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Latest news
The £500m trade is the joint largest non-bank credit card ABS, matched by CoT’s previous deal
Lendco also added a UK BTL RMBS to the pipeline
This is the second RMBS deal from the PIF-backed issuer
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The issuance of Mexican residential mortgage-backed securities rose 12.8% in the second half of 2011, though it may take another “12 to 18 months of stable economic growth in the market to show solid signs of recovery,” according to Standard & Poor’s.
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Subprime residential mortgage-backed securities are attracting investors again, with the prices on some of the bonds achieving double-digit gains since the beginning of the year. Investors say the securities are attractive now because their prices reflect a doomsday scenario that they feel will not materialize.
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Switzerland’s Federal Council has announced that the “too big to fail” amendment to its Banking Act will go into effect March 1.
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UBS has suspended several traders, including some of its most senior ones, amid an investigation into alleged collusion to influence the London Interbank Offered Rate and its equivalents in Europe and Asia.
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BNP Paribas has slashed its bonus pool for 2011 by 50% after pretax profit at corporate and investment banking plunged 40% in the fourth quarter.
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Defaults of loans in Spanish residential mortgage-backed securities inched up to 2.14% in December, up from 2.12% from the preceding month, according to Moody’s Investors Service.
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Société Générale reduced risk-weighted assets in corporate and investment banking by 13% last year by dumping EUR16.1 billion ($21 billion) of legacy assets, including a EUR476 million ($620.7 million) write-down in the fourth quarter from positions on U.S. residential mortgage-backed collateralized debt obligations.
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Tougher capital requirements are expected to drive up the use of contingent capital notes by Swiss banks, such as one offered by UBS, according to Fitch Ratings.
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Deutsche Bank unit Ace Securities has been sued by Irish fund manager Phoenix Light for allegedly misrepresenting the underwriting standards it used to issue loans that were pooled into residential mortgage-backed securities.