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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A strong European primary asset-backed securities pipeline is expected to build in the next month, despite the slow return of new issuance compared to covered bonds following last month’s holidays.
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Santander UK’s Fosse 2011-1 RMBS could be the biggest European securitisation since the crisis, with a revised capital structure totalling £3.379bn equivalent — and an order book in excess of £4bn.
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Market officials are concerned legislation introduced last Thursday, designed to overhaul the government-sponsored enterprises, does not offer enough change to gain approval.
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Performance of Spanish residential mortgage-backed securities began stabilizing in the first quarter, according to Moody’s Investors Service.
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More potential divergence between U.S. and EU regulatory reforms affecting securitization has been flagged up by structured finance professionals on both sides of the Atlantic.
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The ABS market was bidding on two large BWICs on Thursday for around Eu1.2bn equivalent, testing appetite for higher yielding assets and taking trader attention off the thin volumes of the past two weeks.
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Santander UK’s new Fosse 2011-1 RMBS will feature only three year public tranches, alongside a preplaced $500m ‘A1’ money market tranche. The bank will offer 2.72 year average life notes in dollars, euros and sterling, in classes A2-A4, with step-up and call in July 2014.
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Yield-hungry U.S.-based investors are being courted by European issuers to buy new residential and commercial mortgage-backed securities deals.
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Santander UK’s new Fosse 2011-1 RMBS will only feature three year public tranches, alongside a preplaced $500m money market tranche.