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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
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More articles
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A surge of demand from US investors helped Lloyds Banking Group overcome credit market volatility as it priced a £2.7bn equivalent RMBS from its Arkle master trust last Friday. Citi, Lloyds and Royal Bank of Scotland offered the deal in a range of currencies with no fixed amount on most tranches, but the overwhelming majority of demand came from dollar investors, particularly on the one and three year tranches. Some 61% of the total book was placed in the US.
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Santander’s Alliance & Leicester subsidiary is bringing its second RMBS of the year, just two months after its return to the securitisation market.
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A surge of demand from US investors helped Lloyds Banking Group overcome credit market volatility as it priced a £2.7bn equivalent RMBS from its Arkle master trust on Friday afternoon. Citi, Lloyds and Royal Bank of Scotland offered the deal in a range of currencies with no fixed amount on most tranches, but the overwhelming majority of demand came from dollar investors, particularly on the one and three year tranches. Some 61% of the total book was placed in the US. -
The malaise affecting the broader credit markets has yet to be fully felt in Europe’s securitisation markets, secondary spreads and primary issuance are showing.
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In its second jumbo issue in a month, Fortis Bank Nederland has privately placed Eu4bn of Dutch RMBS from its Dolphin master trust.
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Lloyds Banking Group has released the capital structure for Arkle 2010-1, the latest issue from its master trust backed by Lloyds TSB and Cheltenham & Gloucester originated mortgages.
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Loss severities in UK mortgage repossessions have reached an average of 35%, but remain within Moody’s expectations, according to the ratings agency.
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Rabobank and Société Générale have opened the books for Rabo subsidiary Obvion’s Dutch RMBS, Storm 2010-1.
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Dutch RMBS continued to dominate European securitisation’s primary markets this week as Eu4bn of paper entered roadshows or was privately placed.
