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Meanwhile, ADMT has set guidance for its $602m non-prime deal
Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
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Fannie Mae and Freddie Mac, the government-sponsored enterprises at the heart of US housing finance, are less than a year away from launching a common securitization platform that will rebalance the market to make a more level playing field for their respective securities. -
Volkswagen (VW) took advantage of the positive tone in a quiet corporate bond market to build huge order books for both euro and sterling transactions on consecutive days. The strength of the bid from UK investors was behind the overall success of those transactions, while the borrower also found a pool of demand in Russian roubles.
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In a quiet spell for the European primary ABS market last week, three Italian NPL securitization transactions were announced, all with state guaranteed senior tranches.
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UBI Banca, the Italian bank with a €97bn loan book, announced on Wednesday the securitization of a €2.75bn non-performing loan (NPL) book, and plans to apply for a state guarantee on the senior tranche which will be retained.
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The Federal Housing Finance Authority (FHFA), which regulates and oversees Fannie Mae and Freddie Mac, has seen better summers.
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Homeward Opportunities Fund I, a private equity fund controlled by asset manager Neuberger Berman, is issuing an RMBS backed by $485.5m worth of non-qualifying mortgages (non-QMs), or mortgages which do not conform to the purchasing standards of Fannie Mae and Freddie Mac.
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Permanent TSB agreed to sell a non-performing loan (NPL) portfolio to affiliates of Lone Star on Tuesday, following a competitive sale process.
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The European Parliament has proposed an amendment to the new Capital Requirements Regulation protecting banks from the consequences of “massive disposals” of non-performing loans.
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House purchase mortgage approvals fell by roughly 2,350 in June compared to the same time last year, a reduction of 4.7%, according to data from consumer finance advocacy group UK Finance, though the mortgage market is being propped up by refinancing activity.
