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Cerberus buys Lendco, Advanzia's German credit cards, and CLO resets pause
Deal primarily backed by loans originated by specialist lender RNHB
Blackstone priced its triple-As well inside guidance
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Macquarie has issued initial price thoughts on its much anticipated German RMBS deal.
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The housing market in the Netherlands is taking off, with a 16% rise in house sales in the first five months of the year, which has good implications for RMBS recovery rates, said Moody’s on Wednesday.
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Though Dutch RMBS issuance has fallen short of expectations, the UK securitization market has seen a surge in issuance this year — a 67% year on year increase — according to Rabobank.
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A move by the Federal Housing Finance Agency to give big raises to the heads of Fannie Mae and Freddie Mac could lay the groundwork for meaningful reform of the government sponsored enterprises.
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More sponsors of single-family rental ABS deals backed by just one borrower could be coming to market, even as a wave of consolidation hits the asset class.
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Nomura Securities is delaying Velocity Commercial Capital’s securitization of small commercial loans and single family rental properties, a source close to the deal confirmed.
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In what might have been one of the busiest weeks in the public ABS market in recent memory, there is a queue of UK lenders lining up to issue. But as yet, no deals are forthcoming.
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Redwood Trust has included new investor protections in its last two deals, but the non-agency RMBS sponsor says it might have to change course if rating agencies don’t allow it better execution.
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The RMBS machine was up and running this week, with two UK buy-to-let transactions announced and one issuer offering the full stack of a German RMBS — the first in years in the asset class.