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Latest news
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
More articles
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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. -
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.
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The European Commission’s draft Taxonomy for Sustainable Activities will stymie green bond issuance as it’s based on an unfair system that excludes mortgages on many countries’ most energy efficient buildings.
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The UK government is planning to tighten the energy efficiency ratings required for buy-to-let mortgages, phasing in the changes through to 2028, but some mortgage lenders are implementing the rules early. The result could mean more collateral for green structured finance transactions as well as a lower risk of default.
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The Republic of Ghana brought innovation to the emerging market bonds this week, by selling Africa’s first zero coupon international deal. But the “risky” trade ignited debate among bankers and investors after it attracted a smaller order book than expected and required generous pricing as debt sustainability concerns swirled.
