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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The Republic of Italy plans to liquidate its struggling real estate securitisation, the second Societa’ Cartolarizzazione Immobili Pubblici, in April.
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The Bank of England and the European Central Bank have absorbed £287bn and roughly Eu600bn respectively of asset backed and covered bonds, according to statistics published this week.
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UK prime RMBS will withstand a 30% fall in house prices largely unscathed, Fitch Ratings claimed this week.
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The UK government this week revealed that it plans to guarantee mortgage backed securities issued by banks, building societies and specialist lenders in a move hailed by market participants as the first step in resuscitating the moribund securitisation market. Success of the plan though will depend on the details, yet to be finalised by the government.
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Northern Rock’s Granite mortgage master trust breached its non-asset trigger this week, causing it to enter early amortisation. Though widely expected almost since nationalisation, the breach led to renewed selling of Granite paper as many investors now face extension risk.
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Fitch estimated this week that UK house prices will fall by 30% in the next two years, causing up to £1.1bn of non-conforming RMBS notes to default. Last week the Bank of England predicted mark to market losses of £7.7bn from the sector.
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Investors in Spanish RMBS faced more bad news this week when the government announced a plan to allow unemployed mortgage borrowers to defer half their mortgage payments for two years.
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It may seem like a strange time to bring a mortgage securitisation to market amid all the gloom and chaos, but Royal Bank of Scotland opened the books on a Eu500m issue for Achmea Hypotheekbank this week.
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The collapse of Lehman Brothers has claimed its first casualty in ABS land. This week rating agencies reported that a UK non-conforming RMBS, Eurosail UK 2007-3BL, had failed to make payments of interest or principal on the dollar denominated A1b and A2b tranches on its September 15 payment date. Lehman Brothers Special Financing is swap counterparty. All other tranches paid interest in full.