RMBS

  • RMBS stalwarts signal readiness to call

    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.

  • TFS extension to non-banks simpler than alternatives

    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.

  • UK mortgage moratoriums clash with Libor deadline

    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.

  • Alantra opens offices in China and Brazil, hires new advisory team

    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.

  • FCA moratorium guidance to lessen RMBS protections

    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.

  • BWIC volume highest since 2016 YTD

    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.

  • Pimco leans on pre-sounding for latest Irish RMBS offer

    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.

  • Servicer walk-out clauses left out of Covid-era ABS docs

    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.

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