Latest news
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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More articles
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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.
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The risk of property price falls has been overshadowed by worries about sovereign defaults and now figures lower in many bank risk managers’ assessments than at any time since 2008, said the Bank of England this week.
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Scottish retail lender Clydesdale Bank is on the road with a residential mortgage securitization from its Lanark Master Trust RMBS program.
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Future issuance from U.K. retail lender Northern Rock’s Gosforth securitization program is unclear following the sale of the bank to Virgin Money.
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The default rates of loans in European residential mortgage-backed securities are expected to remain suppressed into next year despite rising unemployment in downgraded countries, according to Moody’s Investors Service.
