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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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The fledgling European market for credit default swaps on asset backed securities showed its influence on the cash securitisation market this week.
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The bustling but precarious non-conforming MBS pipeline was joined by an equally busy and more confident prime RMBS pipeline this week as Barclays and a pair of Italian banks entered the frame.
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UBS this week priced a Eu2.97bn selldown of an RMBS originally issued and retained by Banco Santander Totta in December 2005.
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Several non-conforming mortgage securitisations joined the pipeline this week, leaving many traders and investors anxious about the imminent pricing of the first deal of the wave, Morgan Stanley’s ResLoc 2007-1.
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Bradford & Bingley launched Aire Valley Mortgages 2007-1, the sixth deal from its specialist mortgage master trust on Tuesday, via Barclays, Citigroup and UBS.
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Citigroup has begun marketing a R2.9bn ($112m) securitisation of rouble-denominated Russian mortgages for the state owned Agency for Housing Mortgage Lending (AHML).
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Fitch Ratings this week upgraded three tranches in Farringdon No 1 and affirmed the remaining tranches, while removing the junior tranche in Farringdon No 2 from Rating Watch Negative and affirming the others.
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Banco Pastor and Natixis priced Pastor’s Eu300m consumer loan securitisation this week.
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Morgan Stanley has become the latest investment bank to launch its own UK non-conforming mortgage programme.