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
-
The European Securitisation Forum launched its long awaited issuer transparency principles this week, having garnered the endorsement of most UK RMBS issuers and two large Dutch originators.
-
The Obama administration unveiled the second part of its financial stability plan this week, comprising a package of support for homeowners and incentives for lenders and servicers to modify loans.
-
The Republic of Italy plans to liquidate its struggling real estate securitisation, the second Societa’ Cartolarizzazione Immobili Pubblici, in April.
-
The Bank of England and the European Central Bank have absorbed £287bn and roughly Eu600bn respectively of asset backed and covered bonds, according to statistics published this week.
-
UK prime RMBS will withstand a 30% fall in house prices largely unscathed, Fitch Ratings claimed this week.
-
The UK government this week revealed that it plans to guarantee mortgage backed securities issued by banks, building societies and specialist lenders in a move hailed by market participants as the first step in resuscitating the moribund securitisation market. Success of the plan though will depend on the details, yet to be finalised by the government.
-
Northern Rock’s Granite mortgage master trust breached its non-asset trigger this week, causing it to enter early amortisation. Though widely expected almost since nationalisation, the breach led to renewed selling of Granite paper as many investors now face extension risk.
-
Fitch estimated this week that UK house prices will fall by 30% in the next two years, causing up to £1.1bn of non-conforming RMBS notes to default. Last week the Bank of England predicted mark to market losses of £7.7bn from the sector.
-
Investors in Spanish RMBS faced more bad news this week when the government announced a plan to allow unemployed mortgage borrowers to defer half their mortgage payments for two years.