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GC Asia
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RMBS servicers to “work for free” under virus rescue bill
The $2tr coronavirus relief bill passed by the US Senate on Wednesday has mortgage servicers worrying that they are set to bear the brunt of the cost of the 90 days of mortgage forbearance set out in the legislation.
26 Mar 2020 -
Virus crash grips private label mortgage markets
The private label mortgage market fell into the grip of the Covid-19 crisis this week as shocks to commercial property assets and an end to a decade of US job growth put non-agency CMBS and RMBS in jeopardy.
26 Mar 2020 -
Post-coronavirus comeback expected after most Q2 ABS to be retained
The Bank of England’s Term Funding Scheme for small and medium-sized enterprises (TFSME) is encouraging retained issuance in European ABS planned for the second quarter, but publicly syndicated deals are expected to rebound once the Covid-19 crisis subides.
25 Mar 2020 -
RMBS uncertainty builds as mortgage relief plans diverge
With the continent on lockdown, European countries are taking different approaches to granting borrowers relief from mortgage payments, putting RMBS deals across Europe in uncharted territory.
24 Mar 2020 -
Intrum tumbles as Muddy Waters takes aim
Intrum’s share price dropped sharply this week after short seller Muddy Waters disclosed it was betting against the firm’s stock price. The debt purchasing sector has been a popular target for short sellers for years, but the impact of coronavirus and associated measures is a further heavy blow.
24 Mar 2020 -
Warehouse terms offer hard choice for ABS issuers
Warehouse terms are looking increasingly challenging for European securitization issuers as the Covid-19 shocks continue, with some less-established issuers feeling pressure to come to market while spreads are pushed wider and warehouse extensions become less economical.
23 Mar 2020 -
European securitization looks to US bank treasuries for second rescue
After the 2008 financial crisis, JP Morgan’s chief investment office restored the European securitization markets, buying billions of UK and Dutch RMBS. Now, market players are looking to JP Morgan and Citigroup’s CIO units again to scoop up senior securitization bonds and backstop the market.
19 Mar 2020 -
JP Morgan funds £200m UK bridging finance securitization
J.P Morgan has invested in a private securitization of up to £200m, backed by bridging loans originated by Glenhawk, a UK-based challenger lender.
19 Mar 2020 -
AIB retains prime Irish RMBS
Allied Irish Bank (AIB) has fully retained a prime Irish RMBS deal arranged by Bank of America backed by a €4.02bn static loan pool.
17 Mar 2020 -
Citi pays steep price to push out principal deal on day of disaster
Citi was the sole issuer with a primary deal on either side of the Atlantic amid Thursday’s markets bloodbath, as its EMEA securitization team cleared an RMBS backed by UK buy-to-let loans — not for a client, but for Citi as principal. The US bank may have taken a hit of at least £7m to its planned P&L for the issue, but successfully sold £294m notional of bonds to investors on the worst markets day since 1987.
13 Mar 2020
