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Bucking the subdued state of the wider European ABS market, demand for UK RMBS is thriving on the back of improved clarity on supply levels and the relative value on offer in the asset class. -
Pent up demand for UK RMBS, driven by the bid process for the sale of UK Asset Resolution’s portfolio of Granite securitizations, helped Kensington Mortgage Company upsize its non-conforming UK RMBS deal to £1.5bn on Wednesday.
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Leads Citi and Bank of America Merrill Lynch have priced the Trinity Square 2015-1 UK non-conforming RMBS deal for Kensington Mortgage Company, landing £1.5bn after the offering was initially sized at £1bn.
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Income&, a San Francisco-based marketplace investing platform, is launching a product for investors looking for exposure to high quality mortgage credit beyond what is currently offered by the government sponsored enterprises.
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Kensington Mortgage Company is defying the traditionally quiet December ABS market with a £1.5bn UK non-conforming RMBS deal set to price this week, as the market prepares for a liquidity boost following the expected redemption of outstanding Granite notes.
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In reports published last week, Moody’s Investors Service said that recovering house prices in key European RMBS markets would drive higher recoveries on defaulting loans.
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GE Capital has announced the sale of a £3.8bn mortgage portfolio to an investment consortium, but expectations of any future RMBS supply have already been factored in, say market observers.
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UK Asset Resolution announced the sale of the £13bn Granite prime residential mortgage portfolio last Friday (November 13) to US investment firm Cerberus Capital Management.
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Kensington Mortgage Co priced its £271.2m Gemgarto 2015-2 RMBS deal on November 13, with leads locking in protected orders across the top four tranches to speed up execution and boost market sentiment in UK RMBS.
