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Latest news
Cash SRT pipeline fires up earlier than usual
A new European data centre sponsor, Dutch buy-to-let back in business, CLO equity squeezed and a Bitcoin backed deal
€300m of reoffered bonds priced at par, another tranche to be placed privately
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European auto ABS issuers have been pushing up coupons and selling deals well over par as Euribor plunged, hoping their new deals can avoid the fate of older deals which are now trading effectively as fixed rate issues. -
Monthly issuance of European ABS carrying the simple, transparent, and standardised (STS) label exceeded €5bn in September, with total year to date STS issuance coming in at more than €30bn, according to S&P Global Ratings.
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Goldman Sachs has announced a new prime Dutch RMBS transaction from its EDML programme.
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The Co-operative Bank is mandating Bank of America and HSBC for a £993m UK RMBS, the sixth from the issuer's Silk Road shelf and the first offering from to be publicly issued since 2012.
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CarVal Investors is sponsoring Miravet 2019-1, a Spanish RMBS backed by legacy mortgage collateral formerly securitized in the Blackstone-sponsored SRF transactions. Barclays is holding the risk retention for the issue, though NatWest Markets is sole arranger.
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Principality Building Society has mandated HSBC and Lloyds to arrange its sixth UK RMBS deal, offering a single three year triple-A tranche after retaining its last deal in March due to concerns around the ‘simple, transparent and standardised’ (STS) label.
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A carbon emissions tax on households will be affordable for most borrowers, so will not be a risk to RMBS and covered bond deals, Moody’s said on Tuesday.
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Cerberus Capital Management is retaining all the mezz bonds for its refinancing of the Vantage portfolio of UK mortgages. As a financial sponsor, Cerberus would usually make full use of the leverage available in securitization, and sell a full capital structure, but if the market can’t hit its price targets for the mezzanine bonds, it would rather buy them itself than sell them cheap.
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Lloyds is seeking consent from the note holders of its Permanent UK RMBS Master Trust to apply the ‘simple, transparent and standardised’ (STS) label to the bonds, as well as switch the reference rate from Libor to Sonia.
