Pre-crisis RMBS assets hold up to STS scrutiny

Cartesian Blue Dutch Prime RMBS, a Dutch deal sponsored by Venn Partners, is set to become the first deal backed by pre-crisis assets to gain 'simple transparent and standardised' securitization status.

  • By Tom Brown
  • 01 Apr 2019

BNP Paribas, Mediobanca and Venn are arranging the deal, which will be mainly backed by mortgages already securitized in Cartesian Residential Mortgages 1. This portfolio was largely originated by GE Artesia Bank, and bought from GE in 2013 by Ember VRM, an investment company established by Venn.

The deal ...

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1 BNP Paribas 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

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4 Bank of America Merrill Lynch 50,061.19 163 7.66%
5 Credit Suisse 45,499.96 141 6.96%