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Select group of triple-A buyers hold significant pricing power
Cerberus buys Lendco, Advanzia's German credit cards, and CLO resets pause
Deal primarily backed by loans originated by specialist lender RNHB
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Regulators should loosen their scrutiny of special mortgage servicing companies, like Ocwen Financial and Nationstar mortgage, to avoid a capacity crunch in the sector, said industry heads on Monday. -
Santander UK left ABS Vegas last month in little doubt about the level of demand for more dollar denominated securitizations, and has duly obliged with its latest UK prime RMBS.
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Investors have shown a slight preference for the euro portion of Paragon’s latest buy-to-let RMBS, while guidance on the sterling portion is 5bp wide of its last deal.
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Australia-based Bluestone Group has begun marketing its debut buy-to-let UK RMBS, as demand for deals out of reach of the European Central Bank supports more esoteric products.
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European ABS is now the very definition of an issuer’s market, according to some ABS bankers, who watched investors snap up nearly €2bn of Obvion RMBS on Thursday despite the lender pricing five year notes where it was pricing two years barely six months ago.
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Investors had taken the order book for Obvion’s single tranche Dutch RMBS to well over €2bn on Thursday, despite the lender pricing five year notes where it was pricing two years barely six months ago.
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Market participants expect Freddie Mac to come to market more frequently with non-performing loans, with the government sponsored enterprise’s next NPL sale expected to come as soon as April.
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Rabobank and Société Générale have guided investors to high 20bp area for Obvion’s single five year tranche of Dutch RMBS in Storm 2015-1, the latest benchmark for a market entering new territory at the tight end.
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Australia based Bluestone is looking to sell up to seven tranches of notes in its securitization of buy-to-let mortgages acquired in its takeover of Basinghall Finance.
