RMBS - All Articles

  • Charter Court makes quick comeback with second RMBS of 2020

    Charter Court has priced its second sterling RMBS of the year with the help of arranger Lloyds and joint lead Bank of America, making a quick return to market following a deal in January.

    • 20 Feb 2020
  • STS is burden enough without shoehorning in ESG criteria

    With the environmental, social and governance revolution well under way, attention has turned to the securitization market after recent deals pushed the issue to the top of the agenda. There has been talk of retrofitting the ‘simple, transparent and standardised’ (STS) regulatory framework with a ‘green’ or ‘ESG’ category, but regulators should think twice before conflating both themes.

    • 18 Feb 2020
  • Charter Court brings ‘help-to-buy’ UK RMBS with ESG implications

    Fitch and Moody’s gave a preliminary rating of triple-A to the senior notes on CMF 2020-1, a prime sterling RMBS with 29.4% of loans in the pool coming from the UK government’s Help-to-Buy scheme.

    • 18 Feb 2020
  • Catalonia law puts RMBS performance at risk

    Catalonia has passed a new housing law that may have an impact on RMBS deals with a high exposure to the region.

    • 17 Feb 2020
  • First senior NPL ABS of recent years tempts five new investors

    The first fully public syndicated sale of senior ABS backed by Italian non-performing loans in recent years has tempted five new investors to buy into the NPL asset class. Ten buyers were allocated bonds in the landmark deal, Futura 2019.

    • 14 Feb 2020
  • Sinn Féin set to shake up Ireland’s mortgage sector

    While Sinn Féin begins its attempt to form Ireland’s new government, investors and issuers are eyeing a possible overhaul of the country’s housing sector. Securitization is in the headlights, as one of the party’s key manifesto pledges, which promised to throttle the market, is on the negotiating table.

    • 13 Feb 2020
  • Skipton returns to RMBS after four year break

    Skipton Building Society is bringing a prime sterling RMBS with joint arrangers JP Morgan and Lloyds. The issuer last brought a deal in 2016, pausing the programme in light of the UK government’s Term Funding Scheme (TFS).

    • 12 Feb 2020
  • Incapital adds four in fixed income with eye on MBS

    Fixed income brokerage firm Incapital has added four industry veterans to its distribution platform, aiming to expand into asset classes that offer clients higher returns in a low yield market. The team is particularly reinforcing its RMBS and CMBS coverage.

    • 10 Feb 2020
  • UK issuers make strategic return to dollar covered bonds

    144A dollar covered bonds issued this week by Santander UK and Nationwide Building Society signal that UK banks have made a strategic return to the asset class after an absence of about 10 years. Their return, which is driven by the need to refinance liquidity borrowed under the Bank of England's Term Funding Scheme, should improve price discovery for dollar denominated securitizations.

    • 06 Feb 2020
  • Storming sterling securitization run continues

    The strong conditions in the sterling denominated securitization markets continued this week, with Close Brothers’ Orbita 2020-1 auto ABS priced on Tuesday and Cerberus’s Towd Point Mortgage Funding 2020-Auburn 14 on Wednesday. Both deals saw large oversubscription levels on the relatively limited volume of bonds available, following the precedent set by the RMBS deals that were priced in January.

    • 05 Feb 2020
  • Lloyds preps second Syon risk transfer securitization

    Lloyds is working on another risk transfer deal referencing its high loan-to-value mortgage portfolio, following last year’s debut Syon Securities 2019 issue. Mortgage risk transfer deals are almost unheard of outside the US, thanks to the low risk weights usually applied to performing mortgages, making last year’s Lloyds debut a landmark in synthetic securitization.

    • 04 Feb 2020
  • Futura notes a rare chance to buy Italian NPL seniors

    Barclays and JP Morgan were this week marketing the senior notes of Futura 2019 for Guber Banca and Varde at mid-300bps over six month Euribor. The deal gives investors a rare chance to buy publicly syndicated investment grade exposure to Italian non-performing loans.

    • 04 Feb 2020
  • Link buys Pepper’s European servicing business, targets Greece and Spain expansion

    Link Group said it has agreed a €165m deal to acquire Pepper Group’s European loan servicing, asset management and advisory business, which will create a servicing group managing €130bn in assets.

    • 03 Feb 2020