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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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It may seem like a strange time to bring a mortgage securitisation to market amid all the gloom and chaos, but Royal Bank of Scotland opened the books on a Eu500m issue for Achmea Hypotheekbank this week.
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The collapse of Lehman Brothers has claimed its first casualty in ABS land. This week rating agencies reported that a UK non-conforming RMBS, Eurosail UK 2007-3BL, had failed to make payments of interest or principal on the dollar denominated A1b and A2b tranches on its September 15 payment date. Lehman Brothers Special Financing is swap counterparty. All other tranches paid interest in full.
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Global financial institutions will ultimately have to write down their US mortgage backed securities and related securitisations by $437bn, according to Standard & Poor’s.
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The outlook for UK housing continued to worsen this week as house prices fell by their fastest pace since 1990 and delinquencies on prime RMBS rose to their highest ever level.
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Alliance & Leicester sold only the second UK RMBS of the year this week. Once the dominent asset class in European securitisation, RMBS investors have exited the market over the last year as a deteriorated housing market drove spreads to record levels.
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Mervyn King, the governor of the Bank of England, delivered a stern put down to supporters of proposals to lift the UK mortgage funding market this week, disappointing structured finance bankers and the mortgage industry.
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The Council of Mortgage Lenders this week proposed an extension of the Bank of England’s special liquidity scheme (SLS) to cover newly originated assets.
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The Securities and Exchange Commission (SEC) this week accused Fitch, Moody’s and Standard & Poor’s of substantial failings in the way they rated US RMBS and CDOs in the period leading up to the credit crisis.
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FEARS that Spain’s housing market is on the brink of bursting intensified this week as new data indicated a rapid slowdown.