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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
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While the outlook for a long-awaited reform of mortgage finance and the government-sponsored enterprises is uncertain in an election year, non-agency residential mortgage-backed securities (RMBS) are clawing their way back into US capital markets -
Members of the European Parliament have restarted work on a controversial file on the secondary market for non-performing loans. They failed to come to an agreement last spring, with MEPs disputing the level of protection that should be granted to retail consumers.
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A decade after self-certified mortgages drove heavy losses in RMBS, a fintech start-up is using automated data-gathering to vet borrower affordability in real-time, speeding up mortgage securitization in the process.
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Hoist Finance has issued €337m of notes in what is the first investment-grade Italian securitization to be backed wholly by unsecured non-performing loans (NPLs).
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Intesa Sanpaolo has fully retained a €7.5bn dual-tranche mortgage transaction, adding to its supply of retained repo collateral for central bank operations.
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Goldman Sachs priced a €350m Dutch RMBS on Monday, with the senior class ‘A’ notes landing with a discount margin of 48bp over three month Euribor. Excluding the class ‘A’ notes, the capital stack was sold using a reverse Dutch auction.
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Banco Bilbao Vizcaya Argentaria (BBVA) has structured a large Spanish RMBS, likely to be retained and used as central bank collateral. The deal is made up of 88.1% BBVA mortgages, with another 10.2% originated by CatalunyaCaxia Banc, which was bailed out and bought out of state ownership by BBVA following the financial crisis.
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UK challenger Atom Bank has sold a fully preplaced UK RMBS, Elvet Mortgages 2019-1, in a structure similar to the Pimco-sponsored securitizations of legacy UK mortgages — but not bought by the west coast investor, GlobalCapital understands. The £507m portfolio represents almost a quarter of the bank’s mortgages, based on its last published financials.
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UK based mortgage start-up lender, Perenna, aims to revolutionise the UK's mortgage market by introducing a 30 year fixed rate loan that will be financed with the same pass through covered bonds that are widely used in the Denmark.
