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Some deals resemble the bank SRT market but there is room for independent sponsors to put trades together
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The Nationwide Building Society Pension Fund invested a total of £150 million ($223.02 million) in residential mortgage-backed securities at the end of last year.
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Moody’s Investors Service is updating the way it measures the impact of sovereign risk on the ratings of certain securitized asset classes in Europe.
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U.S. market players are looking at Australian lender Resimac’s residential mortgage-backed securities deal, which includes a U.S. dollar tranche, as a possible harbinger of more Australian issuers planning to test the U.S. investor base this year.
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Some holders of legacy European residential mortgage-backed paper are taking the opportunity to offload peripheral bonds amidst a broader backdrop of sluggish activity in the secondary market for asset-backed securities.
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Three major securitisation issuers — Barclays, Lloyds and Nationwide — took more funding from the Bank of England Funding for Lending Scheme (FLS) in the fourth quarter of last year. ABS bankers are confident that issuers will still use their RMBS programmes once this year to placate investors, but a first quarter in 2013 without public UK issuance is certainly a possibility, they added.
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Bids in the asset-backed securities secondary market have started to soften because few clients are willing to sell into a market that offers little prospect of reinvestment. But some traders expect the very positive tone in equity and other credit markets to gradually seep into ABS and encourage more flows.
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The mortgage market could face longer-term impacts following the Federal Housing Finance Agency’s announcement Tuesday of plans to form a unified securitization platform for Fannie Mae and Freddie Mac, even if the market saw no immediate pricing reaction in the agency residential mortgage-backed securities markets.
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Three major U.K. securitization issuers — Barclays, Lloyds Banking Group and Nationwide Building Society — took more funding from the Bank of England’s Funding for Lending Scheme in the fourth quarter of last year, according to sister publication Euroweek Structured Finance Weekly.
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Three major securitisation issuers — Barclays, Lloyds and Nationwide — took more funding from the Bank of England Funding for Lending Scheme (FLS) in the fourth quarter of last year. ABS bankers are confident that issuers will still use their RMBS programmes once this year to placate investors, but a first quarter in 2013 without public UK issuance is certainly a possibility, they added.