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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
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Natixis on Monday promoted Peter Cui to head of structured credit syndicate in its European business, replacing Dimitris Papadopoulos who left to run CLO origination and syndication at Credit Suisse in September last year. -
Kensington is marketing the first ever RMBS 'social bond', which could mean investors accepting a lower spread for their mortgage bonds thanks to the label. But Kensington’s lending approach will be little changed by the new issue, raising the question of what the new issue changes.
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Kensington Mortgages is bringing the first labelled social RMBS in Europe, a landmark transaction set to be followed by others, as the securitization market catches up to other capital markets which have more readily adopted ethical frameworks. By Tom Brown.
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Dilosk, the Irish mortgage lender, has launched its first RMBS deal that includes owner-occupier loans, branching out from the buy-to-let offering it has stuck to for the past five years.
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New deals are flooding into the European securitization market, especially the UK, in the last week of January, after two RMBS issues attracted unprecedented demand. Issuers are betting investors remain hungry for securitized products, despite national lockdowns.
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A flood of European accounts entering the sterling market helped boost the UK RMBS market to levels not seen since 2018, with debut issuer Lendco push Atlas Funding 2021-1 at the tightest pricing seen for an inaugural buy-to-let deal since 2008.
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The Spanish government’s decision to extend laws that prohibit tenant evictions is a blow for the credit strength of the country's covered bond and mortgage securitizations. But even so, supply scarcity will continue to have more influence on Cédulas valuations and spreads, which have already tightened this year and may well have further to go.
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Securitization can play a part in the UK’s economic recovery from the coronavirus pandemic but it needs the government to keep the housing market alive.
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Morgan Stanley is marketing an Irish re-performing RMBS, Shamrock Residential 2021-1. The deal includes a new structural feature for the European market, which juices the yield on the portfolio by diverting a portion of principal payments to this purpose.
