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Latest news
This is the second RMBS deal from the PIF-backed issuer
Volkswagen also added a UK auto ABS to the primary
Invictus, Annaly, JP Morgan to print a billion dollars each next week
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European asset-backed securities have rallied in recent days following last week’s vote in the Greek parliament in favor of tougher cost-cutting measures, though weakness in secondary trading still remains.
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The Co-operative Bank printed £725m equivalent of triple-A rated prime RMBS on Friday, having launched guidance just after the Greek austerity measures were passed.
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Market conditions have forced the Federal Reserve Bank of New York to halt its auction of mortgage-backed securities held by its Maiden Lane II vehicle.
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Fitch Ratings says it has updated three criteria reports for new-issue U.S. residential mortgage-backed securities.
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The market is still sifting through what Bank of America-Merrill Lynch’s announced settlement with investors means for the market, but senior positions on residential mortgage securitizations got an immediate bounce, climbing four points, according to traders and portfolio managers.
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The Office of the Comptroller of the Currency is forcing banks to conduct a self review of mortgage foreclosure and servicing standards to ensure bank practices line up with the government’s guidelines.
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U.K. mortgage lender West Bromwich Building Society has mandated Barclays Capital and Citigroup to joint lead-manage a new prime residential mortgage-backed securitization called Kenrick 1.
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Leads Barclays Capital, JP Morgan and Morgan Stanley released guidance on Co-op Bank’s new UK RMBS Silk Road No. 2 on Wednesday at 150bp-155bp over Euribor for the euro tranche and 155bp-160bp over Libor for the sterling tranche. This is well outside secondary levels for UK prime deals from Lloyds or Santander UK, which are still quoted with a 130bp handle for comparable three year maturities.
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Bank of America will pay $8.5bn to end the putback dispute that it is involved in with a group of 22 institutional investors including BlackRock, Pimco, MetLife and the Federal Reserve of New York. But the bank has also set aside a further $5.5bn to deal with representations and warranties liabilities for other exposures, and another $6.4bn for further mortgage write-downs.