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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As the Covid-19 crisis seeps into the summer months, the issue of extended payment holidays among mortgage borrowers will be a continued source of tension. While investors digest data on mortgage affordability, sources say RMBS players will be looking to non-bank issuers for new deal flow as banks access cheaper central bank funds, writes Tom Brown.
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Kensington has added features to the new deal in its flagship Finsbury Square RMBS programme to assuage investor concerns about Covid-related payment holidays, with two new reserve funds, a big boost to credit enhancement, and much of the deal placed before announcement. But recovering market appetite means securitization markets could soon revert to broad syndication. -
Non-performing loan (NPL) data for Q2 so far shows 57% of Italian NPL transactions are under-performing, Scope Ratings said in a report seen by GlobalCapital.
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European securitization could see an influx of investors re-enter the market in light of experts' recommendations of better regulatory treatment in a Capital Markets Union (CMU) report.
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Government-guaranteed loan schemes for SMEs have been rolled out across many developed economies, and now the most pressing part of the coronavirus crisis appears to be passing, policy makers are turning to the tricky question of who wears the losses. Securitization schemes could be deployed in the UK and elsewhere in Europe — but that can only tranche the risk, not make it disappear.
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European securitization is seeing a raft of issuance coming to market, despite wobbles in liquid markets last week, when global stock markets suffered their biggest drop since March on Thursday.
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NewDay is planning to call NewDay Funding 2017-1, a move that should soothe the nerves if investors after the non-bank lender became the first since the financial crisis to leave a deal outstanding following the Covid-19 outbreak.
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The European securitization secondary market has rallied, with primary issuance in CLOs and ABS helping to tighten spread levels. But traders are ignoring deals which may be supported by the European Central Bank (ECB), citing a lack of certainty over whether the ECB will buy.
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Reforms to personal bankruptcy regimes in various countries along the lines of the US Chapter 13 code could improve non-performing loan (NPL) markets by boosting transparency and certainty, according to Charles Rusbasan, chief executive of Balbec Capital, which has just raised a new $1.2bn fund to buy NPLs where borrowers are subject to insolvency proceedings, restructuring or other forms of distress.
