Latest news
Latest news
Newcastle is marketing a prime RMBS, while Enra offers a first charge non-conforming RMBS
BPCE also added a French prime RMBS to the pipeline
Acquisition will enhance origination and servicing platform capacity, says buyer
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The latest risk-sharing deal from Freddie Mac launched on Thursday, as the government-sponsored agency transitions to an actual loss structure. -
The Co-Operative Bank’s second UK non-conforming RMBS from the Warwick shelf was priced on Thursday, swelling from £1bn to £1.65bn by the time the deal was sold.
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The traditionally small investor base for UK RMBS has been hit with a wave of supply over the past three months. CarVal, Mars Capital, Precise and Paragon have all brought large UK RMBS deals to the market, and bankers have questioned whether the investors can continue to absorb this high level of supply.
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Irish late stage mortgage arrears remain among the highest in Europe. According to Moody’s, the increased use of long term restructuring options has improved the country's mortgage arrears crisis, but it is far from resolved.
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Banco Sabadell is rumoured to be interested in acquiring Granite, UK Asset Resolution’s portfolio of bad bank assets. The Spanish bank's acquisition of the assets could shock the supply-demand dynamic in the UK RMBS sector.
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The second deal from Co-op’s residential mortgage portfolio looks set to be a more modest transaction than the first, due to more challenging market conditions driven by high levels of supply and a limited investor base.
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CarVal Investors were back in the UK non-conforming RMBS sector this week with Dukinfield Plc, a deal backed by a legacy portfolio of mortgages acquired from former lender Future Mortgages.
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Investors are back in their seats and clearly hungry for paper, as illustrated by the final book size on Obvion’s recent Storm Dutch prime RMBS, but spreads aren’t likely to shoot back to pre-summer levels as macroeconomic uncertainty abides.
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The European structured finance pipeline got off to an energetic post-summer start, with a UK auto ABS, a German auto ABS, two UK non-conforming RMBS, a UK prime RMBS and a Dutch prime RMBS all being prepared to hit the primary market.
