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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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Jesus Rio Cortes, a managing director at Bank of America Merilll Lynch in the EMEA securitization group, has joined Apollo Global Management. -
Paratus has mandated National Australia Bank, Standard Chartered and Natixis to run its second Twin Bridges RMBS of the year – with two of these firms pushing especially hard to establish themselves as UK RMBS arrangers in recent months and years.
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The non-qualified mortgage RMBS market is expected to double its year-on-year issuance volume in 2019, said speakers at ABS East on Monday, who predicted the sector to outpace other ABS as private capital takes a larger share of the mortgage finance market.
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Leeds Building Society marked a successful RMBS return with class ‘A’ spread set at 68bp over Sonia after markets saw a respite from Brexit headline risk.
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A recent Spanish Supreme Court ruling on NPL foreclosures will help buyers of poorly performing mortgage portfolios avoid years of potential legal proceedings.
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Sterling paper dominated European securitization issuance last week as issuers rushed ahead of further Brexit developments, with a particular focus on the auto ABS market, which saw three deals clear the pipeline.
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Pepper Group subsidiary Optimum Credit has priced its Castell 2019-1 deal tight of guidance, while Yorkshire Building Society’s Brass No 8 RMBS was also priced, with senior notes tightening by about 5bp from initial price thoughts.
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Leeds Building Society has mandated Barclays, Citigroup and Lloyds to arrange Albion No 4, a prime UK residential mortgage securitization, set to qualify for the ‘simple, transparent and standardised’ (STS) regulatory framework. The deal comes as two more sterling RMBS deals are heading to be priced on Wednesday afternoon.
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Investors are eyeing a rush of sterling ABS and RMBS deals looking to push ahead through the Brexit window after the UK Parliament was suspended for five weeks beginning on Monday, with buysiders confident that spreads will withstand the rush of new supply.
