Latest news
Latest news
◆ EU regs plan sparks debate over treatment of secured borrowing ◆ Blistering corporate and FIG issuance but why are premiums rising in one market but not the other? ◆ UK Renters' Rights Act to impact UK buy-to-let RMBS market
New law expected to accelerate the dominance of professional landlords
Together added to the sterling market with a small ticket CRE CMBS
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Santander and Royal Bank of Scotland say estimates on the cost of financial reform by the Independent Commission on Banking are understated.
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Bank of Ireland has raised an estimated EUR350 million ($468.7 million) in a tender offer to buy back residential mortgage-backed securities.
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Clydesdale Bank shelved its new U.K. residential mortgage-backed issue from its Lanark Master Trust late on Thursday after the bank was downgraded by Standard & Poor’s.
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Following two weeks of roadshows in Europe and the east coast of the US, Clydesdale Bank has postponed its Lanark RMBS, following a downgrade of the bank by Standard & Poor’s. The trust has been out of the market for the past four years, and was restructured this summer in preparation for the issue.
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The Bank of England activated its loan-level disclosure requirements for RMBS and covered bonds on Thursday — the first European jurisdiction to do so. Market participants from all sides praised the initiative, though many cautioned that it was unlikely to tighten spreads or increase investor participation.
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JP Morgan CIO stepped up to back prime European ABS once again on Wednesday, buying €1.28bn of Orange Lion 2011-6, a Dutch prime RMBS. The deal marks the return of the US bank to large-scale buying in Dutch prime — and the return of ING to the securitisation market.
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Liquidity in Europe’s secondary asset-backed securities markets has been lower in recent days.
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Australian bank Suncorp returned to the residential mortgage-backed securities market at the end of last week, raising A$1.25bn ($1.214bn) from a deal that was increased heavily after big demand from investors.
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A steep drop in the Mortgage Bankers Association’s index tracking mortgage refinancing week over week has analysts at Morgan Stanley on alert for a trend.