28 Feb 2013
  • BBA Chief Backs Big Bank Collapse

    Anthony Browne, ceo of the British Bankers’ Association, said he disagrees with proposed European Union legislation that would allow governments to take over failing banks with taxpayer funds.

    • 28 Feb 2013
  • BBC CMBS Deals See Ratings Cut Following U.K. Downgrade

    Three U.K. commercial mortgage securitizations which have the British Broadcasting Corporation as an underlying tenant have seen their ratings slashed by Moody’s Investors Service following the rating agency’s downgrade of the U.K. government sovereign last week from AAA to Aa1.

    • 28 Feb 2013
  • U.K. Mall Owner Preps £1.15 Bln U.K. Securitization

    Intu Properties, the U.K.’s biggest shopping center owner, which has just changed its name from Capital Shopping Centres, is setting up a new secured debt issuance program to refinance four of its malls.

    • 28 Feb 2013
  • ABS Investors Buoyant On Liquidity

    Investors in London say they have a broadly positive outlook for liquidity in Europe’s securitization markets.

    • 28 Feb 2013
  • ABS investors buoyant on liquidity

    Investors in London say they have a broadly positive outlook for liquidity in Europe’s securitisation markets.

    • 28 Feb 2013
  • Toys ‘R’ Us to refinance Vanwall CMBS ahead of maturity

    The loan backing the Vanwall Finance CMBS — securitised by Deutsche Bank and Barclays in 2006 on a portfolio of Toys ‘R’ Us retail and distribution units in the UK — is expected to be refinanced by a group of unidentified lenders ahead of the April maturity date.

    • 28 Feb 2013
  • Emirates sells $187m of French government-backed bonds

    Emirates Airlines has used a securitisation-type structure to sell $187m of bonds to refinance a loan used to buy a new Airbus aircraft last year. The bonds are the first ever to be backed by French export credit agency Coface.

    • 28 Feb 2013
  • Standard Chartered appoints new head of commodity structured finance

    Standard Chartered has hired Michael Jakubik as global head of commodity structured finance.

    • 28 Feb 2013
  • Fortress Prices Debut BSL CLO

    FC BSL CM, a unit of Fortress Investment Group, sold a $412 million collateralized loan obligation via arranger Bank of America.

    • 27 Feb 2013
  • Investors Accept New Hyundai Structure

    Buysiders over-bid a new-issue auto lease securitization Hyundai Capital America priced in the 144a market Wednesday, despite structural changes from the issuer’s last offerings, including less credit enhancement.

    • 27 Feb 2013
  • ACAS Unit Brings First 2013 CLO

    American Capital Leveraged Finance Management, a subsidiary of publicly-traded business development company American Capital, had its $414.5 million collateralized loan obligation priced via arranger Deutsche Bank.

    • 27 Feb 2013
  • Hedge Funds Eye B-Pieces Of CMBS

    Ellington Management Group, Saba Capital Management and a fund of MatlinPatterson are among the hedge funds that have set their sights on the B-piece portion of the commercial mortgage-backed securities market.

    • 27 Feb 2013
  • SEC To Hold Credit-Rater Roundtable

    The U.S. Securities and Exchange Commission has set May 14 for a roundtable discussion on the matter of credit rating firms after Standard & Poor’s, Moody’s Investors Service and Fitch Ratings were accused of assigning top ratings on mortgage-backed securities.

    • 27 Feb 2013
  • MBA Launches Mortgage Compliance Program

    The Mortgage Bankers Association has launched the MBA Compliance Essentials: Education for our New Mortgage World, a program to help mortgage financing firms comply with new regulations by the Consumer Financial Protection Bureau.

    • 27 Feb 2013
  • Market Conditions To Subdue Canadian Bank Growth

    Less favorable market conditions will likely subdue earnings growth at Canada’s top six banks this year, though profitability at these institutions will remain sound, according to Fitch Ratings.

    • 27 Feb 2013
  • S&P Loses Bids To Toss MBS Rating Suits

    Standard & Poor’s has lost its bids to dismiss lawsuits in Connecticut and Illinois over its ratings of mortgage-backed securities.

    • 27 Feb 2013
  • W.Va. Utilities Near ABS Agreement

    West Virginia American Electric Power subsidiaries Appalachian Power Company and Wheeling Power Company are closing in on an agreement that would take them a step closer to issuing a rate recovery securitization this year.

    • 27 Feb 2013
  • Pramerica Begins Marketing European CLO

    Pramerica Investment Management has begun meeting with prospective investors in its new EUR315.8 million ($478.05 million) European collateralized loan obligation, understood to be named Dryden CLO XXVII, this week.

