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Investors able to cherry pick deals from wide variety
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
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Lloyds has made a cash injection into its Permanent UK RMBS master trust, paying off the loan tranches related to Permanent 2009-1, the deal which reopened the RMBS market in Europe after the crisis.
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The primary ABS market picked up momentum sharply on Tuesday as Dutch RMBS Saecure 15 was priced and ABN’s Dolphin 2014-3 was announced, while initial price thoughts on Lloyds’ UK credit card deal, Penarth, were announced. Finally, in the CMBS market, Westfield Stratford City Finance was priced. -
Citi has added the new role of head of RMBS distribution to its mortgage and credit structuring business.
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Dutch lender Aegon Hypotheken has opened books and released initial price thoughts for Saecure 15, a prime RMBS that is backed by a high proportion of guaranteed mortgage loans. This will be the first RMBS since details of the European Central Bank’s ABS purchase programme were announced, and could prove a litmus test of prospective demand.
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Premium Point Investment’s securitization conduit WinWater Home Mortgage is marketing its second securitization since its launch in 2013. Credit enhancement was too low for Kroll Bond Ratings Agency to assign preliminary ratings in two of the deal’s tranches.
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The Bank of England has set out new powers that would allow its UK regulators to restrict residential mortgage lending, including in the buy-to-let market, to “protect and enhance” financial stability.
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Dutch insurer and mortgage lender Aegon will look to emulate the success of compatriot Obvion in the RMBS market next week after mandating banks to conduct roadshows for the latest trade from its Saecure platform. Obvion set a post-crisis record tight with its latest Storm RMBS last week as investors piled into European ABS in anticipation of the European Central Bank making purchases.
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Concerns around the performance of rapidly growing special mortgage servicing firms in the US grew again this week, as the Consumer Financial Protection Bureau (CFPB) took the unprecedented step of prohibiting Flagstar Bank from taking on any more mortgage servicing rights (MSRs) for delinquent loans, alongside a $37.5m enforcement order.
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The Bank of England has set out new powers that would allow its UK regulators to restrict residential mortgage lending, including in the buy-to-let market, to “protect and enhance” financial stability.
