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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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Cerberus Capital Management drew strong demand for its 48-line item bidlist of mezzanine mortgage bonds on Thursday, with winning bids for most of the bonds in the nearly day-long sale going to Goldman Sachs and Bank of America, sources tell GlobalCapital. -
Permira and partners have injected £600m of equity into their debt collector portfolio company Lowell as part of a £2.2bn recapitalisation and refinancing effort for the troubled company, which saw its bonds heavily shorted and was widely expected to restructure its liabilities this year. The contribution is the largest equity injection from a sponsor in EMEA since the coronavirus pandemic began, and reflects what Lowell's management sees as a historic opportunity to buy NPL portfolios in the months ahead.
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Cerberus Capital Management is selling one of the largest ever portfolios of UK mezzanine mortgage bonds on Thursday, following a deterioration in the terms available in the ABS repo market after the huge volatility seen in the Covid crisis. The sale comes the same week as the sale of the last tranche of mortgages by government bad bank UK Asset Resolution, which could also flood the market with mezzanine supply.
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Exponent, the UK private equity fund that owns online greeting company Moonpig, the Racing Post and Big Bus Tours, is bringing its debut non-conforming UK RMBS to market.
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Cervus-backed Dutch lender Domivest is bringing its second deal of the year, Domi 2020-2, a €272m RMBS offering five tranches and listing three others as “call desk.”
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The European Commission is facing pushback from the European Parliament over it turning to synthetic securitization — a market that still echoes the 2008 crisis for many legislators — to boost the ABS market and repair Europe’s economy in the aftermath of Covid-19. Tom Brown reports.
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Concerns around disclosure of mortgage forbearance figures and payment holidays led to deals scheduled for issuance earlier in 2020 being delayed to later in the year, as issuers feared securitization investors having access to information not widely disseminated to other investors.
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The Financial Stability Oversight Council (FSOC) issued a statement endorsing the new capital requirements plan for Fannie Mae and Freddie Mac, a move that has cleared the path for the proposal to pass this year without undergoing significant changes, sources say.
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Half of Moody’s rated UK RMBS are set to convert to fixed rate note payments without further guidance on Libor cessation from the Financial Conduct Authority (FCA).
