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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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UK securitisation issuers were facing up to tougher scrutiny from investors made newly aware of the impact of call risk this week.
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The Co-operative Bank said on Wednesday it would not call Leek 17, 18 and 19 on the deals’ step-up dates, sending senior notes tumbling up to 10 points, and shattering investor certainties about other UK deals (see Arran story from front page).
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Aegon added another Eu100m to its Saecure 10 RMBS, which had the A1 notes almost three times covered, on Thursday morning. Leads BNP Paribas, JP Morgan, and Rabobank also tightened pricing to 5bp inside Tuesday’s guidance across both offered classes.
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Alexander Mortgage REIT, a new real estate investment trust set up by Angelo, Gordon & Co, will join other non-bank entities positioning to be a buyer and potential issuer in the revamped residential mortgage-backed securities sector.
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The Commonwealth Bank of Australia has launched its first residential mortgage-backed securitization deal in three years.
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U.K.-based mortgage lender The Co-Operative Bank has said it will not call notes on three non-conforming residential mortgage-backed deals on their respective call dates for Leek 17, Leek 18 and Leek 19.
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The use of cash securitizations for lending activities among bank and non-bank lenders in the U.K. is expected to increase during the next three months.
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The House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises will hold a legislative hearing on eight bills Thursday designed to dramatically limit the reach of the government sponsored enterprise.
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Moody’s Investors Service has lowered the ratings on 189 tranches of subprime residential mortgage-backed securities issued by Ameriquest valued at $3.5 billion.