Latest news
Latest news
It plans to include transactions backed by second lien fixed rate mortgages originated post-crisis
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
Meanwhile, ADMT has set guidance for its $602m non-prime deal
More articles
More articles
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Starwood Capital sold $519m worth of non-qualifying mortgage bonds on Wednesday morning, getting the deal off ahead of the July 4 holiday weekend. -
Venn Partners is getting ready to price its second Cartesian Mortgages deal to qualify for the ‘simple, transparent and standardised' (STS) label, with senior notes guided by arrangers Venn and BNP Paribas in the high 50bp, and the rest of the capital stack guided in the low to high 100bp range. Obvion, meanwhile, has priced its latest Green Storm RMBS.
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Lloyds and BNP Paribas have announced new ABS issues for their internal clients, preparing issues backed by UK credit cards and Italian auto loans. BNPP's deal is a debut for Findomestic, the Italian subsidiary of BNP Paribas Personal Finance, and will be a full capital stack issue.
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The European securitization pipeline is bulging with 14 deals in the market this week, adding to an already heightened primary market supply on the back of the Global ABS event in early June.
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Paratus sold a UK buy-to-let (BTL) RMBS on June 28 via arrangers Bank of America Merrill Lynch and Natixis, pricing the senior notes at 105bp over three month Libor.
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Non-bank lenders achieving the ‘simple, transparent and standardised’ (STS) designation on their securitizations since the regulatory framework came into being at the start of the year have come mainly from the car industry. They and other alternative lending institutions are having a tough time with the new rules, despite the success of recent deals, writes Tom Brown.
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Prime Collateralised Securities (PCS) has been officially authorised by Autorité des Marchés Financiers (AMF) as a third-party verification agent in France for the ‘simple, transparent and standardised’ (STS) regulatory framework.
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Pimco has bought junior and mezzanine risk in Eurobank’s landmark mortgage non-performing loan (NPL) securitization, Project Pillar, the first Greek NPL deal to obtain a public rating. The US-based investor is also in exclusive negotiations with Eurobank over Project Cairo and Project Europe, the next asset sales from the Greek bank.
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The European pipeline is awash with RMBS deals, most of them concentrated in the UK as issuers hurry to beat a new round of Brexit uncertainty. Out of the five RMBS deals making their way through the market however, only one is set to qualify for the ‘simple, transparent and standardised’ (STS) regulatory regime, as levels of STS issuance from the banking sector appears to have slowed.
