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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Together Money is preparing to refinance its 2021 high yield bond with a new £385m senior secured issue, the first sterling deal of the year. The storming performance of the euro and dollar markets have meant that, despite the increased post-election appetite for the UK currency, it simply cannot compete on pricing for many issuers. -
Cerberus has added Citi to its standard syndicate of Bank of America and Morgan Stanley for its latest Towd Point RMBS, which refinances part of the buy-to-let mortgage portfolio it acquired when it bought Capital Home Loans. The new deal is a far more efficient capital structure than the deal it replaces, thanks in part to changes in the rating agency line-up.
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Hopes that insurance investors could flood back into the market for mezz tranches have been dashed, after Europe’s insurance regulator closed its feedback session on revamping Solvency II without mention of any changes to the securitization capital treatment.
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Kensington is bringing a non-standard UK prime RMBS from its Finsbury Square shelf as spreads on UK RMBS continue to tighten in the first weeks of 2020. Meanwhile, Close Brothers is also returning with a new Orbita Funding UK Auto ABS transaction.
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Nationwide has unveiled a new securitization from its Silverstone master trust, against a market backdrop in sterling prime RMBS as strong as at any time since the global financial crisis. The UK building society is focused on price for the new deal, which is likely to be in three year sterling format.
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A Bank of England rate hike is in no one's short term thinking. But if it happened, it could be dire for the housing market and therefore, for those parts of the capital markets that exist because of it.
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With Sinn Féin down in the polls, securitization investors should cheer at the thought of Fianna Fáil winning the Irish election this year.
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Deutsche Bank has syndicated part of the financing for Cerberus’ acquisition of a large pool of real-estate owned properties (REOs) — houses — from Banco de Sabadell late last year, as part of the bank’s disposals of non-core assets.
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Issuers priced two sterling residential mortgage-backed securities (RMBS) deals this week, with Precise Mortgage Funding 2020–1B showing an unprecedented five times coverage on senior notes and up to 12 times on the mezzanine tranches, as overseas investors return to the sterling market.
