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Latest news
This is the first UK BTL RMBS since the Renters’ Rights Act came into effect
Funding Circle also placed the mezz notes for its SME loan transaction
Santander adds to euro pipeline with German consumer ABS
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A surge of demand from US investors helped Lloyds Banking Group overcome credit market volatility as it priced a £2.7bn equivalent RMBS from its Arkle master trust on Friday afternoon. Citi, Lloyds and Royal Bank of Scotland offered the deal in a range of currencies with no fixed amount on most tranches, but the overwhelming majority of demand came from dollar investors, particularly on the one and three year tranches. Some 61% of the total book was placed in the US. -
The malaise affecting the broader credit markets has yet to be fully felt in Europe’s securitisation markets, secondary spreads and primary issuance are showing.
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In its second jumbo issue in a month, Fortis Bank Nederland has privately placed Eu4bn of Dutch RMBS from its Dolphin master trust.
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Lloyds Banking Group has released the capital structure for Arkle 2010-1, the latest issue from its master trust backed by Lloyds TSB and Cheltenham & Gloucester originated mortgages.
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Loss severities in UK mortgage repossessions have reached an average of 35%, but remain within Moody’s expectations, according to the ratings agency.
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Rabobank and Société Générale have opened the books for Rabo subsidiary Obvion’s Dutch RMBS, Storm 2010-1.
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Dutch RMBS continued to dominate European securitisation’s primary markets this week as Eu4bn of paper entered roadshows or was privately placed.
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Moody’s has introduced a new measure of extension risk for UK master trusts, which it will incorporate in its new issue reports.
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The UK government’s Budget Report, released on Thursday, turned out to be another disappointment for the country’s securitisation industry.
