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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Yorkshire Building Society has set the stage for “social” securitizations with the first prime UK residential mortgage-backed security to carry this label. The deal has a dollar tranche to entice US accounts in preparation for the end of the Bank of England’s funding schemes. -
Goldman Sachs has been offering UK specialist lenders terms for mortgage warehouses, in a radical shift in securitized products strategy for the US investment bank, which has concentrated most of its recent primary markets efforts on principal deals. The move puts it into competition with commercial banks with bigger balance sheets and cheaper capital, but could send waves through the sector.
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STS templates needed for issuers to certify their deals have been a helpful preparation for RMBS issuers looking to certify an ‘environmental, social and corporate governance’ (ESG) transaction, an unintended benefit of regulation originally considered burdensome by many in the market.
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Piraeus Bank will undertake a €1bn equity raise to help it fund the shrinking of its non-performing exposure (NPE) book through securitization.
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Yorkshire Building Society is bringing its debut environmental, social, and governance securitization, which will be the second “social” RMBS offered in Europe, and the first to be backed by vanilla prime collateral.
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Bad debt investors are knocking on the doors of French banks, anticipating a rise in defaulted loans as the Covid-19 crisis worsens. But France is unlikely to see much NPL securitization due to a lack of pressure from regulators.
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The Consumer Financial Protection Bureau has pushed back the date for lenders to comply with its ‘qualified mortgage’ rule by more than a year, easing conditions for homeowners and lenders, but potentially opening the door to riskier underwriting.
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Obvion has mandated Rabobank and Société Générale for its €500m Storm 2021-1 transaction, offering a single tranche to investors with a 75bp coupon over three-month Euribor, expected to price above par. The transaction is the issuer’s first since the Covid-19 lockdowns began.
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UK RMBS could see marginal losses from the government’s Grenfell inquiry pushing the cost of removing flammable cladding on up to 1.5m flat owners across the country, after DBRS Morningstar research revealed on Monday that repossessions could eat into securitized mortgage portfolios.
