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Latest news
Funding Circle also placed the mezz notes for its SME loan transaction
Santander adds to euro pipeline with German consumer ABS
◆ 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
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Bank of America-Merrill Lynch’s $8.5 billion settlement last week will have investors strategizing about which residential mortgage-backed securities could get putbacks next, market players say.
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A large mortgage originator is looking to sell into the market a $55 million whole loan portfolio of jumbo high-quality mortgages in a bid to test investor appetite for future private-label residential mortgage securitizations, according to an investor at a life insurance firm.
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Allstate Insurance has filed suit against Morgan Stanley, charging the investment bank that it “knew or recklessly disregarded that those lenders were issuing high-risk loans that did not conform to their respective underwriting standards.”
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Bank of America-Merrill Lynch snagged the top spot for bookrunning global asset-backed securities in the second quarter of 2011, pushing out $6.07 billion in new deals, according to data provided to TS by Dealogic.
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The capital structure for Kenrick 1, the West Bromwich Building Society’s first publicly distributed prime RMBS deal, is expected later today. The borrower is due to start marketing soon and has planned a London based roadshow starting from Thursday and finishing on Monday.
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Residential-mortgage backed securities bids-wanted-in competition lists are not being jumped on – despite a tightening in bid-offer spreads -- by the desks of the big investment banks, said a New York trader at a broker-dealer.
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Primary issuance of European asset-backed securities is being tipped to bounce back from its recent lull, though industry pros are forecasting that new deals will be unleashed more opportunistically from issuers as the traditional summer slowdown approaches.
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The U.K.-based Co-Operative Bank has priced its Silk Road Finance Number Two U.K. residential mortgage-backed securitization.
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European asset-backed securities have rallied in recent days following last week’s vote in the Greek parliament in favor of tougher cost-cutting measures, though weakness in secondary trading still remains.