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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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The European Parliament decided this week to cancel a vote on the draft text for a directive that would boost the secondary market for non-performing loans. Final negotiations with member states are now unlikely to start before September. -
Lloyds and Morgan Stanley have teamed up to price M&G-sponsored Irish RMBS Mulcair Securities, with the senior notes printed in line with initial thoughts at 100bp.
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Joint arrangers Barclays and HSBC announced a new Dutch RMBS for RNHB, the specialist lender owned by CarVal, its third deal from the Dutch Property Finance 2019-1 shelf. The announcement comes as BNP Paribas prepares to price Cartesian Blue, another Dutch RMBS.
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Nationwide announced the first distributed Sonia-linked RMBS on Monday, a milestone for the securitization market, which has lagged behind public sector and covered bond markets in switching to the post-Libor benchmark. The UK building society also switched the basis of its whole balance sheet to the new benchmark at the start of its new financial year on Friday.
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Crédit Immobilier de France Développement (CIFD) closed a private €1.1bn RMBS on March 21, its debut securitization of French home loans, and the first mortgage-backed deal to qualify for the ‘simple, transparent and standardised’ regulatory framework. It plans to follow the issue with the launch of a public RMBS shelf.
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Mark Calabria was confirmed by a 52-44-4 vote in the US Senate on Thursday to become director of the Federal Housing Finance Agency (FHFA), the US housing regulator and conservator of the GSEs, charged with returning them to stable footing since they came under government control in 2008.
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Citigroup has won a prestigious mandate to help Pimco buy £4.8bn of mortgages from the British government’s bad bank, UK Asset Resolution. It was victorious partly because it was able to get comfortable with holding the ‘risk retention’ in the deal, something only Barclays and Goldman Sachs have done so far. With UKAR gearing up to sell its last £8bn of assets and shut up shop, other banks may need to follow suit. Owen Sanderson reports.
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House prices in some advanced and emerging countries are at risk of a crash that could trigger a new bout of financial volatility, the International Monetary Fund warned on Thursday. It said that governments should tighten financial rules rather than hike interest rates to take steam out of the market, in an analysis published ahead of the spring meeting of its 189 country members next week.
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A class action suit against a suite of large investment banks had its first day in court on Wednesday, as an army of lawyers descended on lower Manhattan and 27 traders were named in a growing antitrust case. Defendants are accused of conspiring to inflate bond prices and defraud clients.
