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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
More articles
More articles
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The last of the summer’s Spanish mortgage securitisations were priced this week, allowing issuers, traders and investors to breathe a sigh of relief and pray that conditions improve by the time supply resumes later in the year.
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Price guidance for two large and conventionally appealing prime UK RMBS issues in the market reflects the spread movement. Even so, investors are reporting slow bookbuilding as accounts hold off on placing orders for as long as possible.
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The two Spanish residential mortgage backed securities sold last Friday by Bancaja and Caja Madrid had contrasting fates.
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Barclays Capital and UBS priced a Eu1.25bn residential mortgage securitisation for Piraeus Bank.
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ABN Amro priced its debut securitisation of UK non-conforming mortgages this week, amid turmoil from Moody’s and S&P’s warnings on US subprime ABS and CDOs.
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Investors had a range of new UK RMBS issuers to choose from this week. The one familiar face was Paragon Group, which priced a £1bn securitisation of buy to let (BTL) mortgages on Thursday with ABN Amro, Barclays Capital and JP Morgan as bookrunners.
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A glimmer of hope returned to the Spanish ABS market this week as investors piled into the triple-A tranches of Bancaja’s Eu2bn RMBS, causing guidance to be revised tighter.
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HSBC and RZB Oesterreich priced Moskommertsbank’s first securitisation of residential mortgages this week.
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With the credit markets becalmed this week, the European ABS markets continued to be weighed down by huge volumes of supply.