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CMBS

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  • Pepper, an Australian non-bank mortgage lender, is marketing a residential mortgage-backed securities deal targeting Stateside investors with a U.S. dollar slice.
  • Spreads in new issue U.K. prime residential mortgage-backed securities are set to tighten further as initial guidance on Virgin Money’s Gosforth 2012-2 deal emerged at three-month LIBOR plus 50 bps, +/- three basis points on Thursday, ahead of expected pricing on Friday.
  • Donald Belanger, a managing director in Deutsche Bank’s European commercial real estate finance team in London, has left the firm.
  • Investment bank Gleacher & Co. Securities has hired former UBS managing director Ted Kelleher to head its middle market fixed-income group.
  • Virgin Money’s Gosforth 2012-2, which is being marketed to investors this week, is expected to be well-bid following the recent dearth of new issue securitization paper—but a sharp tightening may see some investors turn their back on the deal.
  • Friesland Bank is tendering for bonds in several of its Stichting Eleven Cities Dutch residential mortgage securitizations at or above par, which could see the Netherlands-based mortgage lender take control of the majority of the outstanding bonds.
  • Moody’s Investors Service said Monday the U.K. Financial Services Authority’s new rules on mortgage affordability, which take effect April 2014, will boost U.K. prime residential mortgage-backed securities among investors in the long-term.
  • European CMBS could make a comeback next year, after a recent rally brought senior spreads well inside the average lending margin on UK office property, according to research from Citi.
  • Hurricane Sandy set back the strong pace of issuance in the structured finance markets that has characterized recent months.