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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Obvion has mandated JP Morgan and Rabobank for a Dutch prime RMBS from its Storm programme, the first securitization of the year to receive the ‘simple, transparent and standardised’ (STS) designation. -
Morgan Stanley is bringing the first European RMBS deal of the year, the Dutch Delft 2020, a €268.3m deal backed almost entirely by interest-only loans.
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Redwood announced on Thursday that it is prepping the first RMBS transaction of the new year, a $459.3m deal backed by highly seasoned loans from its Sequoia shelf.
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The new year looks set for a strong start in the securitization market, with SPV filings suggesting that many repeat issuers are already preparing their deals across asset classes.
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Deutsche Bank has been mandated on Alpha Bank’s ‘Project Galaxy’ NPL sale, likely to be the first to use Greece’s new non-performing loan guarantee scheme known as ‘Hercules’. Like its compatriot Eurobank, the sale will include the spin-off of an NPL management division as well as the loan exposures themselves.
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JP Morgan has arranged an Italian non-performing loan securitization for Guber Banca. The deal parcels a €1.25bn book, in only the third Italian NPL securitization not to use the government’s GACS guarantee scheme since it was introduced. Class A notes in the deal may be sold next year, subject to market conditions.
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Market participants are expecting 2020 to be a very active year for covered bonds, with new issuance volume underpinned by growth in French and German banks' mortgage books.
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Liquidity in securitizations is better than in almost all other credit assets classes in Europe, with auto ABS and UK prime RMBS trading on tighter spreads than even covered bonds, analysis from Bank of America’s research team shows.
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Where securitization was once a prime hunting ground for financial sponsors and hedge funds, some of the largest asset management houses are now setting up units to beat the top predators of the capital markets at their own game, taking the other side of the securitization arbitrage
