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Santander UK executed its Holmes 2012-3 RMBS this week in a deal that demonstrated demand for double-A rated paper.
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The seven largest Spanish banks stand to incur losses on their residential mortgage books of €19.2bn, securitisation analysts estimated this week using current default rates in outstanding Spanish RMBS.
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Lloyds Bank today priced the first public issue from its Dutch residential mortgage-backed program Candide program since 2007.
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Santander U.K. has priced its Holmes 2012-3 U.K. residential mortgage-backed trade, the second RMBS deal this year to offer investors AA-rated bonds.
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Investors seem to be spurning longer-dated paper in European residential mortgage-backed securities in favor of shorter-dated bonds, as sustained uncertainty in the general credit strength of the region continues to weigh on industry minds. -
Santander UK has added a double-A rated dollar tranche to Holmes 2012-3 and will price what is now a two tranche deal on Wednesday afternoon.
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Kutxabank extended the Spanish penchant for tender offers through unmodified Dutch auctions on Wednesday, when it launched a buyback on seven tranches of ABS and three lower tier two securities.
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Santander U.K. rolled out Holmes 2012-3 on Tuesday, a new U.K. residential mortgage-backed trade from its Holmes master trust program built largely off reverse inquiry.
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Holders of peripheral European asset-backed and mortgage-backed securities are said to be increasingly willing to participate in banks’ buy-backs of bonds in order to reduce their exposure to peripheral countries.
