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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European RMBS investors were treated to roadshows from Santander’s Holmes and ABN Amro’s Dolphin master trusts this week, following a well covered market-opening print from Delta Lloyd’s Arena 2011-1 last Friday (January 22).
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Santander will bring the first UK prime RMBS deal of the year to market, through Holmes 2011-1. It has mandated BNP Paribas, Deutsche Bank, JP Morgan, and Santander GBM for a roadshow to start next week.
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Delta Lloyd’s Arena 2011-1 Dutch RMBS will close on Friday, according to syndicate bankers managing the sale.
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Guidance on Arena 2011-1, the first European RMBS of 2011, will be 105bp-110bp on the ‘A1’ notes and 145bp-150bp on the ‘A2s’, but deal progress has been slow, as harsher regulatory disclosure requirements start to bite.
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European ABS market participants say spreads have stayed solid ahead of the Standard & Poor’s criteria changes next Tuesday, which will see up to 90% of European RMBS go on CreditWatch Negative.
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Jefferies sold the Eu91m first loss piece of SNS’s HERMES XVII into the market in December 2010, a deal which could turn out to be the last equity tranche of any Dutch securitisation to come to market.
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JPMorgan’s ABS outlook for the year says that the regulatory preference for covered bonds at the expense of securitisation has never been more prominent.
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Rabobank and Royal Bank of Scotland will take Delta Lloyd’s Arena 2011-1 transaction on the road this week, in what could be the first European RMBS of 2011. But investors and issuers alike are waiting nervously for the introduction of Standard & Poor’s new counterparty criteria next week, which could see more than 80% of the European RMBS market placed on CreditWatch Negative.
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The Massachusetts Supreme Court ruled on Friday that US Bank and Wells Fargo could not foreclose on houses bought by the Ibanez and LaRace families, in a judgement that ignited fears about collateral quality across the US RMBS sector.