NewDay delay marks first post-crisis ABS non-call
Point of sale lender NewDay, owned by Cinven and CVC, has become the first post-crisis European securitization issuer to miss a call, announcing on Monday that it would be delaying the call of NewDay Partnership Funding 2015-1 from April this year to the following year, as markets deteriorated beyond a level where a refinancing trade would make sense.
The 2008 crisis froze the securitization markets, and saw non-banks that relied on new issue securitizations to roll their deals decline to call.Some of the buy-to-let RMBS issues originated by Paragon before the crisis remain outstanding to this day, with Paragon Mortgages 9, issued in 2005, called ...
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