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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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Standard & Poor’s has put the ratings on seven Irish RMBS on credit watch negative as Irish delinquencies rise.
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Lead managers on Paragon 17, the UK buy-to-let RMBS, say there are a host of investors interested in buying the deal’s class ‘B’ and ‘C’ tranches and expect them both to be fully placed.
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JPMorgan maintained its lead over global asset-backed securities bookrunners for the second quarter in a row, though its share of the market decreased by more than four points as other banks ramped up their activity, primarily in the U.S. market, according to league tables prvided to SI by Dealogic. -
Banco Santander Totta’s recent novel tender offer, in which it offered to buy back three classes of residential mortgage-backed notes in exchange for exposure to a covered bond, has been spurned by most bondholders.
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Banco Santander Totta’s recent novel tender offer, in which it offered to buy back three classes of residential mortgage-backed notes in exchange for exposure to a covered bond, has been spurned by most bondholders.
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U.K. buy-to-let lender Paragon has mandated Lloyds Bank, Macquarie Bank and Morgan Stanley as joint lead managers on Paragon Mortgages 17, the firm’s first new issue of buy-to-let RMBS in a year.
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Paragon Group ended market speculation over its second post-crisis RMBS deal on Wednesday, announcing a three day roadshow for a new buy-to-let RMBS. Following the recent rally in RMBS spreads, the investor meetings will be particularly important to find the right price point for the deal.
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Banco Santander Totta got only a derisory take up for its RMBS to covered bond exchange — the first time a bank has offered such a swap. Meanwhile, analysts and lawyers dashed hopes for the tendering of low priced Spanish multi-Cédulas, saying that such exercises would be technically infeasible.
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A weekly roundup of securitization sectors with year-to-date totals in ABS, CMBS, RMBS and CLOs in the US and Europe.
