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GC Asia
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RMBS stalwarts signal readiness to call
Kensington and Precise Mortgages, two of the most frequent issuers in the UK RMBS market, have signalled a willingness to call their outstanding deals, in a sign that a rallying market is taking extension risk off the table.
04 Jun 2020 -
TFS extension to non-banks simpler than alternatives
There were more calls this week for the UK government to support non-bank lenders that are unable to access the Term Funding Scheme, with market participants preferring a simple extension rather than alternative funding options.
02 Jun 2020 -
UK mortgage moratoriums clash with Libor deadline
The Financial Conduct Authority (FCA) has ruled out granting a reprieve to the Libor benchmark, leaving the UK RMBS market to face transitioning legacy deals before the end of the year. That means that lenders will be grappling with the shift at the same time as borrowers will come to the end of Covid-19 payment moratoriums.
01 Jun 2020 -
Second mortgage holiday not in customers' best interests, says finance lobby group
Finance lobby group UK Finance said that most borrowers on mortgage moratoriums could afford to resume full payments after three months, and an extended moratorium would not be in customers' best interests.
28 May 2020 -
Alantra opens offices in China and Brazil, hires new advisory team
Alantra is buffing its credit portfolio advisory team with the addition of Marcus Evans and Christos Stefanidis, who will join as managing directors in the UK and Greece. The credit portfolio advisory firm is also opening up offices in Latin America and China.
27 May 2020 -
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FCA moratorium guidance to lessen RMBS protections
The UK’s Financial Conduct Authority (FCA) has encouraged banks not to record mortgage loans with payment moratoriums as being in default, delaying default related triggers designed to protect noteholders and causing concerns around RMBS deal performance.
26 May 2020 -
Mortgage moratorium self-certification hiding UK RMBS performance data
The UK chancellor has doubled the mortgage moratorium period to six months, but has not allowed mortgage lenders more discretion when deciding to grant payment holidays on their mortgages. This is making RMBS performance difficult to assess, market participants say.
21 May 2020 -
BWIC volume highest since 2016 YTD
European securitization bids wanted in competition (BWIC) volume has already reached €4.6bn in 2020, the highest level since JP Morgan's research team began collecting BWIC data in 2016. The secondary market is rallying following an improved equity market and a reopened European primary.
20 May 2020 -
Pimco leans on pre-sounding for latest Irish RMBS offer
Levels on offer in the public securitization markets didn’t hit Pimco’s targets for class B notes in its new Irish RMBS, Fingal Securities, while placement of the class 'A' notes lent heavily on a group of pre-sounded accounts to derisk the deal's execution.
18 May 2020 -
Servicer walk-out clauses left out of Covid-era ABS docs
New ABS contracts are being written to exclude pandemics from the scope of ‘force majeure’ clauses, inserted to allow servicers to step away from their commitments if events outside of their control – such as the outbreak of Covid-19 – stop them from servicing portfolios.
14 May 2020
