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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Obvion has placed another €1.5bn of RMBS with investors through its Storm programme, bringing its total RMBS issuance this year to €6.3bn.
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More than 70% of the gross U.K. residential mortgage lending market has opted for the Bank of England’s Funding For Lending Scheme, further signaling that the primary market for U.K. residential mortgage-backed securities—the country’s largest securitization sector—is likely to experience a lag in productivity.
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Obvion is preparing to launch its fifth Storm RMBS this year, less than a month after its last deal, as bankers say a strong market could entice more Dutch issuance before year-end.
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UniCredit bought back another €95m of RMBS from the four tranches for which it extended tender offer deadlines, bringing the total amount of notes accepted to €667m at a price of €569m.
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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. -
Banco Santander Totta is pitching a novel tender offer that would see it buying back three classes of residential mortgage-backed bonds from investors in exchange for exposure to a covered bond.
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Santander Totta has launched a second liability management offer on three long dated RMBS, but this time with an innovative twist. The Portuguese bank is offering to switch the paper into a short dated covered bond. It is the first time a bank has offered a swap from RMBS to covered and the results will be closely watched.
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The escalating strength of demand for ABS was illustrated on Wednesday when SNS Bank priced the short dated tranche of its Hermes XVIII RMBS at levels well inside where top-rated Obvion priced a similar tranche earlier this month.
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Despite Bank of England data on Tuesday showing UK banks flocking to the Funding for Lending Scheme, ABS bankers say lenders will still make use of the RMBS market — especially when levels are as attractive as where Yorkshire Building Society’s Brass No.2 was sold last week.
