Latest news
Latest news
Cash SRT pipeline fires up earlier than usual
A new European data centre sponsor, Dutch buy-to-let back in business, CLO equity squeezed and a Bitcoin backed deal
€300m of reoffered bonds priced at par, another tranche to be placed privately
More articles
More articles
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Groupe BPCE is bringing a French residential mortgage-backed security, offering a €1.09bn senior note with a coupon of 65bp over three month Euribor. -
Crédit Immobilier de France (CIFD) has mandated BNP Paribas and Crédit Agricole for its second RMBS deal of the year, Harmony French Home Loans FCT 2020-2, with plans to publicly place two triple-A rated tranches into the market. The issuer is also considering cutting its annual issuance to a single large deal per year, as well as splitting its syndication between prime and buy-to-let issuance.
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The adverse market refinance fee came under fire in a hearing this week, during which House policy makers characterised it as last-minute and poorly explained. Federal Housing Finance Agency (FHFA) Director Mark Calabria emphasized that the fee is necessary, and the only alternative would be to receive funding from Congress before the December implementation date.
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Janet Oram, head of BlackRock’s European ABS investment group, has criticised the securitization market’s recent reliance on pre-placed transactions and private book building, arguing that it hurts market transparency and price discovery.
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Debtors are paying off their mortgages in Italy at the same rate as they were before the pandemic, according to Banca IFIS, after the country suffered one of the worst declines in collections following the coronavirus lockdowns.
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Pimco has done another private pre-placed RMBS under the Avon Finance brand, with Citi acting as risk retainer and sponsor. The deal refinances Warwick Finance One, one of the largest UK non-conforming deals ever done and whose senior notes formed a de-facto market benchmark for the asset class.
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Non-banks lenders may seek corporate ratings in order to receive support from the UK government after finding it difficult to access financial aid during the Covid crisis, said RMBS players speaking during Global ABS 2020.
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The European Commission’s proposed new approach to non-performing loan securitization may encourage more deals to come out in fully placed format, accelerating development of the market. But the revised rules still hurt banks which hold part of the structures, and which form the vast majority of the market today, as the Commission took its lead from the Basel Committee rather than its own regulators.
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Optimum Credit, a subsidiary of Pepper Money mandated Citi and NatWest Markets for Castell 2020-1, a UK second lien RMBS placing a full capital structure. It joins deals from Finance Ireland and RNHB in a growing pipeline of European securitization, with bankers hoping to make up for a disappointing second quarter.
