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Whole business securitization called 'a coup' but doesn't reach $700m target
Fluvius, Kojamo and Affinity Water hold investor calls
Sandwich chain joins host of ABS issuers
There is no crock of equity gold at the end of the rainbow
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Financial advisory firm StormHarbour is expanding into Spain, opening an office in Madrid as non-bank lenders move to fill the gap left by bank deleveraging.
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Questions over whether ABS spread tightening had run its course were emphatically answered this week as bonds offering yield surged tighter in secondary trading. The positive market reaction to the Basel Committee on Banking Supervision’s inclusion of RMBS in bank liquidity buffers certainly helped, but the positive tone had already set in before the good news from Basel, traders said.
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Private equity company Lone Star, the main junior noteholder in Windermere XIV, will have a second attempt at removing Hatfield Philips as special servicer on the transaction at a noteholder meeting in London this Friday. If successful, Lone Star will install its own servicing affiliate, Hudson Advisors, giving it an advantage in any workout negotiations.
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ABS practitioners have welcomed the Basel Committee on Banking Supervision’s groundbreaking step to allow residential mortgage backed securities in lenders’ liquidity coverage ratios. But the definition of liquid assets should be further broadened, bankers said this week.
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Northwood has beaten off competition from Cheney, Kennedy Wilson, Texas Pacific Group and other bidders to acquire the junior loan in Eurohypo’s Opera Finance CMH, a CMBS backed by Irish real estate. The purchase gives the company a say in any debt restructuring plans.
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HSBC’s Souhail Mahjour, one of the CEEMEA syndicate gang’s last remaining bachelors, has finally taken himself off the market. Drawing on his emerging market expertise, Souhail whisked his beloved off to Bagan (it’s in the Mandalay region of Burma, as if you didn’t already know) and with a glorious sunrise as his backdrop, he dropped to one knee and sealed the deal.