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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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Market players are reading into Ally Financial’s announcement it would no longer buy home loans in Massachusetts and wondering if there’s a next move.
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The outlook for asset-backed securities and residential mortgage-backed securities in weaker European countries—such as Greece, Ireland and Italy--in 2012 is negative while that for deals in the U.K., the Netherlands, Germany and France is stable, according to Moody’s Investors Service.
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Increased loan level data disclosure requirements for securitizations are a “red herring” and will not in themselves tempt investors back to the market, according to speakers at an industry conference in London.
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The level of transparency in certain U.K. securitization trades has been important in attracting U.S. investors to the asset class this year, but too much data could risk overwhelming potential new participants, panelists at Terrapinn’s Securitization World 2011 conference in London said Tuesday.
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The cost of foreign exchange swaps for certain U.K. firms looking to issue securitizations into the U.S. and Europe beyond the core U.K. investor base remain “prohibitively” expensive, according to Stephen Bowcott, head of securitization at Paragon Group.
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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.