Latest RMBS news
Real estate investment trust Annaly Capital Management has filed documents for a new residential mortgage securitization, as the firm's whole loan portfolio approaches $1bn.
The European Central Bank (ECB) and the European Commission (EC) delivered a double whammy of non-performing loan (NPL) action this week, laying out how to amend bank capital rules to better deal with the problem and explaining how supervisors would treat loans going bad in future. Passing a credible package to deal with NPLs is a crucial step in getting northern member states comfortable with a full Banking Union.
The ECB has published an addendum to serve as guidance for all future non-performing loans. The measure is non-binding and will serve as the basis for dialogue between the ECB and the banks it regulates directly.
The European Commission has proposed a package of measures to tackle the European conundrum of non-performing loans; it includes a mandatory level of how banks must provision against these loans and their new EC determined definition.
Paratus AMC has gone to market immediately with a refinancing of the pre-crisis UK non-conforming RMBS in the RMAC series, which were called on Monday following a fraught battle with Clifden IOM No. 1, the hedge fund which had tendered for the deal in hopes of pushing more cash out to note holders.
After losing its battle to add provisions to some of the bonds in the RMAC series of RMBS, forcing the deals to pay out extra cash to noteholders when called, fund Clifden IOM No. 1 has prepared the ground for legal action on the controversial trade.
Clifden IOM No. 1, the fund which attempted an audacious raid on the reserve funds of several non-conforming UK RMBS bonds from the RMAC series, asked on Friday for the issuers and trustees to hold back a “reserve amount” from the redemption of the deals on Monday. But the bid failed, and the bonds will be redeemed as Paratus AMC wanted.
Soaring non-bank lending in the US mortgage market poses a systemic risk that is being underestimated in the housing reform debate, according to a report from the Brookings Institution on Thursday.
Strong market conditions — and a successful marketing trip to US investors at SFIG Vegas 2018 — have dug up plentiful demand and tight pricing for Holmes 2018-1, which features two dollar tranches.
The EU’s lenient treatment of the IFRS 9 accounting rules has opened a loophole for Italian banks — allowing them to push through punishing provisions on their NPL portfolios, but wish away the impact on their regulatory capital — which could save the weakest banks from turning to shareholders for more cash, and speed up portfolio sales.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
Latest securitization people & markets news
- Cagney’s HELOC shop makes hiring push
- MUFG hires new structured products head
- NPL action package has teeth — but not yet
- Citi combines structured finance syndicate
- Supra adds to funding team
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Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||7,026||25||11.95|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||21,899.30||57||11.74%|
|3||Wells Fargo Securities||16,244.58||49||8.71%|