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Meanwhile, BNP Paribas hires in structured finance
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Two lenders entering administration should signal to others: simplify the industry
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Performance of Spanish residential mortgage-backed securities deteriorated in the first quarter, with cumulative defaults rising to 2.25% from 2.14% in the preceding three-month period, according to Moody’s Investors Service.
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Dutch lender Obvion N.V. is preparing a third issue of residential mortgage-backed securities from its STORM shelf this year, with Rabobank and Société Générale mandated as joint lead managers.
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Obvion has announced a third RMBS of the year from its Storm programme, choosing not to follow fellow Dutch issuer Aegon with a dollar deal but instead provide some much needed euro RMBS supply.
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The imminent downgrade by MoodyÕs of European banksÕ long-term and short-term ratings will see more than half of all UK RMBS counterparties breach their first rating trigger. Royal Bank of Scotland and Lloyds TSB face the highest exposures, but all affected banks will need to post collateral, find a third party guarantee or appoint a replacement.
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Bradford & Bingley’s Aire Valley master trust has breached its non-asset trigger, shifting all bond payments to sequential pass-through, whereby tranches will be paid in order of seniority rather than according to expected maturity. Traders reported no movement in the bonds’ price this week, however, as the trigger had been so widely anticipated.
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Santander UK managed to raise £2.25bn of funding through its Fosse 2012-1 RMBS in a week when Eurozone storm clouds were gathering over the markets. The deal offered bonds across 10 tranches, five currencies and four maturities. And for the first time since 2007, it included double-A rated notes.
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German lender DZ Bank has filed a lawsuit against Barclays in New York charging the U.K. bank with allegedly misrepresenting the quality of loans in $133.3 million in residential mortgage-backed securities it sold.
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German lender DZ Bank has filed a lawsuit against Barclays in New York charging the U.K. bank with allegedly misrepresenting the quality of loans in $133.3 million in residential mortgage-backed securities it sold.
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Santander U.K.’s prime residential mortgage securities deal Fosse 2012-1 has publicly sold two slices of AA-rated bonds, the first U.K. RMBS to do so since the crisis, signaling that issuers are now willing to meet buyside demand for paper further down the capital curve.
