Latest news
Latest news
The £500m trade is the joint largest non-bank credit card ABS, matched by CoT’s previous deal
Lendco also added a UK BTL RMBS to the pipeline
This is the second RMBS deal from the PIF-backed issuer
More articles
More articles
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Issuers in Europe’s covered bond market are predicting more credit investors to dive into the sector this year, as well as strong, sustained interest from the U.S. buy-side, according to panelists at Information Management Network’s issuer strategy roundtable on covered bonds in London.
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Northern Rock has been trying to play down the significance of its first public post-crisis securitisation, a £1.5bn prime RMBS. The bank was at pains to point out that it was only publically placing 2% of its balance sheet, in the form of an ‘A1’ tranche of 1.99 year average life notes.
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Lloyds released guidance on its Headingley static pool RMBS on Wednesday, with pricing finally expected during Australian hours on Friday — a challenging aspect of being the first UK RMBS to place an Australian dollar tranche.
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JP Morgan is once again buying primary market ABS in size, taking Eu1bn of Aegon’s new Dutch prime deal Saecure 10.
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MKP Capital, a distressed-debt fund manager, is said to have sold off roughly two-thirds of its portfolio of asset-backed securities last week.
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The Commercial Real Estate Council has begun lobbying for an exemption to a rule under the Dodd-Frank Act that would require issuers of asset-backed securities to hold 5% of the issue.
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Lloyds Banking Group is said to be prepping a swift follow-up to its standalone U.K. residential mortgage-backed trade Headingley 2011-1, with a new issuance from its U.K. RMBS master trust, Permanent.
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Trading activity in the European asset-backed securities secondary markets has remained quiet over the week, though some market professionals forecast a widening of the bid-ask spread on European paper.
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Longer liquidation times lines and falling home prices have led to a worsening of loss severities of subprime residential mortgage-backed securities to 76%, according to Fitch Ratings.