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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
More articles
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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. -
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.
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Together, the specialist mortgage lender, is bringing a unique UK securitization with a portfolio combining buy-to-let residential properties and commercial real estate, a first of its kind for the market.
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Boudewijn Dierick, BNP Paribas’ head of ABS and covered bonds, is leaving the bank to join Auxmoney, a German consumer lender which set up a €500m warehouse with BNP Paribas in November.
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The UK RMBS market is awash with deals from non-bank lenders who have seen a boost to their origination when the government raised the 0% threshold on its Stamp Duty and Land Tax on residential mortgages last July. The end of the tax break is close, although some anticipate it will be extended.
