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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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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. -
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.
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Allied Irish Bank (AIB) has fully retained a prime Irish RMBS deal arranged by Bank of America backed by a €4.02bn static loan pool.
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Citi was the sole issuer with a primary deal on either side of the Atlantic amid Thursday’s markets bloodbath, as its EMEA securitization team cleared an RMBS backed by UK buy-to-let loans — not for a client, but for Citi as principal. The US bank may have taken a hit of at least £7m to its planned P&L for the issue, but successfully sold £294m notional of bonds to investors on the worst markets day since 1987.
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Lloyds is among several lenders to announce that it will join NatWest, TSB and Nationwide in allowing borrowers affected by the coronavirus to take payment holidays on their mortgages, but that has raised legal questions for RMBS deals if borrowers require deferrals beyond the three month relief period.
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Following the pricing of a French RMBS deal midweek, the rest of the European securitization industry is holding its breath after a volatile week in capital markets.
