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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Standard & Poor’s has placed 102 tranches of Northern Rock’s Granite mortgage master trust on review for downgrade, the first such action for a UK master trust. The scale of any downgrade is unlikely to be severe, according to a source at S&P, absent unexpectedly rapid further deterioration.
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Yet more encouraging data on the UK housing market was reported this week as rumours swirled that the first public RMBS issuance for a year would be launched as soon as September.
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Moody’s has initiated a loan by loan analysis of prime mortgage portfolios in the UK to improve understanding of how loan characteristics affect default rates.
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Northern Rock posted a half year loss of £724.2m this week as mortgages more than three months in arrears rose to 3.9%, up a percentage point from December.
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Britannia Building Society has completed its tender offer for three series of its Leek non-conforming RMBS, buying back £99m of bonds at between 71 and 85 percent of par. Britannia had offered to purchase up to £100m.
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Britannia Building Society has joined the list of financial institutions buying back its own debt.
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The US Treasury launched a severely scaled back Public Private Investment Programme (PPIP) this week, naming the nine qualifying asset managers which will set up funds to invest in asset backed securities with equity co-investment and leverage from the government.
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Rabobank has completed the tender offer for its subsidiary Obvion’s Dutch RMBS programme, Storm.
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Barclays Capital’s research team has updated its stress test of UK non-conforming RMBS and found that no AAA, AA or A tranches suffered any credit loss under a base case stress.