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GC Asia
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Goldman, BofA take most of mammoth mortgage bond bidlist
Cerberus Capital Management drew strong demand for its 48-line item bidlist of mezzanine mortgage bonds on Thursday, with winning bids for most of the bonds in the nearly day-long sale going to Goldman Sachs and Bank of America, sources tell GlobalCapital.
23 Oct 2020 -
Permira digs deep to recap Lowell as NPL expectations build
Permira and partners have injected £600m of equity into their debt collector portfolio company Lowell as part of a £2.2bn recapitalisation and refinancing effort for the troubled company, which saw its bonds heavily shorted and was widely expected to restructure its liabilities this year. The contribution is the largest equity injection from a sponsor in EMEA since the coronavirus pandemic began, and reflects what Lowell's management sees as a historic opportunity to buy NPL portfolios in the months ahead.
21 Oct 2020 -
Cerberus launches monster mezz sale as repo terms worsen
Cerberus Capital Management is selling one of the largest ever portfolios of UK mezzanine mortgage bonds on Thursday, following a deterioration in the terms available in the ABS repo market after the huge volatility seen in the Covid crisis. The sale comes the same week as the sale of the last tranche of mortgages by government bad bank UK Asset Resolution, which could also flood the market with mezzanine supply.
20 Oct 2020 -
PE firm Exponent brings first UK non-conforming RMBS
Exponent, the UK private equity fund that owns online greeting company Moonpig, the Racing Post and Big Bus Tours, is bringing its debut non-conforming UK RMBS to market.
15 Oct 2020 -
Domivest brings second Dutch RMBS of 2020
Cervus-backed Dutch lender Domivest is bringing its second deal of the year, Domi 2020-2, a €272m RMBS offering five tranches and listing three others as “call desk.”
09 Oct 2020 -
Clash at top of EU over ABS threatens market revival
The European Commission is facing pushback from the European Parliament over it turning to synthetic securitization — a market that still echoes the 2008 crisis for many legislators — to boost the ABS market and repair Europe’s economy in the aftermath of Covid-19. Tom Brown reports.
08 Oct 2020 -
Tang proposals ‘fatal’ for synthetic STS
Dutch MEP Paul Tang has laid out proposals to limit synthetic securitization's ability to achieve the STS label, which sources said could prove fatal to the project of bringing the preferential regulatory status to the risk transfer market.
06 Oct 2020 -
Insider trading risk delayed ABS deals in early 2020
Concerns around disclosure of mortgage forbearance figures and payment holidays led to deals scheduled for issuance earlier in 2020 being delayed to later in the year, as issuers feared securitization investors having access to information not widely disseminated to other investors.
05 Oct 2020 -
Watchdog endorsement clears path for FHFA capital plan
The Financial Stability Oversight Council (FSOC) issued a statement endorsing the new capital requirements plan for Fannie Mae and Freddie Mac, a move that has cleared the path for the proposal to pass this year without undergoing significant changes, sources say.
29 Sep 2020 -
Half of UK RMBS notes may become fixed rate after Libor
Half of Moody’s rated UK RMBS are set to convert to fixed rate note payments without further guidance on Libor cessation from the Financial Conduct Authority (FCA).
29 Sep 2020
RMBS
