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Kensington priced its Finsbury Square RMBS deal on Thursday at 103bp over Sonia, tight of initial price thoughts (IPTs) of 105bp-110bp, despite the fact that many UK and European investors have stated that they are fully allocated in securitized products at the moment. -
Sterling ABS issuance is keeping a steady pace as July rolls on, with Kensington Mortgage Co mandating BNP Paribas as arranger and lead manager alongside Citigroup, Deutsche Bank, National Australia Bank and Standard Chartered for its Sonia-benchmarked Finsbury 2019-2 UK RMBS deal.
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Finance Ireland is bringing a multi-tranche transaction mixing both Irish owner-occupied and buy-to-let loans, through arranger Bank of America Merrill Lynch. BNP Paribas, Citi are also on the deal as joint lead managers.
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Starwood Capital sold $519m worth of non-qualifying mortgage bonds on Wednesday morning, getting the deal off ahead of the July 4 holiday weekend.
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Venn Partners is getting ready to price its second Cartesian Mortgages deal to qualify for the ‘simple, transparent and standardised' (STS) label, with senior notes guided by arrangers Venn and BNP Paribas in the high 50bp, and the rest of the capital stack guided in the low to high 100bp range. Obvion, meanwhile, has priced its latest Green Storm RMBS.
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Lloyds and BNP Paribas have announced new ABS issues for their internal clients, preparing issues backed by UK credit cards and Italian auto loans. BNPP's deal is a debut for Findomestic, the Italian subsidiary of BNP Paribas Personal Finance, and will be a full capital stack issue.
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The European securitization pipeline is bulging with 14 deals in the market this week, adding to an already heightened primary market supply on the back of the Global ABS event in early June.
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Paratus sold a UK buy-to-let (BTL) RMBS on June 28 via arrangers Bank of America Merrill Lynch and Natixis, pricing the senior notes at 105bp over three month Libor.
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Non-bank lenders achieving the ‘simple, transparent and standardised’ (STS) designation on their securitizations since the regulatory framework came into being at the start of the year have come mainly from the car industry. They and other alternative lending institutions are having a tough time with the new rules, despite the success of recent deals, writes Tom Brown.
