Morgan Stanley brings Dutch RMBS with 99% IO loan exposure
Morgan Stanley is bringing the first European RMBS deal of the year, the Dutch Delft 2020, a €268.3m deal backed almost entirely by interest-only loans.
The mortgages come from two Dutch originators — ELQ Mortgages, which is no longer providing new loans, and Quion 50, with Adaxio servicing the deal.
Though a pricing date has not yet been set, the deal is the first European RMBS to be announced in 2020.The portfolio ...
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