Latest news
Latest news
€300m of reoffered bonds priced at par, another tranche to be placed privately
Deals including some commercial mortgages expected to follow
More articles
More articles
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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. -
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.
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With the continent on lockdown, European countries are taking different approaches to granting borrowers relief from mortgage payments, putting RMBS deals across Europe in uncharted territory.
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Intrum’s share price dropped sharply this week after short seller Muddy Waters disclosed it was betting against the firm’s stock price. The debt purchasing sector has been a popular target for short sellers for years, but the impact of coronavirus and associated measures is a further heavy blow.
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Warehouse terms are looking increasingly challenging for European securitization issuers as the Covid-19 shocks continue, with some less-established issuers feeling pressure to come to market while spreads are pushed wider and warehouse extensions become less economical.
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After the 2008 financial crisis, JP Morgan’s chief investment office restored the European securitization markets, buying billions of UK and Dutch RMBS. Now, market players are looking to JP Morgan and Citigroup’s CIO units again to scoop up senior securitization bonds and backstop the market.
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J.P Morgan has invested in a private securitization of up to £200m, backed by bridging loans originated by Glenhawk, a UK-based challenger lender.
