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
More articles
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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. -
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.
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Lead bank Morgan Stanley issued revised price thoughts for Gedesco Trade Receivables 2020-1 on Thursday, offering investors a wider spread on the bonds as conditions in the ABS market show signs of deteriorating.
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Specialist Dutch lender Domivest has mandated Citi and Macquarie Bank as arrangers and Barclays, Citi and Macquarie as joint-lead managers for its second buy-to-let RMBS, Domi 2020-1, assessing market sentiment in roadshow this week.
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Spanish banks dodged potentially billions in compensation costs after the European Court of Justice (ECJ) kicked a mortgage dispute on to local Spanish courts, allowing borrowers to switch to a more affordable rate. While the ruling is a win for banks, it is a potential credit negative for some legacy RMBS.
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Non-conforming residential mortgage lender BlueStep Bank, which had previously funded itself with RMBS, is set to become the eighth Swedish borrower to issue covered bonds, which were assigned a provisional rating from Moody’s on Monday.