    • 27 Feb 2013
  • Search Begins For LIBOR Operator

    The Hogg Tendering Advisory Committee for the London Interbank Offered Rate has started the tendering process to find a new administrator for the benchmark, which anchors most asset-backed, mortgage-backed and collateralized debt obligation trades, according to sister publication Derivatives Intelligence.

    • 27 Feb 2013
  • B Of E Mulls Charging Banks To Place Cash

    Paul Tucker, the Bank of England’s deputy governor for financial stability, told the Treasury Select Committee that the central bank is considering negative interest rates, meaning it would charge banks to keep their money with it as way to boost economic growth.

    • 27 Feb 2013
  • Portuguese Banks’ Loan Impairments To Continue Growing

    Portuguese banks saw their loan impairment charges grow in the second half of 2012 and will likely continue to increase through this year, according to Fitch Ratings.

    • 27 Feb 2013
  • Austria Proposes Banking, Restructuring Law

    Austria’s Finance Ministry has unveiled a draft banking intervention and restructuring law that would, among other things, give regulators the authority to step in early to prevent a financial crisis.

    • 27 Feb 2013
  • E.U. Close To Banker Bonus Caps

    The European Union may reach an agreement with member states Wednesday over a cap on bankers’ bonuses, though observers said a decision may be postponed for further negotiations.

    • 27 Feb 2013
  • FSA Defends Missing LIBOR Manipulation

    Lord Adair Turner, chairman of the U.K.’s Financial Services Authority, testified before a parliamentary commission that neither it, nor the U.S. Commodity Futures Trading Commission, would have been able to detect manipulation of the London Interbank Offered Rate even with intense supervision.

    • 27 Feb 2013
  • Co-op Bid For Lloyds Deal May Be In Trouble

    The Co-Operative Bank’s bid to acquire more than 600 branches from Lloyds Banking Group may be in trouble as it faces a capital hole of up to £1 billion ($1.52 billion)—about half its capital—which it is looking to close with plans to sell its non-life insurance business.

    • 27 Feb 2013
  • CS To Overhaul New Bonus Structure

    Credit Suisse is expected to overhaul its year-old Partner Asset Facility 2 bonus scheme for bankers because of a flaw involving a hedging structure that does not meet regulatory guidelines set by the Basel Committee on Banking Supervision.

    • 27 Feb 2013
  • Wells Fargo hires Butt in London

    Wells Fargo has hired Stafford Butt as a managing director in its asset-backed finance and securitisation group in London. In the newly created role, Butt will focus on structured products origination and execution for Europe, the Middle East and Africa.

    • 27 Feb 2013
  • Intu the unknown: £1.15bn UK shopping centre securitisation

    Intu Properties, the UK’s biggest shopping centre owner, which has just changed its name from Capital Shopping Centres, is setting up a new secured debt issuance programme to refinance four of its malls.

    • 27 Feb 2013
  • Pramerica begins marketing European CLO

    Pramerica Investment Management has begun meeting prospective investors in its new €315.8m ($478m) European collateralised loan obligation, understood to be named Dryden CLO XXVIII, this week.

    • 27 Feb 2013
  • Malls Dominating Single-Asset CMBS

    Regional mall properties continue to be the dominant single asset commercial mortgage-backed securities property type in 2013.

    • 26 Feb 2013
  • JPM To Slash 19,000 Jobs

    JPMorgan Chase has announced it will eliminate up to 15,000 jobs from its mortgage unit and up to 4,000 in community banking, excluding home lending, through 2014.

    • 26 Feb 2013
  • JPM Sells Fla. Mortgage Servicing Op

    JPMorgan Chase has sold its Melbourne, Fla., mortgage servicing operations to Texas-based Wingspan Portfolio Advisers.

    • 26 Feb 2013
  • Moody’s Gets Tougher On Rating RMBS

    Moody’s Investors Services said it will not assign AAA ratings to residential mortgage-backed securities that contain terms are that are favorable to the issuer.

    • 26 Feb 2013
  • New Special Servicers Enter U.S. CMBS Market

    A host of new B-piece buyers are grabbing a bigger share of the U.S. commercial mortgage-backed securities market, according to Fitch Ratings.

    • 26 Feb 2013
  • Bernanke Defends MBS Purchases

    Ben Bernanke, the chairman of the Federal Reserve, defended the central bank’s program to purchase Treasurys and mortgage-backed securities, testifying before the Senate Banking Committee that its current monetary policy is “providing important support to the recovery.”

