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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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Lloyds Banking Group is marketing a £2.9bn RMBS from its Permanent master trust — the first public issue since May 2008 — helped by a huge order from JPMorgan.
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Lloyds Banking Group is marketing a £2.9bn RMBS from its Permanent master trust — the first public issue since May 2008 — helped by a huge order from JPMorgan.
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Standard & Poor’s has placed 102 tranches of Northern Rock’s Granite mortgage master trust on review for downgrade, the first such action for a UK master trust. The scale of any downgrade is unlikely to be severe, according to a source at S&P, absent unexpectedly rapid further deterioration.
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Yet more encouraging data on the UK housing market was reported this week as rumours swirled that the first public RMBS issuance for a year would be launched as soon as September.
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Moody’s has initiated a loan by loan analysis of prime mortgage portfolios in the UK to improve understanding of how loan characteristics affect default rates.
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Northern Rock posted a half year loss of £724.2m this week as mortgages more than three months in arrears rose to 3.9%, up a percentage point from December.
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Britannia Building Society has completed its tender offer for three series of its Leek non-conforming RMBS, buying back £99m of bonds at between 71 and 85 percent of par. Britannia had offered to purchase up to £100m.
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Britannia Building Society has joined the list of financial institutions buying back its own debt.
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The US Treasury launched a severely scaled back Public Private Investment Programme (PPIP) this week, naming the nine qualifying asset managers which will set up funds to invest in asset backed securities with equity co-investment and leverage from the government.