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
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EU authorities are allergic to complex financial products — except when they solve a problem for the EU. -
National Australia Bank is planning a further expansion in UK RMBS, using its balance sheet strength to muscle into the burgeoning specialist finance market. The bank is hiring for the team, and plans to build a lasting presence.
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Paragon, the UK bank that specialises in buy-to-let mortgages, reported strong lending growth for its year to September, supported by a 47% increase in deposit funding. That reduced its reliance on wholesale funding and helped it boost profits by 25%.
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Credit risk transfer deals were pioneered by the US government-sponsored enterprises (GSEs) as a means to limit taxpayer liability to the quasi-public entities’ massive portfolio of mortgages. But private mortgage insurers have followed suit and are transferring a portion of their insurance risk in similarly structured deals.
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Frequent Dutch RMBS originator, Elan Woninghypotheken (EW), is back with its second deal of the year, with risk retention provided by a Goldman Sachs-controlled private financing vehicle based in Luxembourg.
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Following the successful debut issuance of £250m senior preferred bonds last week, NIBC's latest transaction, Dutch MBS XIX, brings them back to the securitization market for the first time since January 2013.
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Looking at the broad-based volatility battering financial markets this autumn, analysts at Wells Fargo have spotted similarities between "red October" and the 2013 taper tantrum, with one notable exception — the absence of a major investor to help reduce volatility and absorb new supply.
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New issue euro ABS announcements have slowed to a trickle in November. Deals still making their way through the pipeline include two CMBS deals – Arrow 2018 and Oranje ELOC 32 – a UK credit card ABS, a Spanish SME CLO and a student loan ABS deal. On Monday, Northview Group added to those deals with a £327m non-conforming RMBS transaction.
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In a week with just one new issue euro ABS announcement — a Spanish small and medium-enterprise (SME) CLO — investors piled into specialist lender Dilosk’s Irish retail mortgage backed security (RMBS). Pricing of the deal at the tight end of guidance will open the door for the lender to step into the buy-to-let RMBS market in 2019, executives say.