    • 26 Feb 2013
  • Weak Structures May Prevent Top RMBS Ratings

    Residential mortgage-backed securities with weak structural frameworks may not earn top ratings even if their prime loan pools are strong and originators and servicers are satisfactory, according to Moody’s Investors Service.

    • 26 Feb 2013
  • Community Bank Exemptions To Reform Urged

    The Independent Community Bankers of America has called for exempting smaller banks from certain mortgage reforms as part of its Plan for Prosperity.

    • 26 Feb 2013
  • Outdoor Retailer Pitches Credit Card Deal

    Sidney, Neb.-based outdoor merchandiser Cabela’s is marketing a credit card asset-backed securitization underpinned by Visa credit card receivables from its master trust.

    • 26 Feb 2013
  • Europeans Press U.S. On Tax

    Christopher Leslie, a member of the U.K. Labour party, and Algirdas Semeta, the European Union’s commissioner for taxation and customs union, have called on the U.S. to drop their opposition to a proposed financial transaction tax.

    • 26 Feb 2013
  • RBS Under Pressure To Become More Domestic

    George Osborne, the U.K.’s chancellor of the exchequer, said the largely state-owned Royal Bank of Scotland is under pressure to become “less of a global universal bank and much more focused as a U.K. commercial bank.”

    • 26 Feb 2013
  • Danish Bank To Limit Covered Bond Issuance

    Denmark’s Danske Bank is planning to cap the issuance of covered bonds at current levels—about 6.5% to total funding—to keep them attractive to senior creditors.

    • 26 Feb 2013
  • EBA Finds Wide Variation In Banks’ Risk-Weighted Assets

    The European Banking Authority has issued a report that found a wide variation in how banks in the European Union report risk-weighted assets, and that half of the variations the EBA identified could not be attributed to regulatory and portfolio differences.

    • 26 Feb 2013
  • More Spanish Lenders To Shift Assets To Bad Bank

    Another four Spanish lenders are planning to transfer toxic assets to Sareb, the nation’s bad bank, which on Feb. 26 issued more than EUR14 billion ($18.29 billion) in bonds as payment for the sharply discounted loans.

    • 26 Feb 2013
  • EM Bank Supervision Improves, But More Needed

    Regulatory supervision of the banking sectors in emerging market economies has improved markedly in the past two decades, but more is needed, as regulatory frameworks in some countries are not “equally robust,” according to Fitch Ratings.

    • 26 Feb 2013
  • Rabobank Said To Face LIBOR Fine Of EUR337 Mln-Plus

    Regulators in the U.K. and U.S. are said to be preparing to impose a fine of between EUR337 million ($440 million) and EUR468 million ($612 million) on Rabobank over allegations the Dutch lender was involved in the manipulation of the London Interbank Offered Rate. Sources said the fine may come as soon as May.

    • 26 Feb 2013
  • Wells Fargo Hires Butt In London

    Wells Fargo has hired Stafford Butt as a managing director in its asset-backed finance and securitization group in London.

    • 26 Feb 2013
  • Punch Looks To Build Restructuring Support

    Punch Taverns hopes to ask bondholders in its two securitizations to vote on the debt restructuring proposal it announced at the start of February within the first half of the year.

    • 26 Feb 2013
  • ABS Market Mulls Italy Election Stalemate

    London-based securitization officials were weighing up the potential fallout from the Italian electoral deadlock Tuesday morning, with asset-backed securities expected to remain in ‘wait-and-see’ mode following a recent secondary trading lull.

    • 26 Feb 2013
  • ABS market mulls Italy election stalemate

    London-based securitisation officials were weighing up the potential fallout from the Italian electoral deadlock on Tuesday morning, with asset-backed securities expected to remain in a wait-and-see mode following a recent secondary trading lull.

    • 26 Feb 2013
  • Punch busy building restructuring support as Moody’s reviews debt ratings

    Punch Taverns hopes to ask bondholders to vote on the debt restructuring proposal it announced at the start of February within the first half of the year. Ratings agency Moody’s, meanwhile, is worried about higher cash flow declines than it previously predicted and has put all classes of Punch 'A' and Punch 'B' debt on review for downgrade.

    • 26 Feb 2013
  • KHFC covered offers premium to policy banks

    Korea Housing Finance Corp pushed ahead with its latest covered bond on Tuesday, approaching investors with price guidance that offered a small premium to outstanding bonds from the country’s policy banks.

