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Volkswagen also added a UK auto ABS to the primary
Invictus, Annaly, JP Morgan to print a billion dollars each next week
UK lender has placed €1.5bn of Dutch prime RMBS paper this year, doubling its annual issuance
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The level of transparency in certain U.K. securitization trades has been important in attracting U.S. investors to the asset class this year, but too much data could risk overwhelming potential new participants, panelists at Terrapinn’s Securitization World 2011 conference in London said Tuesday.
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The cost of foreign exchange swaps for certain U.K. firms looking to issue securitizations into the U.S. and Europe beyond the core U.K. investor base remain “prohibitively” expensive, according to Stephen Bowcott, head of securitization at Paragon Group.
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Santander and Royal Bank of Scotland say estimates on the cost of financial reform by the Independent Commission on Banking are understated.
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Bank of Ireland has raised an estimated EUR350 million ($468.7 million) in a tender offer to buy back residential mortgage-backed securities.
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Clydesdale Bank shelved its new U.K. residential mortgage-backed issue from its Lanark Master Trust late on Thursday after the bank was downgraded by Standard & Poor’s.
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Following two weeks of roadshows in Europe and the east coast of the US, Clydesdale Bank has postponed its Lanark RMBS, following a downgrade of the bank by Standard & Poor’s. The trust has been out of the market for the past four years, and was restructured this summer in preparation for the issue.
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The Bank of England activated its loan-level disclosure requirements for RMBS and covered bonds on Thursday — the first European jurisdiction to do so. Market participants from all sides praised the initiative, though many cautioned that it was unlikely to tighten spreads or increase investor participation.
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JP Morgan CIO stepped up to back prime European ABS once again on Wednesday, buying €1.28bn of Orange Lion 2011-6, a Dutch prime RMBS. The deal marks the return of the US bank to large-scale buying in Dutch prime — and the return of ING to the securitisation market.
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Liquidity in Europe’s secondary asset-backed securities markets has been lower in recent days.