Latest news
Latest news
Second time it has securitized Santander-originated mortgages
Norton Rose Fulbright and Katten have added to their legal teams
Charter Court prices tightest UK BTL RMBS in almost a year
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The UK’s Financial Conduct Authority has launched a new platform dedicated to listing all securitizations which qualify as ‘simple, transparent and standardised’, preparing the UK securitization market for the end of the Brexit transition period. -
The RMBS market is expected to see more issuance in 2021, boosted by all-time lows in mortgage rates and a faster dealmaking process enabled by technology borne out of the pandemic.
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The securitization market is pushing back against proposals in the European Parliament to tack a green framework for ABS deals onto existing discussions about NPL and synthetic securitizations that were supposed to be rapid-fire amendments to help the market fight off Covid-induced economic woes. Tom Brown reports.
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The Federal Housing Finance Agency (FHFA) issued its final capital rule on Wednesday, mandating more capital for Fannie Mae and Freddie Mac to ensure they exit conservatorship on a ‘sound capital footing’. The agency’s progress towards privatisation could be limited by the likelihood that President-elect Joe Biden will switch out FHFA boss Mark Calabria for a Democratic pick.
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Citi is planning to issue at least two deals a year from its new Dutch buy-to-let RMBS programme, putting the Jubilee deals on par with the bank’s Canada Square shelf in terms of issuance. Citi released an update for the €213m Jubilee Place 2020-1 on Tuesday, guiding the class ‘A’ notes in the 110bp area.
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State regulators announced a set of ‘safety and soundness’ standards for non-bank mortgage servicers, which include higher capital and liquidity requirements. While the new rules are aimed at providing better protections during a stress event, sources argue that states are imposing too harsh a standard on the private, non-deposit taking institutions.
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Kensington Mortgages and Yorkshire Building Society are looking into replacing the Libor benchmark with Sonia plus a spread adjustment for legacy contracts, easing the switch of sterling RMBS bonds while the UK market awaits further guidance from its regulator.
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The European Parliament voted on Tuesday to pass a package of amendments to the securitization framework aimed at freeing up bank balance sheets and increasing lending to the real economy. The so-called "quick fixes" were left largely unchanged, helping the proposals push quickly on to the trilogue process.
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Citi is making its Dutch buy-to-let RMBS debut, with the first deal from its new Jubilee Place shelf, which brings together mortgages from three different originators. A full stack €213m deal is on offer, with the equity pre-placed and Citi holding the retention.
