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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Leads on UK buy-to-let RMBS Paragon 17 are testing investor appetite for the senior notes at 15bp inside initial price thoughts. At 135bp over Libor, the level is the same at which Co-operative Bank sold a prime RMBS transaction just three months ago — at the time the year’s tightest UK print — in a sign of how far spreads have tightened this year.
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Permanent TSB has seen a high take-up for bonds in its Fastnet 2 Irish residential mortgage securitization tender offer.
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Pricing on U.K. lender Paragon’s comeback buy-to-let residential mortgage-backed trade Paragon Mortgages No. 17 is imminent, with both the class A senior tranche and the lower-rated class Bs and Cs due to be sold to investors.
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As part of a long term shift in its funding strategy, France’s Crédit Foncier is to start issuing RMBS alongside covered bonds. It is set to begin with a private placement, which may be issued in the coming weeks.
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Paragon’s is set to price its latest RMBS around 100bp inside where the buy to let lender sold its last transaction. But it is still offering a decent pick-up to prime UK RMBS, bankers say.
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The latest residential mortgage-backed securities deal from Mill Valley, Calif.-based Redwood Trust is said to have been initiated off the back of reverse inquiry, according to investors looking at the $320.34 million deal.
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As the European market enters the home stretch of 2012, London-based officials are confident annual issuance in the region can come within touching distance of last year’s total—despite concerns over a future squeeze on U.K. residential mortgage-backed issuance from the Bank of England’s Funding for Lending Scheme.
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Standard & Poor's has slashed ratings in 87 Spanish securitizations following its downgrade of the country's sovereign rating on Wednesday.
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A proposed increase in Portuguese income tax rates could push up arrears and defaults in the country’s RMBS transactions, Fitch has warned.