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
More articles
More articles
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Investec Bank’s new £204 million ($327.4 million) securitization of U.K. residential mortgages, Gemgarto 2011-1, is being called as a positive step for the RMBS market as more details of the trade emerged Monday. -
Dutch mortgage lender Obvion has priced its EUR700 million ($958.2 million) prime residential mortgage-backed deal, STORM 2011-IV, offloading the senior bonds Friday to investors at 120 basis points over three-month EURIBOR.
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Barclays Bank’s decision to offer RMBS for the first time since the crisis marks the asset class’s return to competitiveness, but few other issuers are in a position to benefit, according to ABS bankers. As many from traditional covered bond jurisdictions do not even have RMBS programmes available, they face lengthy structuring and rating processes before tapping the market.
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Despite its potential to improve liquidity and investor interest in the asset class, structured finance players are complaining that key questions over the ECB’s demand for loan level data on ABS remain unresolved and opaque. Most pressing, in the light of an appointment this week to build a data warehouse, is the issue of who will pay for the initiative.
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Paragon, the specialist buy-to-let lender, priced its long-awaited return to the structured finance market on Thursday — marking the revival of a business model that has securitisation at its heart.
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The market spent the last part of the week struggling to guess the direction of another big policy move after Federal Reserve Chairman Ben Bernanke said a third round of quantitative easing including mortgage bond buys is a viable option.
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U.K. buy-to-let lender Paragon Mortgages will roll out more securitizations following its new £163.8 million ($261.9 million) residential mortgage-backed deal, Paragon Mortgages No. 16, Peter Shorthouse, director of treasury and structured finance at Paragon, said.
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U.K. non-conforming residential mortgage-backed securities have been tipped as an attractive play for asset-backed securities investors, offering increasingly compelling return compared to prime paper—despite concerns about the quality of the underlying collateral.
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The jumbo residential mortgage-backed securities sector faces a greater risk of default than its subprime counterpart, according to Moody’s Investors Service.
