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Latest news
€300m of reoffered bonds priced at par, another tranche to be placed privately
Deals including some commercial mortgages expected to follow
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Barclays is leading the race to reopen the European RMBS market with an €807m Irish deal, Fingal Securities, a piece of the 'Project Porto' portfolio it bought from Bank of Scotland in 2018, with joint leads BNP Paribas and Bank of America joining sole arranger Barclays to help price the deal. -
Portuguese mortgage lender UCI doubled the universe of European green securitization issuers when it privately placed its RMBS Green Belém No 1, a deal backed by Portuguese mortgages, at the end of April. The deal had originally been slated for public debut before the coronavirus crisis hit, but was pre-placed in private following March’s market chaos.
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The coronavirus pandemic has led to widespread consumer and household balance sheet pressure. With lay-offs and furloughs cascading across industries, there is the likelihood many will be unable to meet basic needs while the economy remains shut down, and servicing debt becomes less feasible the longer the crisis goes on.
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Kate Fulton is joining the Federal Housing Finance Agency (FHFA) as chief operating officer as part of the agency's broader restructuring plan announced in January, which aims to prepare the government sponsored enterprises to exit conservatorship.
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Non-performing loan securitizations are expected to decrease by up to 70% this year in Italy, with little activity expected across the rest of Europe in the wake of the coronavirus lockdowns. But 2021 will see banks looking to securitize the next generation of defaulted loans, rating agencies say.
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Market participants expect bank lenders to support their RMBS master trust shelves, as Santander UK said it would last week for its Holmes Master Issuer vehicle. Stand-alone deals could see more mixed outcomes, however.
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Obvion has released investor reports for its outstanding RMBS transactions, including new tables on Covid-19 payment postponements, becoming the first ABS issuer to report payment moratoriums as a result of the outbreak.
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More than £2.3bn ($2.86bn) of UK securitizations are coming up for call, as a majority of the year’s redemption schedule is packed into the current quarter. Investors expect banks to call as normal, but see non-bank deals as likely to miss their calls and extend.
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The Federal Housing Finance Agency (FHFA) set a four month limit on Tuesday to the period over which mortgage servicers are obligated to advance payments on loans in forbearance, a long awaited liquidity fix the industry was pushing for.
