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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The market for legacy UK and Irish mortgages is large and diverse, but it has one monster buyer, Pimco. The California-based bond investing giant has bought bonds backed by more than £12bn of loans from the UK government’s bad bank in the last two years, almost all of which went into its $75bn Income Fund, writes Owen Sanderson. -
Goldman Sachs is bringing a £111m UK buy-to-let RMBS backed by a pools of loans cut away from a larger £1.9bn non-performing loan portfolio acquired from KBC Bank Ireland.
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Dutch mortgage originator Tulp Hypotheken announced its inaugural Dutch RMBS transaction last Friday, the €392m Tulip Mortgage Funding 2019-1.
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Distressed loans using US documentation are some of the slow trades to settle in the capital markets, with an average time of 67 days, reflecting onerous legal requirements under the Loan Syndication and Trading Association standard terms. A new tool released by IHS Markit as part of its ClearPar loan settlement platform has the potential to slash this delay, with a recent trade by Deutsche Bank taking just 10 days to settle.
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The ‘mortgage prisoners’ fiasco has made it easier for MPs to demonise useful financial tools. While thousands of mortgagors cheer at the news they are about to be freed from their loans, the Financial Conduct Authority's (FCA) support has come in too late to undo the reputational damage done to useful parts of the capital markets.
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The Financial Conduct Authority (FCA) announced on Monday that it is introducing new rules to allow lenders in the UK to use a “more proportionate” affordability measure, allowing some of the 120,000 so-called ‘mortgage prisoners’ to refinance and escape high interest rates.
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Regulatory constraints could be eased for securitizations of non-performing loans (NPLs), according to a European Banking Authority (EBA) opinion paper published on Wednesday.
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Barclays is holding the risk retention for Pimco’s refinancing of the Slate portfolio — a book of Northern Rock mortgages from the bad bank UK Asset Resolution (UKAR). The US investor is buying the rest of the deal’s capital structure, repeating the approach it took with the £4.9bn ($6.29bn) Project Chester portfolio in April.
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Santander has retrofitted its Fosse Master Trust issuer as both Sonia-linked and compliant with the ‘simple, transparent and standardised’ (STS) framework in time for a new £1.25bn RMBS deal.
