CIFD removes BTL collateral from debut RMBS ahead of pricing

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By Tom Brown
21 Oct 2019

Crédit Immobilier de France Developpement (CIFD) has cut the class ‘C’ tranche from its debut RMBS deal, chopping away the buy-to-let (BTL) part of its portfolio to snare additional benefits from the simple, transparent and standardised (STS) framework.

The class ‘A’ and ‘B’ tranches were combined into a single tranche, and the previously labelled class ‘C’ tranche became the new class ‘B’. Fitch correspondingly changed its rating for the deal from A to A+. Moody’s, however, did not change its rating.

The deal, previously ...

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