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Latest news
US market remains the model as template issuance takes shape
Deal is backed by three data centers in Virginia, Illinois and Atlanta
Tightest CMBS print in nearly a year ahead of Yondr data centre ABS debut
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The Automobile Association, the UK roadside breakdown group, returned to the bond market today without any investor marketing to raise another £500m from its new whole business securitization.
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Ford Credit Europe Bank was able to price the senior bonds in its Globaldrive German auto loan securitization at the tight end of initial guidance, with few signs that demand for auto ABS paper has slowed down on the back of steady supply.
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The Irish banking system has taken another step towards recovery after Permanent TSB (PTSB) successfully priced the first Irish mortgage-backed securitization since 2007, finding an abundance of European investor demand along the way.
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The new-issue commercial mortgage-backed securities pipeline has surpassed the $5 billion mark for the week, and market players are preparing for issuance to dwarf previous annual projections. Investors now peg issuance to hit at least $80 billion for the year, up from initial projections of $60-$70 billion at the beginning of 2013. Investors speaking with sister publication Real Estate Finance Intelligence said they expect this to be the routine going through year-end—heavy weekly conduit issuance, supplemented by one-offs and single borrower transactions.
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Deutsche Bank has priced a $156.55 million non-performing loan securitization. COMM 2013-RIAL4, which is backed by 515 non-performing loans and real-estate-owned assets, is one of a handful of NPLs completed this year. The bank sold the bonds on behalf of Rialto Capital Management. Calls to the bank and to Rialto were not returned by press time.
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Bayview Financial is launching two non-performing loan securitizations in what appears to be rejuvenated issuance to satisfy demand from investors seeking relative yield.
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Charter Court Financial Services’ first-ever securitization of non-prime U.K. mortgages, Precise Mortgage Funding No. 1, has attracted strong demand from investors, and the borrower plans to use the residential mortgage-backed securities market on a regular basis, according to an official at the firm.
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The 25 U.S. banks with the largest portfolios of mortgage-backed securities reduced their MBS holdings by $42.67 billion in the third quarter 2013, according to JPMorgan.
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Spreads on the senior mezzanine bonds from Fannie Mae’s recent risk-sharing transaction, CAS 2013-C01, widened last week and are now trading in line with equivalent bonds from Freddie Mac’s two risk-sharing deals, STACR 2013-DN1 and DN2.