Investors have been urged to accept a beefed up tender offer from hedge fund Clifden IOM Holdings for several pre-crisis non-conforming UK RMBS deals from the RMAC shelf, despite originator Paratus AMC threatening legal action against anyone that goes along with Clifden's move.
Paratus AMC, the originator of the RMAC series of UK non-conforming RMBS bonds, has hit back at hedge fund Clifden IOM No.1’s attempt to seize control of the deals, hinting ominously at potential legal action. It is the latest chapter in a vicious tussle between the two entities for the right to gain control of the underlying mortgage collateral.
Revisions of mortgage risk weights proposed by the Australian Prudential Regulation Authority are credit positive for the country’s banks. The revision may result in a higher composition of riskier loans in prospective capital relief RMBS trades, according to Moody’s.
Clifden IOM Holdings has beefed up its tender offer for several pre-crisis non-conforming RMBS issues, in a last-ditch attempt to fend off the redemption of the bonds by their originator. With the hedge fund offering 105, investors have every reason to hit the bid, but the clock is ticking, as the originator has already activated the call.
Obvion placed an ultra-long European residential mortgage-backed security on Thursday, dropping the usual five year call from its Storm prime mortgage shelf, and extending the weighted average life of the notes over 10 years.
UK securitization issuers preparing for the end of the Bank of England's Term Funding Scheme are eyeing dollar-denominated RMBS, following a strong result for Nationwide's Silverstone 2018-1 issue, marketed over two weeks in the UK and US.
Al Rayan Bank priced the first UK Islamic securitization this week. Even though the final spread was more than double the level of another recently priced prime UK RMBS, repeat issuance from the issuer’s Tolkien Funding programme is likely and a number of other issuers could follow.
The European Covered Bond Council (ECBC) has launched a consultation seeking market feedback on draft guidelines for a standardised European energy efficient mortgage.
In a big vote of confidence in the CLO product, the District of Columbia Court of Appeals ruled on Friday that CLO managers should be exempt from risk retention requirements, vindicating the arguments put forward by the Loan Syndications and Trading Association against federal regulatory agencies.
The European Central Bank might implement its controversial provisioning proposal for NPL inflows from April — later than originally anticipated, it said this week. But Italian lenders are now scared their existing NPLs will be on the hook next.
Regions in the US hit by hurricanes in August and September are recovering at a rate that will likely spare residential mortgage bonds from downgrades, said Fitch Ratings on Thursday.
European securitization volumes are expected to be muted over the medium term, said Bank of America Merrill Lynch (BAML) analysts in a report published on Monday, in sharp contrast to the strong start to the year seen in the UK.
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Most Viewed: Securitization
Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||7,026||25||11.95|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||10,472.90||27||9.79%|
|3||Wells Fargo Securities||9,632.91||31||9.00%|