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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Clydesdale Bank bought back £170.7m equivalent of senior bonds issued by its Lanark RMBS master trust after increasing the offer shortly before the extended deadline last Friday. Clydesdale purchased $99m nominal of ‘3A1’ notes at 87 cents on the dollar, E85m of ‘3A2’ notes at 87 cents, and £40m of ‘4A1’ notes at 89.5 cents.
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Panellists at the Global ABS conference in London criticised the credit guarantee arm of the UK government’s RMBS support scheme as largely unworkable on Wednesday.
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Clydesdale Bank has joined the queue of securitisation sponsors buying back their own deals.
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Last week’s deferral of interest on three subordinated tranches of high loan to value RMBS originated by Caja Madrid has prompted Standard & Poor’s to downgrade the notes to D.
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Henderson Global Investors is marketing a Eu250m fund investing in discounted asset backed securities. Its mangers believe now is a good time to pick up fundamentally quality assets at a good price.
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Britannia Building Society is calling all outstanding tranches of Leek Twelve, a UK non-conforming RMBS issued in 2004, at their expected maturity date on June 22.
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Absa Capital has closed the first South African securitisation to be offered to investors this year.
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Two of Caja Madrid’s high loan to value RMBS issues are to defer interest on some subordinated notes after soaring arrears breached triggers in the documentation.
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UK non-conforming RMBS was hit by further downgrades this week. Standard & Poor’s cut issues from Merrill Lynch and Oakwood and placed issues from Investec and GMAC RFC on CreditWatch Negative while Moody’s cut HVB’s Bluestone Securities 2007-1. Meanwhile Fitch reported that long-term arrears in the sector increased by nearly 30% during the first quarter to 21.17%, with repossessions reaching 3.71%. Five transactions rated by Fitch have exhausted their reserve funds.