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Acquisition will enhance origination and servicing platform capacity, says buyer
First time two Candide trades have been offered in one year since 2008
How securitization can help high LTV mortgage lending, and why is the CLO market so busy
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Credit Immobilier de France Development (CIFD) is only consumer issuer out in the European securitization primary market, facing volatile market conditions in a week beset by equities swings and talks of a virus-led global recession. -
Last year was the first since the crisis that European markets ducked under NPL ratios of 3%. It would have been a cause for celebration, if not for the coronavirus outbreak marauding the continent, ready to bring a new generation of non-performing assets to bank balance sheets.
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Italy has announced a freeze on mortgage payments following the implementation of a nationwide lockdown to deal with the spread of the Covid-19 coronavirus, with RBS offering similar mortgage relief to those affected by the outbreak in the UK.
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ABS issuers and syndicate bankers are seeing little drop in demand for new deals despite the wider shocks to equity markets driven by COVID-19 fears and a selloff in oil, with issuers pricing six deals last week to place €2.25bn of bonds with investors.
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Lead bank Morgan Stanley issued revised price thoughts for Gedesco Trade Receivables 2020-1 on Thursday, offering investors a wider spread on the bonds as conditions in the ABS market show signs of deteriorating.
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Specialist Dutch lender Domivest has mandated Citi and Macquarie Bank as arrangers and Barclays, Citi and Macquarie as joint-lead managers for its second buy-to-let RMBS, Domi 2020-1, assessing market sentiment in roadshow this week.
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Spanish banks dodged potentially billions in compensation costs after the European Court of Justice (ECJ) kicked a mortgage dispute on to local Spanish courts, allowing borrowers to switch to a more affordable rate. While the ruling is a win for banks, it is a potential credit negative for some legacy RMBS.
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Non-conforming residential mortgage lender BlueStep Bank, which had previously funded itself with RMBS, is set to become the eighth Swedish borrower to issue covered bonds, which were assigned a provisional rating from Moody’s on Monday.
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Crédit Agricole is bringing a €1.156bn French RMBS from its Habitat shelf, only the third deal of the series to offer notes to investors.
