Latest news
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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BNP Paribas today priced its €1.5 billion ($2.15 billion) Dutch residential mortgage-backed deal, Phedina Hypotheken 2011-1, the first trade from the program to be placed with investors.
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Deutsche Bank and Natixis have been mandated for Achmea Hypotheekbank’s new Dutch RMBS, Dutch Mortgage Portfolio Loans IX (DMPL IX), as BNP Paribas’s Phedina is set to be priced.
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BNP Paribas’s Dutch RMBS, Phedina 2011-1, was fully covered at Friday’s guidance of 90bp-95bp for the two year ‘A1’ tranche and 130bp-135bp for the five year ‘A2’ tranche, with more orders in on Monday morning.
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A recent New York Supreme Court decision calls into question how mortgages are transferred and reported in securitizations and could have sweeping implications for mortgage foreclosure timelines, according to lawyers and market players.
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The National Credit Union Administration said it has completed its sale of legacy collateral it took on during the crash and isn’t planning anymore future sales, dashing banks’ hopes that there might be another $15 billion of legacy securitizations waiting on the administration’s balance sheet.
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Northern Rock’s newly rebooted securitization program is not expected to be affected by the planned reprivatization of the government-owned bank, according to London-based market professionals.
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Paragon Mortgage will issue a new securitization of U.K. buy-to-let residential mortgages during the third quarter, likely sized at around £200 million ($322 million), John Harvey, head of structured finance, confirmed to TS.
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Credit Suisse is aiming for the next batch of National Credit Union Administration’s re-securitized legacy bonds, looking to compete with Barclays Capital for the rights to structure and market the $15 billion portfolio, according to an official close to the issue.
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Trustees administering residential mortgage securities could demand changes to securitization documentation if investigations from the New York and Delaware state’s attorneys-general lead to litigation, according to market participants.