Latest news
Latest news
Some deals resemble the bank SRT market but there is room for independent sponsors to put trades together
Market participants gathering in Stavanger will focus on market growth
Mezz and certificates go on offer, testing new execution strategy
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Trading volumes have been low this week, but core and peripheral ABS spreads are continuing to tighten. "There’s still just a very positive tone in risk assets across the board," an ABS trader in London told EuroWeek Structured Finance. "Credit and equity are both strong."
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The first UK prime residential mortgage securitisation to emerge this year — West Bromwich Building Society’s Kenrick No 2 — was welcomed with open arms by London-based professionals this week, who predicted solid demand for the notes given the lack of paper in the market.
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Last week’s six notch downgrade by Moody’s of the Co-Operative Bank has met ABS bankers’ predictions and had a limited impact on the bank’s outstanding RMBS transactions.
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Trading volumes have been low this week, but core and peripheral ABS spreads are continuing to move tighter. “There’s still just a very positive tone in risk assets across the board,” an ABS trader in London told EuroWeek Structured Finance. “Credit and equity are both strong.”
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Ratings agencies are highlighting the greater presence of loans from lenders with limited history in the non-agency space as a growing risk in Redwood Trust’s latest issuance from its Sequoia Mortgage Trust program.
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Firstmac will include a sterling tranche in its forthcoming issue of Australian residential mortgage-backed securities—the first Aussie RMBS to do so this year.
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The triple-B rated mezzanine paper in Northern Rock’s U.K. residential mortgage securitization program Granite—seen as the barometer for Europe’s structured finance market—has been trading in the 90s for the first time since 2008.
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West Bromwich Building Society is preparing the first issuance of U.K. prime residential mortgage-backed securities in 2013, just over year since the lender sold its last transaction.
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West Bromwich Building Society is preparing the first issue of UK prime residential mortgage-backed securities (RMBS) in 2013, just over a year since the lender sold its last transaction.