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Together added to the sterling market with a small ticket CRE CMBS
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
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A non-asset trigger breach in Bradford & Bingley’s Aire Valley residential mortgage-backed master trust could cause the underlying bonds on the deal to become more liquid, creating a benchmark similar to the Northern Rock’s Granite U.K. RMBS, which is seen as the bellwether of the European market, according to London-based analysts.
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The EUR36.4 million ($46.8 million) Berlin residential portfolio loan, securitized in Morgan Stanley’s pan-European Silenus (European Loan Conduit) ELoC No. 25 commercial mortgage trade, has been a given a new six-month standstill period containing certain conditions.
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A graph of year-to-date issuance by region and sector, as reported by Securitization Intelligence, accompanied by a bird's-eye view of the activity seen in each sector last week. -
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, however, reported no move in the bonds’ price on Monday morning as the trigger had been so widely anticipated.
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George Smith, senior managing director in Cantor Fitzgerald’s debt capital markets platform, has left the firm to head up the mortgage-backed securities desk at Gleacher & Company Securities; the broker-dealer unit of investment bank Gleacher & Co.
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The U.S. Securities and Exchange Commission is said to have launched a preliminary investigation into JPMorgan Chase’s accounting practices and public disclosures about the derivatives trades, which resulted in losses of $2 billion.
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Deutsche Bank has reached an agreement with Assured Guaranty over losses the bond insurer suffered from insuring residential mortgage-backed securities from the German lender.
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The House of Representatives has passed a bill that would bar the U.S. Department of Justice from holding further talks with mortgage servicers involving their foreclosure practices without allowing investors in mortgage-backed securities to participate.
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Allied Irish Bank priced its first public securitization of residential mortgages, the £428.5 million ($691.2 million) Tenterden Funding PLC, on Wednesday.
