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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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European securitization could see an influx of investors re-enter the market in light of experts' recommendations of better regulatory treatment in a Capital Markets Union (CMU) report. -
Government-guaranteed loan schemes for SMEs have been rolled out across many developed economies, and now the most pressing part of the coronavirus crisis appears to be passing, policy makers are turning to the tricky question of who wears the losses. Securitization schemes could be deployed in the UK and elsewhere in Europe — but that can only tranche the risk, not make it disappear.
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European securitization is seeing a raft of issuance coming to market, despite wobbles in liquid markets last week, when global stock markets suffered their biggest drop since March on Thursday.
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NewDay is planning to call NewDay Funding 2017-1, a move that should soothe the nerves if investors after the non-bank lender became the first since the financial crisis to leave a deal outstanding following the Covid-19 outbreak.
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The European securitization secondary market has rallied, with primary issuance in CLOs and ABS helping to tighten spread levels. But traders are ignoring deals which may be supported by the European Central Bank (ECB), citing a lack of certainty over whether the ECB will buy.
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Reforms to personal bankruptcy regimes in various countries along the lines of the US Chapter 13 code could improve non-performing loan (NPL) markets by boosting transparency and certainty, according to Charles Rusbasan, chief executive of Balbec Capital, which has just raised a new $1.2bn fund to buy NPLs where borrowers are subject to insolvency proceedings, restructuring or other forms of distress.
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Morgan Stanley is set to reopen the UK RMBS market with a buy-to-let portfolio it bought from India’s Axis Bank, which is winding up its UK business in the wake of the Brexit vote.
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Illimity Bank is investing up to €100m in a securitization vehicle operating in both the primary and secondary markets to purchase distressed green energy assets, the first of its kind in Italy.
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Kensington and Precise Mortgages, two of the most frequent issuers in the UK RMBS market, have signalled a willingness to call their outstanding deals, in a sign that a rallying market is taking extension risk off the table.