    • 26 Feb 2013
  • SME covered bond leaves ABS searching for a purpose

    The successful sale of Commerzbank’s SME-backed covered bond leaves the securitisation market looking precariously redundant, despite its claims that it holds the key to stimulating credit and growth in Europe.

    • 26 Feb 2013
  • Highland Commits To BSL, TCW Makes Debut

    Highland Capital Management and TCW Asset Management each made debuts of a different kind in the collateralized loan obligation market.

    • 25 Feb 2013
  • Bayview Prices Non-Performing RMBS

    Bayview Financial Friday priced its $101 million, fixed-rate residential mortgage-backed securitization of non-performing loans.

    • 25 Feb 2013
  • S.D. Markets Rare Tobacco Deal

    The State of South Dakota has plans to sell $170.79 million in asset-backed bonds refunding South Dakota’s outstanding tobacco settlement bonds, which it issued as two transactions of taxable and tax exempt bonds in 2002.

    • 25 Feb 2013
  • IASB, FASB Fail To Align Rules

    The International Accounting Standards Board and the U.S. Financial Accounting Standards Board to date have failed to align rules on how banks should recognize losses on loans, as urged by the G20 countries.

    • 25 Feb 2013
  • Ex-UBS Securitization Chief Joins GreensLedge

    GreensLedge has hired Frank Byrne as a managing director. Before joining the investment banking firm, Byrne was head of securitization at UBS.

    • 25 Feb 2013
  • NextGear Closes $1.5 Bln Securitization

    NextGear Capital has closed a $1.55 billion, two-year securitized bank facility, which the Carmel, Ind.-based firm says complements an existing privately placed AAA-rated term bond financing that it has in place through 2013.

    • 25 Feb 2013
  • Think Tank Proposes New House Finance System

    The Washington-based think tank Bipartisan Policy Center has proposed a new housing finance system that would eliminate Fannie Mae and Freddie Mac, and rely more heavily on the private sector.

    • 25 Feb 2013
  • RBS Targets U.S. Retail Banking Unit

    The Royal Bank of Scotland is said to be considering a sale of some of its stake of Citizen, its U.S. retail banking business, or drop it in its entirety.

    • 25 Feb 2013
  • Fed May Opt To Not Sell Assets

    The Federal Reserve may opt to not sell the securities it has acquired through its asset-purchase program, according to Jerome Powell, a Fed governor.

    • 25 Feb 2013
  • 3i’s U.S. Unit Raises $500 Mln For CLO Fund

    3i Debt Management, the debt management unit of U.K. private equity firm 3i, has raised $500 million for Jamestown II, a collateralized loan obligation fund that will invest in corporate debt and loans to finance private equity buyouts.

    • 25 Feb 2013
  • Remods In MBS Growing In Popularity

    Remodifications are growing in popularity in mortgage-backed securities, according to a Barclays report.

    • 25 Feb 2013
  • Mortgage Originations Up 30%

    Mortgage originations by all lenders were up 30% in 2012 from a year earlier, and rose 17% among the nation’s five biggest lenders during the same period, according to Mortgage Daily.

    • 25 Feb 2013
  • Knight To Sell Credit Brokerage To Stifel

    Knight Capital is nearing a deal to sell its U.S. and European-based investment-grade, high-yield, asset-backed and mortgage-backed debt brokers to Stifel Financial.

    • 25 Feb 2013
  • S&P Downgrades Mall Funding CMBS Notes

    The Mall Funding U.K. commercial mortgage securitization has seen its senior class A bonds downgraded from BB+ to BB by Standard & Poor’s as a result of falling rental income and a tight schedule on its property disposal strategy.

    • 25 Feb 2013
  • British Banks Brace For More Capital To Cover Risk

    U.K. banks are bracing for a requirement to hold tens of billions of pounds as a buffer as the Financial Services Authority is cracking down on lenders over the internal models they use to calculate risk.

    • 25 Feb 2013
  • HSBC Named Global Securities Lending Chief

    HSBC has named Roy Zimmerhansl as global head of securities lending at HSBC Securities Services, effective March 1.

    • 25 Feb 2013
  • Hungarian Banks See Losses Narrow

    The Hungarian banking sector saw losses fall in 2012 to HUF159.1 billion ($7.41 billion), down from HUF211.1 billion (9.47 billion) a year earlier, according Pszaf, the country’s regulator.

    • 25 Feb 2013
  • RBS To Slash I-Bank By £30 Bln

    The Royal Bank of Scotland is expected to announce later this week that it will slash the size of its investment bank’s balance sheet by £20-30 billion ($30.2-$45.3 billion), about 10% of its total assets in light of recent losses.

