Latest news
Latest news
Domivest also priced its Dutch BTL RMBS
The £500m trade is the joint largest non-bank credit card ABS, matched by CoT’s previous deal
Lendco also added a UK BTL RMBS to the pipeline
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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.
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The UK government launched its long awaited guarantee scheme for mortgage backed securities in the budget report on Wednesday. But while the £50bn plan was widely welcomed by participants in the mortgage market, its unexpected structure caused surprise and confusion and raised questions over how widely it will be used.
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The Moody’s downgrades this week of a number of UK building societies and some banks will have only a limited impact on RMBS.
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UK non-conforming RMBS took another battering from the rating agencies this week and distressed mortgage investor Mars Capital warned that losses on 2007 deals would reach single-A tranche.
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Holders of bonds guaranteed by MBIA have filed a class action lawsuit against the monoline insurer because of its business restructuring, requesting a trial by jury.
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A survey of European financial institutions’ RMBS performance assumptions by Standard & Poor’s Valuation Services has thrown up some surprising results.
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Bondholders in Eurosail-UK 2007-4BL, a UK non-conforming RMBS devastated by the collapse of swap counterparty Lehman Brothers, are considering a termination of its swap agreements and the filing of claims against Lehman. Lehman provided interest rate, basis and currency swaps to the £850m deal. Its sudden bankruptcy and subsequent currency movements have left the transaction facing massive principal shortfalls (see UK mulls guarantees for SME loan securitisations, EW 1086) unless sterling recovers strongly and quickly against the dollar and euro.