Latest news
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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HSBC and JPMorgan priced the Co-operative Bank’s debut RMBS on Tuesday afternoon, selling slightly more than anticipated to investors.
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HSBC and JPMorgan plan to price the Co-operative Bank’s debut RMBS this afternoon.
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The Co-operative Bank is marketing its debut RMBS, Silk Road Finance Number One, backed by prime mortgages originated by its Britannia subsidiary.
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Moody’s has upgraded Russian RMBS Gazprombank Mortgage Finance 2 a week after slashing the ‘A1’ notes to Caa2 when they were redenominated from euros into roubles.
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Lloyds Banking Group heralded the return of US investors to European securitisation last Friday when it priced a £2.5bn RMBS from HBOS’s Permanent master trust.
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European RMBS investors are expecting a slew of previously retained deals to be remarketed after SNS Bank this week sold a Eu1.4bn triple-A class A2 tranche of its Hermes 14 deal.
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SNS Bank set unofficial price guidance on Wednesday for a Eu1.4bn remarketing of a previously retained RMBS deal at 110bp to 115bp over Euribor, a level that investors think could be tightened by 5bp to 10bp before pricing.
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BNP Paribas and Rabobank are on Monday re-marketing a Eu1.4bn triple-A tranche of Hermes 14, a Eu2bn prime Dutch residential mortgage backed security that was originally closed and fully retained by the issuer, SNS Bank, in September 2007. -
Lloyds Banking Group, which reopened the European ABS market last September with its UK master trust RMBS Permanent 2009-1, is set to price the first mortgage backed deal of the year today (Friday). The £2.47bn equivalent issue from the same trust will also mark the first European ABS since the start of the credit crisis to carry a US dollar tranche.
