Latest news
Latest news
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
Meanwhile, ADMT has set guidance for its $602m non-prime deal
Fortress agrees forward flow for €500m of unique assets
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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. -
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.
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There were more calls this week for the UK government to support non-bank lenders that are unable to access the Term Funding Scheme, with market participants preferring a simple extension rather than alternative funding options.
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The Financial Conduct Authority (FCA) has ruled out granting a reprieve to the Libor benchmark, leaving the UK RMBS market to face transitioning legacy deals before the end of the year. That means that lenders will be grappling with the shift at the same time as borrowers will come to the end of Covid-19 payment moratoriums.
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Finance lobby group UK Finance said that most borrowers on mortgage moratoriums could afford to resume full payments after three months, and an extended moratorium would not be in customers' best interests.
