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Meanwhile, ADMT has set guidance for its $602m non-prime deal
Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
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Citi bank has released initial price thoughts (IPTs) for its upcoming Canada Square Funding 2021-2 UK BTL RMBS deal, guiding the senior tranche at around 80bp, cutting around 15bp from its last deal. -
Matt Blake, director of treasury at Together Money, has left the specialist mortgage lender for a position as treasurer at Pepper Money.
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Banks have released initial price thoughts for Finance Ireland RMBS No. 3 a new RMBS deal made up of prime mortgage collateral in Ireland. The transaction is a rare outing for prime Irish RMBS, and it means banks are likely to have to work carefully to find the right price level for a deal with few benchmarks.
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Coventry Building Society has launched the second RMBS deal from its Economic Master Issuer platform, an innovative shelf issuance structure which modernises traditional master trust technology. Lloyds, however, an arranger for the first deal last year, is not on the programme, with Barclays joining as dealer instead.
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Kensington, the pioneer of the first social RMBS in the UK, priced the country’s first mortgage securitization with a class ‘A’ green tranche, achieving 65bp pricing for the senior notes on Thursday. However, investors said the green feature did not impact on pricing and called for “more ambitious” ESG targets.
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On Wednesday, non-bank lender Finance Ireland mandated Bank of America as an arranger, alongside =leads BNP Paribas, Citi and Standard Chartered, on a €298.85m RMBS transaction, Finance Ireland RMBS No 3. The deal includes a new structural feature to mitigate future arrears.
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The UK is reforming its treatment of special purpose vehicles in an attempt to make itself appear more business-friendly. However, in its attempts to open up the asset class, regulators could inadvertently tie up the market in red tape, as shown by its recent consultation over the possibility of including shares in ABS collateral.
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Kensington Mortgages announced the first ever green UK mortgage securitization on Thursday evening, only five months after bringing the first ‘social’ RMBS deal,
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Spreads tightened during bookbulding for LendInvest's Mortimer BTL 2021-1 on Friday, as high demand for RMBS paper drove buyers into the deal.
