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 U.K. has privately placed a $1.73 billion equivalent issue from its U.K. residential mortgage-backed securities program Fosse with a handful of investors, as the flow of new public deals in Europe slows ahead of year-end.
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ING and Santander UK have sold some €2.66bn equivalent of RMBS in private placements this week, squeaking home as the market prepares to close for the Christmas break.
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Trading in the residential mortgage-backed securities space was unaffected by the U.S. District Court rejection of a $285 million settlement between the U.S. Securities and Exchange Commission and Citigroup over charges the bank had committed fraud during the financial crisis.
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The traditional year-end slowdown in Europe’s securitization market is emerging two-three weeks early, according to some London-based asset-backed securities officials.
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U.S. District Judge Rakoff of Manhattan has rejected aproposed $285 million settlement between the U.S. Securities and Exchange Commission and Citigroup over the bank’s alleged failure to inform investors about its role in selecting underlying loans in mortgage-backed securities.
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Italian lender Banca Popolare dell’Alto Allige has launched and retained a mixed mortgage-backed securitization, Voba N.3. -
Investec Bank subsidiary Kensington Mortgages shelved its Gemgarto 2011-1 U.K. residential mortgage-backed securitization late on Thursday afternoon citing wider market turbulence, but the deal could still come to market in the new year, possibly with a revised pricing and structure.
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Bank of Ireland has launched a tender for RMBS notes from Kildare Securities and Brunel No 1, which could see the troubled Irish lender book an immediate capital gain. It said it would not call either deal at the early redemption dates in Spring next year but simply allowing the bonds to run off does not add an immediate capital kicker.
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Barclays Capital, Deutsche Bank, JP Morgan, and Royal Bank of Scotland are roadshowing a new issue from Clydesdale Bank’s prime RMBS master trust, Lanark. The deal comes as the UK lender, wholly owned by National Australia Bank, faces refinancing the maturities from its government-guaranteed programmes – £500m on November 11, with a further £750m scheduled to redeem on December 9.
