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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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MarketAxess has added non-agency residential mortgage-backed securities and commercial mortgage-
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European banks are slower than their U.S. counterparts in unloading toxic mortgage assets.
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Investec Bank’s new £204 million ($327.4 million) securitization of U.K. residential mortgages, Gemgarto 2011-1, is being called as a positive step for the RMBS market as more details of the trade emerged Monday. -
Dutch mortgage lender Obvion has priced its EUR700 million ($958.2 million) prime residential mortgage-backed deal, STORM 2011-IV, offloading the senior bonds Friday to investors at 120 basis points over three-month EURIBOR.
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Barclays Bank’s decision to offer RMBS for the first time since the crisis marks the asset class’s return to competitiveness, but few other issuers are in a position to benefit, according to ABS bankers. As many from traditional covered bond jurisdictions do not even have RMBS programmes available, they face lengthy structuring and rating processes before tapping the market.
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Despite its potential to improve liquidity and investor interest in the asset class, structured finance players are complaining that key questions over the ECB’s demand for loan level data on ABS remain unresolved and opaque. Most pressing, in the light of an appointment this week to build a data warehouse, is the issue of who will pay for the initiative.
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Paragon, the specialist buy-to-let lender, priced its long-awaited return to the structured finance market on Thursday — marking the revival of a business model that has securitisation at its heart.
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The market spent the last part of the week struggling to guess the direction of another big policy move after Federal Reserve Chairman Ben Bernanke said a third round of quantitative easing including mortgage bond buys is a viable option.
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U.K. buy-to-let lender Paragon Mortgages will roll out more securitizations following its new £163.8 million ($261.9 million) residential mortgage-backed deal, Paragon Mortgages No. 16, Peter Shorthouse, director of treasury and structured finance at Paragon, said.
