RMBS

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  • Together treasurer departs for Pepper

    Together treasurer departs for Pepper

    Matt Blake, director of treasury at Together Money, has left the specialist mortgage lender for a position as treasurer and non-executive director at Pepper Money.

  • Finance Ireland releases price talk for new RMBS

    Finance Ireland releases price talk for new RMBS

    Banks have released initial price thoughts for Finance Ireland RMBS No. 3 a new RMBS deal made up of prime mortgage collateral in Ireland. The transaction is a rare outing for prime Irish RMBS, and it means banks are likely to have to work carefully to find the right price level for a deal with few benchmarks.

  • Second outing for innovative Coventry RMBS structure

    Second outing for innovative Coventry RMBS structure

    Coventry Building Society has launched the second RMBS deal from its Economic Master Issuer platform, an innovative shelf issuance structure which modernises traditional master trust technology. Lloyds, however, an arranger for the first deal last year, is not on the programme, with Barclays joining as dealer instead.

  • Kensington ‘green’ RMBS priced despite scepticism

    Kensington ‘green’ RMBS priced despite scepticism

    Kensington, the pioneer of the first social RMBS in the UK, priced the country’s first mortgage securitization with a class ‘A’ green tranche, achieving 65bp pricing for the senior notes on Thursday. However, investors said the green feature did not impact on pricing and called for “more ambitious” ESG targets.

  • Finance Ireland adds arrears buffer to third RMBS

    Finance Ireland adds arrears buffer to third RMBS

    On Wednesday, non-bank lender Finance Ireland mandated Bank of America as an arranger, alongside =leads BNP Paribas, Citi and Standard Chartered, on a €298.85m RMBS transaction, Finance Ireland RMBS No 3. The deal includes a new structural feature to mitigate future arrears.

  • UK equity securitizations possible despite tax headaches

    UK equity securitizations possible despite tax headaches

    The UK is reforming its treatment of special purpose vehicles in an attempt to make itself appear more business-friendly. However, in its attempts to open up the asset class, regulators could inadvertently tie up the market in red tape, as shown by its recent consultation over the possibility of including shares in ABS collateral.

  • Together adopts CLO-style loan note for RMBS hybrid

    Together adopts CLO-style loan note for RMBS hybrid

    Together Money has taken a structural feature from the CLO market for its latest £267.7m RMBS, TABS 2021-1 - CRE2, adopting loan notes for the triple-A tranche, a first for the asset class. The issuer pre-placed four tranches – almost certainly with a single account, sources said.

  • Rochester up for refi at second opportunity

    Rochester up for refi at second opportunity

    Rochester No. 2, a legacy non-conforming RMBS, will be refinanced in a new transaction, leading to the redemption of the notes — three months later than expected. However, two Irish deals where Pimco also held the call rights are still outstanding, with no redemption notice yet served.

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