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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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Goldman Sachs priced a €350m Dutch RMBS on Monday, with the senior class ‘A’ notes landing with a discount margin of 48bp over three month Euribor. Excluding the class ‘A’ notes, the capital stack was sold using a reverse Dutch auction. -
Banco Bilbao Vizcaya Argentaria (BBVA) has structured a large Spanish RMBS, likely to be retained and used as central bank collateral. The deal is made up of 88.1% BBVA mortgages, with another 10.2% originated by CatalunyaCaxia Banc, which was bailed out and bought out of state ownership by BBVA following the financial crisis.
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UK challenger Atom Bank has sold a fully preplaced UK RMBS, Elvet Mortgages 2019-1, in a structure similar to the Pimco-sponsored securitizations of legacy UK mortgages — but not bought by the west coast investor, GlobalCapital understands. The £507m portfolio represents almost a quarter of the bank’s mortgages, based on its last published financials.
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UK based mortgage start-up lender, Perenna, aims to revolutionise the UK's mortgage market by introducing a 30 year fixed rate loan that will be financed with the same pass through covered bonds that are widely used in the Denmark.
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RMBS sponsors rushed to price new deals before the US market closed for the Thanksgiving holiday, with two deals clearing the pipeline on Tuesday, while a “milestone” RMBS crossed the finish line on Wednesday afternoon.
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Thinner liquidity at the end of the year and sterling buyers that know when a deal is struggling pushed Co-op Bank’s RMBS market return wide of guidance on Tuesday, pointing the way to a market that’s ready to shut up shop, outside of central bank-eligible sectors.
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NN Investment Partners (NNIP) has taken a majority stake in Venn Hypotheken, the mortgage lender set up by investment manager Venn Partners, it said this week.
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Clydesdale Banking Group followed other UK master trust issuers in backdating ‘Simple Transparent and Standardised’ status across the series, announcing on Monday that senior notes from 2015-1 onwards should be eligible for the designation.
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Following the placement of Miravet 2019-1 at the €350m minimum deal size, CarVal will need a second shot at the market to finance the remainder of the €500m pool of Spanish reperforming loans it bought from Blackstone.
