Latest news
Latest news
Master trust to finance Rothesay’s purchase of HSBC’s French mortgage book
BMW also priced its UK prime auto ABS
The €500m deal uses a master trust structure
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Issuance in the US market has picked up following the holiday weekend, with six ABS deals in the pipeline. Almost all asset classes are represented this week, with auto ABS, credit cards and RMBS leading the charge alongside some transactions with rarer collateral.
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Fitch sent a warning shot to the single family rental securitization market on Tuesday, as American Homes 4 Rent announced its second deal in the asset class. The new transaction has a preliminary rating of triple-A from Kroll and is slated to receive a rating from Moody’s. But Fitch said refinancing risk and leverage were reasons for not rating deals higher than single-A in the controversial new market. -
The high credit enhancement of UK RMBS transactions mean a yes vote for Scottish independence in this month’s referendum poses only a remote risk to them, according to Fitch Ratings. But there remain no mechanisms in transactions to address the risks of a currency redenomination.
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Virgin Money has mandated banks for its first new RMBS sale since 2012, in a further sign that a weakened Funding for Lending Scheme and a tightening of UK RMBS spreads is making the market tempting once more to a bigger pool of issuers.
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The Financial Conduct Authority fined Royal Bank of Scotland just under £15m this week for “serious failings” in its advised mortgage sales business, saying that only two of the 164 sales reviewed were considered to meet the regulator’s standard.
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Restrictions on UK mortgage lending introduced in April are having a cooling effect on the housing market, according to figures from the British Banking Association. But with mortgage approvals still up 12% year-on-year, UK lenders — including a potential debut issuer — will have plenty of assets to hand for an anticipated return to RMBS next month.
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The Financial Conduct Authority has fined Royal Bank of Scotland just under £15m for “serious failings” in its advised mortgage sales business, saying that only 2 of the 164 sales reviewed were considered to meet the regulator’s standard.
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Restrictions on UK mortgage lending introduced in April are having a cooling effect on the housing market, according to figures from the British Banking Association. But with mortgage approvals still up 12% year-on-year, UK lenders — including a potential debut issuer — will have plenty of assets to hand for an anticipated return to RMBS next month.
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Mark Carney, the Bank of England's governor, and his fellow Monetary Policy Committee members are not the only ones who should be worried about meagre wage growth in the UK, according to Standard & Poor’s, which has warned stagnant wages could translate into poorer RMBS performance in the next few quarters.
