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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 European Commission’s proposed new approach to non-performing loan securitization may encourage more deals to come out in fully placed format, accelerating development of the market. But the revised rules still hurt banks which hold part of the structures, and which form the vast majority of the market today, as the Commission took its lead from the Basel Committee rather than its own regulators. -
Optimum Credit, a subsidiary of Pepper Money mandated Citi and NatWest Markets for Castell 2020-1, a UK second lien RMBS placing a full capital structure. It joins deals from Finance Ireland and RNHB in a growing pipeline of European securitization, with bankers hoping to make up for a disappointing second quarter.
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Cartesian 5, the Dutch prime RMBS from Venn Partners, saw its senior tranche five times covered on Tuesday, driving a print through secondary levels and a possible move tighter across secondary markets for prime assets.
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Data from the Association for Financial Markets in Europe (Afme) shows placed securitization volumes in Europe at the lowest level since 2011, when the market was still recovering from the global financial crisis.
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Securitization data repositories proposed by Dutch MEP Paul Tang back in 2016 will begin their application process on September 23 this year, requiring both EU and UK ABS issuers to report data to the new entities.
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The governments of the UK and the Netherlands are considering tax changes that will impact buy-to-let (BTL) mortgage origination in each country, hitting the two largest markets for BTL RMBS.
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The Federal Housing Finance Agency (FHFA) has delayed the implementation date of the adverse market refinance fee to December 1, following a wave of criticism from mortgage market participants. With more time to prepare before implementation, sources say the fee is a logical move on the part of the agencies to allow all players in the market to benefit from low mortgage rates, as well as shore up capital to cover losses stemming from the pandemic.
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ARA Venn has mandated a consortium of banks led by arranger BNP Paribas for Cartesian Residential Mortgages 5, an upcoming prime Dutch RMBS set to be offered publicly, in a sign that primary issuance is returning.
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The Federal Reserve announced on Thursday that it will allow inflation to run higher than the long running 2% target, a long awaited and historic shift in monetary policy that marks the start of a new era that will enable the Fed to keep rates low for longer.
