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Amid investment boom, S&P stoically maintains its position
Deal only included loans that were outside the scope of the FCA's redress scheme
Triple-B rating from KBRA despite 13% LTV
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Six months into its inception, the ‘simple, transparent and standardised’ (STS) securitization framework seems to be doing its job. It has successfully established a market set to inherit the majority of ABS issuance, with issuers noting a raft of new investors operating in the sector. But have those buyers made a wrong assumption about how the ECB views STS deals? -
European securitization investors this week are pricing longer duration deals tighter than earlier in the year, made comfortable by the ‘simple, transparent and standardised’ (STS) label. This is being demonstrated on Tuesday by Argenta Spaarbank's Green Apple RMBS deal.
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The securitization market is in a good position from both the perspective of credit quality and structure as the credit cycle heads into late innings, an industry panel heard on Wednesday, but there were fears over the possibility of a sudden liquidity crisis when the market turns.
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The European Securities and Markets Authorities’ (Esma) executive director Verena Ross this week said that implementation of the Securitisation Regulation will be difficult, given uncertainties and the lack of a transition period for the regulation, which came into effect at the start of the year. But she urged all market participants to be prepared.
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The Association for Financial Markets in Europe (Afme) is preparing a response to the UK Financial Conduct Authority’s mortgage market consultation, to try to ensure that rules intended to help ‘mortgage prisoners’ do not hurt the broader UK securitization market.
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European securitization investors are increasingly on the hunt for more esoteric cash flows, but a lack of supply means that buyers are going to need to get creative with how they source allocations, said speakers on a panel on day one of Global ABS.
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With new regulatory frameworks in place for securitization in Europe comes another bout of uncertainty for the trajectory of the market. The stunted issuance pipeline in the first half of this year and the delay of the regulatory technical standards (RTS) for STS securitization have driven a jump in attendance at this year’s Global ABS conference, drawing 4,100 registrations ahead of the event.
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The Securitisation Regulation came into force in January but there is still room for market participants to influence the details of the rules – and the European Commission is still receptive to feedback, if only the industry will “raise its voice”, said Alexandre Linden of BNP Paribas.
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Angelo, Gordon & Co has hired former Pimco portfolio manager Sunil Kothari as managing director, responsible for originating and executing on residential and consumer debt investments across Europe.
