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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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. -
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.
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Fitch Ratings has placed 140 tranches from 54 UK RMBS transactions on negative watch, blaming coronavirus-related disruption as the main factor.
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The number of mortgage loans in forbearance increased by 37% in the first week of April, with mortgage servicers coming under intense pressure to continue advancing payments to RMBS bondholders. Market participants are hoping the Federal Housing Finance Agency (FHFA) steps in with a fix.
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ABS eligible for the simple, transparent and standardised’ (STS) criteria could have lost its preferential capital benefits after payment freezes on consumer lending went into place across Europe, but the EBA has acted to clear up the uncertainty and confirm the capital benefits.
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Mortgage payment holidays, as mandated by several European governments, will hurt some European securitizations, as investors get paid out of the interest and principal payments they expect to receive from the underlying borrowers. But someone has to take the pain of the missing cash, and this could pit bond investors against deal originators.
