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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
More articles
More articles
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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. -
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.
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Members of the European Parliament have still not found the right balance between cleaning banks’ balance sheets and ensuring appropriate control of debt servicers and protection of retail borrowers, causing a delay to plans to reform non-performing loan sales.
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Credit Immobilier de France Development (CIFD) is only consumer issuer out in the European securitization primary market, facing volatile market conditions in a week beset by equities swings and talks of a virus-led global recession.
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Last year was the first since the crisis that European markets ducked under NPL ratios of 3%. It would have been a cause for celebration, if not for the coronavirus outbreak marauding the continent, ready to bring a new generation of non-performing assets to bank balance sheets.
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Italy has announced a freeze on mortgage payments following the implementation of a nationwide lockdown to deal with the spread of the Covid-19 coronavirus, with RBS offering similar mortgage relief to those affected by the outbreak in the UK.
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ABS issuers and syndicate bankers are seeing little drop in demand for new deals despite the wider shocks to equity markets driven by COVID-19 fears and a selloff in oil, with issuers pricing six deals last week to place €2.25bn of bonds with investors.
