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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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A law to promote access to housing enacted in Spain’s Catalonia region risks delaying the recovery for some RMBS and non-performing loan (NPL) deals set to be affected by economic fallout from the coronavirus pandemic, DBRS said in a report on Monday. -
The European Banking Authority has made it clear when loans subject to Covid-19 moratoria should be classified as forborne exposures or distressed restructurings, following calls from the industry for further guidance in this area.
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Together Money has hired former LibreMax European ABS head Steven Harrison to oversee its loans, mortgage and finance arms.
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Investors are increasingly focused on non-call risk in European securitizations, with specialist lenders in the firing line. Investors say roadshow conversations led them to believe that non-call risk would not be a feature of the post-2008 ABS market.
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JP Morgan’s chief investment office is likely to be the main anchor buyer in the £1.29bn senior tranche of a new UK RMBS, the second slug of a portfolio sold by the UK government’s bad bank last year. The deal, officially priced on Tuesday, was executed at levels determined before the coronavirus panic blew out spreads for UK mortgage bonds.
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The ABS secondary market had not seen an increase in purchases from the European Central Bank as of Thursday, when the central bank’s Pandemic Emergency Purchase Programme was supposed to officially start buying. ECB head Christine Lagarde invoked the spirit of her predecessor by promising to do 'whatever it takes' to save the euro from the coronavirus pandemic, but the start of the programme has left ABS traders citing miscommunication between the central bank and the securitization market.
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The $2tr coronavirus relief bill passed by the US Senate on Wednesday has mortgage servicers worrying that they are set to bear the brunt of the cost of the 90 days of mortgage forbearance set out in the legislation.
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The private label mortgage market fell into the grip of the Covid-19 crisis this week as shocks to commercial property assets and an end to a decade of US job growth put non-agency CMBS and RMBS in jeopardy.
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The Bank of England’s Term Funding Scheme for small and medium-sized enterprises (TFSME) is encouraging retained issuance in European ABS planned for the second quarter, but publicly syndicated deals are expected to rebound once the Covid-19 crisis subides.
