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Blackstone priced its triple-As well inside guidance
The acquisition was announced a day before Lendco priced its Atlas securitization
Non-qualified mortgage securitizer is bringing third deal of year for $424m
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Nationale-Nederlanden Bank (NN Bank) have mandated a new Dutch RMBS transaction from its Hypenn shelf, the fourth transaction from the programme.
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The latest risk-sharing deal from Freddie Mac launched on Thursday, as the government-sponsored agency transitions to an actual loss structure. -
The Co-Operative Bank’s second UK non-conforming RMBS from the Warwick shelf was priced on Thursday, swelling from £1bn to £1.65bn by the time the deal was sold.
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The traditionally small investor base for UK RMBS has been hit with a wave of supply over the past three months. CarVal, Mars Capital, Precise and Paragon have all brought large UK RMBS deals to the market, and bankers have questioned whether the investors can continue to absorb this high level of supply.
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Irish late stage mortgage arrears remain among the highest in Europe. According to Moody’s, the increased use of long term restructuring options has improved the country's mortgage arrears crisis, but it is far from resolved.
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Banco Sabadell is rumoured to be interested in acquiring Granite, UK Asset Resolution’s portfolio of bad bank assets. The Spanish bank's acquisition of the assets could shock the supply-demand dynamic in the UK RMBS sector.
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The second deal from Co-op’s residential mortgage portfolio looks set to be a more modest transaction than the first, due to more challenging market conditions driven by high levels of supply and a limited investor base.
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CarVal Investors were back in the UK non-conforming RMBS sector this week with Dukinfield Plc, a deal backed by a legacy portfolio of mortgages acquired from former lender Future Mortgages.
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Investors are back in their seats and clearly hungry for paper, as illustrated by the final book size on Obvion’s recent Storm Dutch prime RMBS, but spreads aren’t likely to shoot back to pre-summer levels as macroeconomic uncertainty abides.
