Latest news
Latest news
Timeline of collapse that rocked the UK bridging loan market
As well as deals backed by new loans, it will call and refinance 2023 deals
Meanwhile, BNP Paribas hires in structured finance
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Agency residential mortgage-backed securities yields ticked up 15 basis points Friday morning, amid ultra-low Treasury yields and a historic crash in equities Thursday.
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Friary No. 1, the debut RMBS from Welsh building society Principality Finance, proves that primary supply can still come out in ABS when wider credit markets are collapsing.
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BlackRock Advisors should seek out a single, top-tier buyer to take on the residual $20 billion in legacy American International Group collateral held by the Federal Reserve Bank of New York’s Maiden Lane II portfolio, according to two portfolio managers. -
U.K. lender Principality Building Society has priced its first residential mortgage-backed securitization, Friar No. 1, a £686 million ($1.12 billion) transaction.
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Losses in legacy European commercial mortgage-backed bonds are expected to reach EUR8.6 billion ($12.2 billion) over the next five years, but the impact on residential mortgage-backed securities and consumer loan asset-backed securities should remain low, Fitch Ratings analysts told SI.
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Lead managers Royal Bank of Scotland and UBS priced Principality Finance’s Friary No. 1 RMBS on Thursday morning, placing £275m of the £686m deal with outside investors, and holding the other £411m for liquidity.
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Lawmakers need to be mindful of the importance of the more than $3 trillion to-be-announced agency mortgage market to housing finance, Thomas Hamilton, managing director and head of securitized product trading at Barclays Capital, said in testimony before Congress today.
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Agency residential mortgage-backed securities rallied after President Barack Obama inked a debt ceiling agreement into law yesterday, building on the gains sparked Monday by the news that a compromise was near.
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U.K. lender Principality Building Society is originating its first residential mortgage-backed securitization, Friar No. 1, with UBS and the Royal Bank of Scotland confirmed as co-arrangers and co-lead managers.
