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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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Residential mortgage REIT Two Harbors Investment Corp. has announced that Thomas Siering is stepping down as the president and CEO after over a decade with the firm, replaced by William Greenberg, former vice president and co-CIO. -
The Basel Committee has proposed tweaks to its securitization rules to ease non-performing loan sales — but it hasn’t gone as far as market participants would like, and has rowed back from proposals tabled by the European Banking Authority last October, which would have cut capital requirements much further.
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In the wake of the coronavirus pandemic, the speciality lending landscape in Europe could see a shakeout, as financing becomes scarcer and leverage terms tougher, forcing thinly capitalised loan originators to seek extra funds or put themselves up for sale, according to a report from securitization specialists Integer Advisors.
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Each week, Keeping Tabs brings you the very best of what we in the GlobalCapital newsroom have found most useful, interesting and informative from around the web. This week: the challenges facing European bank supervisors, attitudes to ethical investing by generation and gender, and how racial inequality rears its head in the US housing market.
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What Nomura has achieved in the US RMBS market since it decided to enter in 2013 is remarkable. In a little over six years, under the leadership of Gordon Sweely, head of securitized products, Americas, it has risen to number two in the league tables for the volume of deals done in 2019. It was involved in a large number of the most innovative and ground breaking transactions of the year as well. Perhaps most importantly, it has earned the respect and admiration of its clients and peers.
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Just when it looked as though the European NPL tide was at last beginning to fall, 14 years on from the start of the great financial crisis, a new surge of NPLs is on the horizon. It’s time to launch the securitization lifeboats. Tom Brown reports.
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As the Covid-19 crisis seeps into the summer months, the issue of extended payment holidays among mortgage borrowers will be a continued source of tension. While investors digest data on mortgage affordability, sources say RMBS players will be looking to non-bank issuers for new deal flow as banks access cheaper central bank funds, writes Tom Brown.
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Kensington has added features to the new deal in its flagship Finsbury Square RMBS programme to assuage investor concerns about Covid-related payment holidays, with two new reserve funds, a big boost to credit enhancement, and much of the deal placed before announcement. But recovering market appetite means securitization markets could soon revert to broad syndication.
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Non-performing loan (NPL) data for Q2 so far shows 57% of Italian NPL transactions are under-performing, Scope Ratings said in a report seen by GlobalCapital.
