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Deals including some commercial mortgages expected to follow
Deal was priced 6bp tighter than most recent iteration of the asset class
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The European Commission has included measures to improve the regulatory framework for non-performing loan securitizations in its latest coronavirus response package, while also beginning the classification of synthetic securitizations to qualify for the ‘simple, transparent and standardised’ (STS) designation. -
UniCredit sold two non-performing loan (NPL) portfolios worth a combined £1.54bn over Tuesday and Wednesday this week, both through a securitization vehicle which sold notes to Barclays and Guber Banca.
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A flurry of UK RMBS deals have come to market in recent days, marking a comeback for the sector as triple-A spreads return to pre-Covid levels.
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Coventry Building Society (CBS) has mandated HSBC and Lloyds to arrange its first issuance from Economic Master Issuer 2020-1, the first UK master trust structure set up since 2008. Books are building for the deal with initial price thoughts (IPTs) guiding the senior tranche in the low 50bps.
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The UK government has launched a review to find ways to boost the country’s fintech sector, a week after the Bank of England told alternative and non-bank lenders they would not receive emergency funding to support them during the pandemic.
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New deals have priced in the public securitization market this week from Together Money and Qander Consumer Finance, with triple-A notes for the latter breaking through guidance as issuers take advantage of a stabilising market.
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UK RMBS traders have split views on whether a stamp duty tax cut will raise the price of the bonds on the secondary market, with commentators divided on whether banks tightening their lending criteria will cancel out a house-buying incentive brought on by the tax slash on July 8.
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Some non-bank lenders are unlikely to survive the pandemic crisis, sources say, after the Bank of England told the industry it is not willing to provide emergency liquidity support in the wake of the Covid-19 outbreak. Non-bank institutions are having to grant the same payment relief to customers as high street banks but still have outgoing warehousing costs.
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Kensington Mortgages is considering redeeming the notes from Kensington Mortgage Securities 2007-1, a legacy deal with the majority of the pool paid down. The issuer is considering a new deal off the back of the redemption.