    • 25 Feb 2013
  • BBA OKs LIBOR Role To New Operator

    The British Bankers’ Association has approved transferring its role in setting the London Interbank Offered Rate to a new operator, which will be selected by the U.K.’s Financial Reporting Council.

    • 25 Feb 2013
  • Irish Bad Bank Expects Assets To Grow 50%

    Irish bad bank National Asset Management Agency says it expects its balance sheet to grow by around 50% after it receives the unsold parts of an estimated EUR13 billion ($17.15 billion) in assets from the collapsed bank formerly known as Anglo Irish Bank.

    • 25 Feb 2013
  • Central Banks Snap Up 36% Of Commerzbank SME Bond

    Central banks purchased 36% of Commerzbank’s EUR500 million ($660 million), five-year, covered bond linked to loans to small- and medium-sized businesses, with asset managers and other lenders acquiring most of the rest.

    • 25 Feb 2013
  • Spanish Bad Bank Taps 13 Advisers For RE Asset Review

    Spanish bad bank Sareb has hired 13 law firms, property consultants, accountants and other advisers to conduct due diligence on the toxic assets it had received from troubled lenders.

    • 25 Feb 2013
  • Forthcoming EU Green Paper Turns Kind Eye On ABS

    The European Commission says efforts to stimulate securitization markets could be needed to help boost lending to the region’s real economy, in a leaked draft version of a green paper seen by Securitization Intelligence.

    • 25 Feb 2013
  • Titan 2007-1 sub notes in danger of losses at maturity

    Noteholders ranked below class ‘A’ in the Titan 2007-1 CMBS, which is backed by a portfolio of UK nursing homes, are unlikely to be repaid in full at the January 2017 maturity date, according to Barclays analysts. Explaining their conclusion, they cited a lack of cash flow, high capital expenditure and a falling portfolio valuation.

    • 25 Feb 2013
  • Noyer heralds new era for eurozone and for France

    Appointed as governor of the Banque de France in November 2003, and reappointed in October 2009, Christian Noyer is one of the longest standing and most highly regarded central bank chiefs in the eurozone. Before taking up his present position, Noyer served as advisor to a number of French finance ministers and as head of the national Treasury. Beyond the pivotal role he has played in shaping and implementing French economic policy over the last 20 years, Noyer has also been a key architect of the European single currency project. He was appointed vice-president of the European Central Bank (ECB) when it was set up in 1998, a position he held until 2002. Noyer’s European and international experience also includes several years serving on the European Monetary Committee, senior positions at the OECD, the G7, the G10 and the IMF, and the chairmanship between 1993 and 1997 of the Paris Club. He is a member of the Governing Council and General Council of the European Central Bank, and was re-elected last year as chairman of the Bank for International Settlements (BIS). In this exclusive interview with EuroWeek, held in Paris in February, Noyer shared his views on the challenges and opportunities that lie ahead for the French economy and for the broader eurozone. Interview by Phil Moore.

    • 25 Feb 2013
  • Sato returns with MTN programme backed by rented housing

    Sato, the Finnish residential property developer and manager, has mandated Nordea Markets and Pohjola Markets to establish and market a new €500m secured MTN programme. Like the company and its previous bond, the programme will be unrated.

    • 25 Feb 2013
  • Forthcoming EU green paper turns kind eye on ABS

    The European Commission says efforts to stimulate securitisation markets could be needed to help give a fillip to lending to the region’s real economy. The Commission has made the comments in a leaked draft version of a green paper seen by EuroWeek's sister publication, Securitization Intelligence.

    • 25 Feb 2013
  • Negative Equity Improves In 2012

    Negative equity continues to improve with the number of homeowners underwater down to 27.5% of the total at the end of 2012 from 31.5% a year earlier, according to Zillow.

    • 22 Feb 2013
  • Growing Competition Shrinking Bank Profits

    Increased competition is forcing banks to keep rates they offer on loans at near-record lows and could result in a 40% drop in profit from the preceding quarter, according to Compass Point Research and Trading. Contributing to the shrinking margin is the fact that banks are absorbing most of the costs of falling bond prices.

    • 22 Feb 2013
  • CS Probed Over MBS

    The U.S. Attorney’s Office in New Jersey has launched an investigation of Credit Suisse over mortgage-backed securities it sells. Sources said the probe, the work of the Residential Mortgage-Backed Securities Working Group formed by the Obama administration last year, is focusing on the Swiss bank’s securitization process.

    • 22 Feb 2013