Latest news
Latest news
Agency gives market a month to respond to its first proposed changes since 2008 crisis
Lender will consider a bridging RMBS once it reaches a suitable scale
Issuer seeks to print inside two recent non-QM trades with guidance slightly inside IPTs
More articles
More articles
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Coventry Building Society has launched the second RMBS deal from its Economic Master Issuer platform, an innovative shelf issuance structure which modernises traditional master trust technology. Lloyds, however, an arranger for the first deal last year, is not on the programme, with Barclays joining as dealer instead. -
Kensington, the pioneer of the first social RMBS in the UK, priced the country’s first mortgage securitization with a class ‘A’ green tranche, achieving 65bp pricing for the senior notes on Thursday. However, investors said the green feature did not impact on pricing and called for “more ambitious” ESG targets.
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On Wednesday, non-bank lender Finance Ireland mandated Bank of America as an arranger, alongside =leads BNP Paribas, Citi and Standard Chartered, on a €298.85m RMBS transaction, Finance Ireland RMBS No 3. The deal includes a new structural feature to mitigate future arrears.
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The UK is reforming its treatment of special purpose vehicles in an attempt to make itself appear more business-friendly. However, in its attempts to open up the asset class, regulators could inadvertently tie up the market in red tape, as shown by its recent consultation over the possibility of including shares in ABS collateral.
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Kensington Mortgages announced the first ever green UK mortgage securitization on Thursday evening, only five months after bringing the first ‘social’ RMBS deal,
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Spreads tightened during bookbulding for LendInvest's Mortimer BTL 2021-1 on Friday, as high demand for RMBS paper drove buyers into the deal.
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Together Money has taken a structural feature from the CLO market for its latest £267.7m RMBS, TABS 2021-1 - CRE2, adopting loan notes for the triple-A tranche, a first for the asset class. The issuer pre-placed four tranches – almost certainly with a single account, sources said.
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Rochester No. 2, a legacy non-conforming RMBS, will be refinanced in a new transaction, leading to the redemption of the notes — three months later than expected. However, two Irish deals where Pimco also held the call rights are still outstanding, with no redemption notice yet served.
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Specialist buy-to-let mortgage provider LendInvest has announced Mortimer BTL 2021-1, a £280m UK RMBS backed entirely by interest only BTL mortgage loans. The issuer has grown the senior mezzanine tranches to reflect increased investor demand for senior mezzanine notes.
