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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
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UK RMBS traders have split views on whether a stamp duty tax cut will raise the price of the bonds on the secondary market, with commentators divided on whether banks tightening their lending criteria will cancel out a house-buying incentive brought on by the tax slash on July 8. -
Some non-bank lenders are unlikely to survive the pandemic crisis, sources say, after the Bank of England told the industry it is not willing to provide emergency liquidity support in the wake of the Covid-19 outbreak. Non-bank institutions are having to grant the same payment relief to customers as high street banks but still have outgoing warehousing costs.
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Kensington Mortgages is considering redeeming the notes from Kensington Mortgage Securities 2007-1, a legacy deal with the majority of the pool paid down. The issuer is considering a new deal off the back of the redemption.
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When mortgage payment holiday schemes start to run out at the end of the year, there looms a genuine risk of a wave of defaults. Allowing investors access to borrower-level data may be the only way banks can clean up their balance sheets and maintain lending to the real economy but it is fraught with hazard and must be deftly handled.
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The Supreme Court has taken up the case to decide on the constitutionality of the Federal Housing Finance Agency’s leadership structure, just a few weeks after tackling a similar case in which it ruled the Consumer Financial Protection Bureau’s structure unconstitutional.
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TwentyFour Asset Management has mandated Santander as arranger for Oat Hill 2, a £485m buy-to-let (BTL) RMBS deal, rolling the portfolio of Oat Hill 1 into the new deal after the coronavirus outbreak left the issuer unable to call it at the first optional redemption date (FORD).
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Zam Khan is a managing director in Houlihan Lokey’s Financial Institutions Group, where he leads the portfolio and capital advisory practice. He told GlobalCapital how banks should use financial data to deal with new NPL formations, or risk being engulfed by losses over the next few months.
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Citi has chosen to preplace Canada Square Funding 2020-1, a BTL deal pooling mortgages from originators Fleet Mortgages, Topaz Finance and Landbay Partners. A further seven UK RMBS deals are scheduled to arrive in the pre-summer window over the next month, sources said.
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The end of government control of Fannie Mae and Freddie Mac drew one step closer this week, but a US Supreme Court ruling on the leadership structure of the Consumer Financial Protection Bureau (CFPB) raises the possibility that the course could be reversed under a new government after November's election, write Max Adams and Jennifer Kang.
