Latest news
Latest news
Blackstone is aiming to execute its CMBS before the market shuts for Global ABS
TwentyFour released IPTs with its announcement, aiming for a three-day execution
Second time it has securitized Santander-originated mortgages
More articles
More articles
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Cerberus Capital Management is retaining all the mezz bonds for its refinancing of the Vantage portfolio of UK mortgages. As a financial sponsor, Cerberus would usually make full use of the leverage available in securitization, and sell a full capital structure, but if the market can’t hit its price targets for the mezzanine bonds, it would rather buy them itself than sell them cheap. -
Lloyds is seeking consent from the note holders of its Permanent UK RMBS Master Trust to apply the ‘simple, transparent and standardised’ (STS) label to the bonds, as well as switch the reference rate from Libor to Sonia.
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Pimco is in the market this week with its second private label mortgage bond, which is backed by a pool of seasoned, prime residential home loans.
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VTB and DOM.RF have closed the largest mortgage securitization in the banks' history, selling a Rb95.7bn ($1.49bn) deal this week.
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The market for legacy UK and Irish mortgages is large and diverse, but it has one monster buyer, Pimco. The California-based bond investing giant has bought bonds backed by more than £12bn of loans from the UK government’s bad bank in the last two years, almost all of which went into its $75bn Income Fund, writes Owen Sanderson.
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Goldman Sachs is bringing a £111m UK buy-to-let RMBS backed by a pools of loans cut away from a larger £1.9bn non-performing loan portfolio acquired from KBC Bank Ireland.
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Dutch mortgage originator Tulp Hypotheken announced its inaugural Dutch RMBS transaction last Friday, the €392m Tulip Mortgage Funding 2019-1.
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Distressed loans using US documentation are some of the slow trades to settle in the capital markets, with an average time of 67 days, reflecting onerous legal requirements under the Loan Syndication and Trading Association standard terms. A new tool released by IHS Markit as part of its ClearPar loan settlement platform has the potential to slash this delay, with a recent trade by Deutsche Bank taking just 10 days to settle.
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The ‘mortgage prisoners’ fiasco has made it easier for MPs to demonise useful financial tools. While thousands of mortgagors cheer at the news they are about to be freed from their loans, the Financial Conduct Authority's (FCA) support has come in too late to undo the reputational damage done to useful parts of the capital markets.
