Latest news
Latest news
Third deconsolidation RMBS from a UK challenger bank since November
Annaly closes its year with triple-As at 125bp
The conditions are set so that 2026 promises to be even better than the already impressive 2025. A deepening of esoteric asset classes, combined with entirely new deal types, as well as more debut issuers are set to be the key themes, writes Tom Hall
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Fleet Mortgages is offering its first UK buy-to-let RMBS under the London Wall brand since 2018, following several years in which the company’s collateral emerged largely in Citi’s multi-originator principal shelf Canada Square. One William Street Capital, which renewed its partnership with Fleet in 2019, is sponsoring the deal.
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Mars Capital, now a subsidiary of Arrow Global, has probably sold controlling positions in two Irish reperforming loan portfolios, securitized in RMBS transactions Grand Canal 1 and 2, with the Grand Canal 1 portfolio rapidly returning to the market in a Morgan Stanley-backed deal announced on Wednesday. The move comes as TDR Capital’s bid for Arrow heats up, with shareholders now ready to vote on approval. -
Mental health is moving to the forefront in the discussion of what action lenders should take when people are no longer able to pay back their debts. One lasting legacy of the pandemic could be that repossessing a home becomes a last resort rather than a first response and that will have consequences for investors in mortgage-backed products.
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UK government is introducing a debt freeze for suffers from mental health problems, introducing a 60 day “breathing space” where lenders will be prevented from communicating with borrowers who are in arrears. Mental health has also come to the forefront of debate around how to help so-called ‘mortgage prisoners’ stuck on high interest rates after the financial crisis.
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Piraeus Financial Holdings, the Greek holding company which owns Piraeus Bank, has launched a capital raise to give it the firepower needed to offload non-performing loans and has already secured enough demand on one morning of book-building to cover the deal.
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UCI is bringing a Spanish RMBS, its second since a recent break from the market which ended in 2020, issuing a smaller deal this time but with a lower LTV portfolio. BNP Paribas and Santander are arranging the deal.
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Private equity "vulture funds" are tightening their grip on Ireland after a Covid-19 parliamentary bill opened up more mortgages for repossession. But legal practitioners are working with non-profits to stop PE firms from “scraping the barrel” of defaulted mortgage debt.
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Pimco has declined to call three RMBS issues where it is the option holder, despite broadly supportive marketplace conditions which would allow new financings to be structured and sold. Last year saw issuers including NewDay and TwentyFour skip call dates, due to the chaos wrought by the pandemic, which made a refi at reasonable spreads impossible. Missing a call for pure economic advantage, by contrast, is extremely rare in European securitization.
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Long-awaited amendments to European securitization law come into force on Friday, which should make non-performing loans securitization easier at a time when bad debt levels are set to rocket. Tom Brown reports.
