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Deals including some commercial mortgages expected to follow
Deal was priced 6bp tighter than most recent iteration of the asset class
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Banks working on Harmony French Home Loans FCT 2021-1, the latest RMBS transaction from Crédit Immobilier de France Développement (CIFD), released price talk for the deal on Tuesday. -
Greek banks are in their rudest health since the aftermath of the global financial crisis and are calling on capital markets investors to back them as they help the country rebuild its economy in the wake of Covid-19. With the banks able to access new sources of capital, propped up by the country's Hercules non-performing loan guarantee scheme, plenty of supply — and performance — could follow, report Tom Brown, Tyler Davies and Sam Kerr.
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Davidson Kempner, through its investment vehicle Burlington Loan Management, is selling six tranches of a non-conforming UK RMBS, with Bank of America as sole arranger. A legacy portfolio of pre-financial-crisis mortgages is backing the deal.
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Belgium-based Argenta Spaarbank is back in the Dutch RMBS market after a three year break, having last issued an RMBS transaction in 2019. The issuer is only selling the senior tranche, which has a minimum target pricing of €500m.
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Greece has overtaken Italy as the biggest source of non-performing-loan ABS issuance in Europe, with banks stepping up issuance with a slew of transactions in 2021 as Italian institutions wind down their post-financial crisis backlog of bad debt.
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As inflation indicators across the globe begin to point to a period of sustained growth, equity investors have fretted over where to put their money instead of tech stocks, whose valuations have reached gargantuan multiples. There is a compelling argument to be made for rotating into Greece, specifically its banks, which will have to finance a new wave of economic growth.
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Venn has mandated BNP Paribas, Citi and SMBC Nikko for Cartesian 6, a Dutch prime RMBS deal which carries the STS label. Sources hope this will lead to tight pricing for the issuer.
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Greece’s Alpha Bank has launched an €800m capital raise to prepare for growth as the country benefits from the clean-up of non-performing loans and EU Next Generation funds.
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Arrangers BNP Paribas, Barclays and Macquarie Bank sold the joint-tightest European buy-to-let RMBS since 2008 on Thursday, with Domi 2021-1 tying first place for record senior note spreads with Dutch Property Finance 2018-1.
