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GC Asia
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NPL platform deal cements doValue foothold in Greece
Italian debt servicing specialist doValue is refinancing its acquisition of a Eurobank debt platform to position itself as a dominant NPL servicer in Europe, ready for the next generation of defaulted loans.
30 Jul 2020 -
Mortgage holidays fail to deter UK RMBS buyers
The level of Covid-19 payment holidays affecting specialist UK lenders in the UK and fears over the future of the country's economy have failed to dampen demand for their debt among UK RMBS buyers, with the lack of public issuance boosting interest in publicly placed deals.
29 Jul 2020 -
Commission begins legislating NPL, synthetic STS
The European Commission has included measures to improve the regulatory framework for non-performing loan securitizations in its latest coronavirus response package, while also beginning the classification of synthetic securitizations to qualify for the ‘simple, transparent and standardised’ (STS) designation.
27 Jul 2020 -
UniCredit sells €1.5bn of NPLs
UniCredit sold two non-performing loan (NPL) portfolios worth a combined £1.54bn over Tuesday and Wednesday this week, both through a securitization vehicle which sold notes to Barclays and Guber Banca.
24 Jul 2020 -
Big demand for Coventry RMBS marks master trust evolution
Coventry Building Society (CBS) is racing to price Economic Master Issuer 2020–1, with the help of arrangers HSBC and Lloyds, to meet the huge demand for the deal, which is a hybrid between a master trust structure and a standalone RMBS — the first of its kind. The transaction, set to herald the next step in master issuer structures, is an innovation which could open the door to more financial institutions committing to long-term RMBS programmes, writes Tom Brown.
23 Jul 2020 -
UK RMBS spreads retrace to pre-Covid levels in rush to market
A flurry of UK RMBS deals have come to market in recent days, marking a comeback for the sector as triple-A spreads return to pre-Covid levels.
23 Jul 2020 -
Coventry mandates HSBC, Lloyds for first UK master issuer since 2008
Coventry Building Society (CBS) has mandated HSBC and Lloyds to arrange its first issuance from Economic Master Issuer 2020-1, the first UK master trust structure set up since 2008. Books are building for the deal with initial price thoughts (IPTs) guiding the senior tranche in the low 50bps.
22 Jul 2020 -
UK gov to review fintech sector after BoE emergency funding plans collapse
The UK government has launched a review to find ways to boost the country’s fintech sector, a week after the Bank of England told alternative and non-bank lenders they would not receive emergency funding to support them during the pandemic.
20 Jul 2020 -
UK RMBS, Dutch ABS deals price in mid-summer dash
New deals have priced in the public securitization market this week from Together Money and Qander Consumer Finance, with triple-A notes for the latter breaking through guidance as issuers take advantage of a stabilising market.
16 Jul 2020 -
Split views on UK RMBS secondary prices following stamp duty cut
UK RMBS traders have split views on whether a stamp duty tax cut will raise the price of the bonds on the secondary market, with commentators divided on whether banks tightening their lending criteria will cancel out a house-buying incentive brought on by the tax slash on July 8.
15 Jul 2020
