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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If the UK government is serious about reversing the trend in declining homeownership it needs to do more than the half-hearted guarantee on a narrow subset of loans announced in this week’s Budget. -
Citi is securitizing a €300m legacy Irish portfolio of buy-to-let loans acquired from Permanent TSB, carving out the pool from a €1.1bn collection acquired last October.
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Barclays has structured a new mortgage master issuer vehicle, raising the prospects of a return to RMBS funding for a bank which has been absent from the market for nearly a decade. The new vehicle uses the same revolutionary technology present in Coventry Building Society’s Economic Master Issuer deal, which slashes the time, cost and complexity of running these structures.
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The amount of significant risk transfer (SRT) transactions executed by US institutions tripled over the past year, a trend expected to continue in 2021 as the synthetics space makes up for lost time after the pandemic. The extension of simple, transparent and standardised (STS) rules into the sector will also help bring first-time issuers into the market, said panellists speaking at IMN’s Virtual Investors’ Conference on Significant Risk Transfer on Wednesday.
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The significant risk transfer secondary market, a historically inactive sector, had its biggest year ever in 2020, with over $1bn traded as investors either sold to switch to other asset classes or were made forced sellers by margin calls, said panellists at IMN’s 2021 Virtual Investors’ Conference on Significant Risk Transfer on Wednesday.
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Piraeus Bank has agreed its largest NPL sale to date, with debt purchasing firm Intrum AB agreeing to buy 30% of the mezzanine notes in the securitization of the €4.9bn portfolio.
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Banks could return to securitization markets in the second half of the year, raising hopes of a revival in simple, transparent and standardised (STS) supply, as issuers who have previously printed deals with the quality stamp look to replace funding as it rolls off, and treasury teams look to purchase high quality RMBS for their investment portfolios.
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UK Asset Resolution has sold the last of its mortgages to Pimco and Davidson Kempner (DK) and the legal holding companies of Northern Rock and Bradford & Bingley, ending the UK government’s involvement in the crisis-stricken lenders and closing the book on the 2008 bail-outs.
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Securitizations with the ‘simple, transparent and standardised’ (STS) label have definitively started pricing better than non-STS deals for the first time since the framework’s launch in 2019, said Santander managing director Steve Gandy, speaking at Afme’s 12th Annual Spanish Capital Markets Virtual Conference.
