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In March Lone Star closed its fourth residential mortgage fund at over $1bn
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Deal is the first seasoned performing and reperforming loan deal for Mill City Mortgage this year
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Prime Collateralised Securities (PCS) has been officially authorised by Autorité des Marchés Financiers (AMF) as a third-party verification agent in France for the ‘simple, transparent and standardised’ (STS) regulatory framework. -
Pimco has bought junior and mezzanine risk in Eurobank’s landmark mortgage non-performing loan (NPL) securitization, Project Pillar, the first Greek NPL deal to obtain a public rating. The US-based investor is also in exclusive negotiations with Eurobank over Project Cairo and Project Europe, the next asset sales from the Greek bank.
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The European pipeline is awash with RMBS deals, most of them concentrated in the UK as issuers hurry to beat a new round of Brexit uncertainty. Out of the five RMBS deals making their way through the market however, only one is set to qualify for the ‘simple, transparent and standardised’ (STS) regulatory regime, as levels of STS issuance from the banking sector appears to have slowed.
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The European pipeline has begun to bulge with a volley of new deals entering the market in the two weeks following the IMN/Afme Global ABS conference in Barcelona, with UK and Dutch RMBS, German ABS, and UK SMEs all on offer.
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Paratus is bringing a UK buy-to-let RMBS via arrangers Bank of America and Natixis. The deal's coupons will be linked to the Libor benchmark rather than Sonia, to which the majority of the sterling securitization market switched over before the Global ABS Barcelona conference.
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Moody’s this week downgraded an RMBS from debut issuer LendInvest less than two weeks after the online mortgage lender brought the UK prime buy-to-let deal to market. The episode is a rare occurrence in the European securitization market.
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A roadshow is taking place in London on June 24 for a €336m Irish RMBS backed by performing and reperforming, mostly owner-occupied mortgages. Morgan Stanley is bringing the deal, acting as sole arranger and lead manager.
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European securitization investors this week are pricing longer duration deals tighter than earlier in the year, made comfortable by the ‘simple, transparent and standardised’ (STS) label. This is being demonstrated on Tuesday by Argenta Spaarbank's Green Apple RMBS deal.
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The primary pipeline is filling up following a busy Global ABS conference where several issuers met with investors after announcing plans to come to market. Paragon is the first out of the door post-conference with a UK buy-to-let (BTL) RMBS, Paragon Mortgages No. 26.
