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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 Irish central bank hit out this week at a bill proposed by Irish political party Sinn Féin that could put an end to securitization and covered bond activity in Ireland, arguing that the bill could “slow or even reverse” an easing Irish mortgage market and “[increase] the cost of doing business in Ireland”. -
Pimco is buying UK Asset Resolution’s latest major mortgage disposal, the £4.9bn ‘Project Chester’ portfolio, just a week after the US-based fund took almost half of another former UKAR disposal, Towd Point Mortgage Funding-Granite4. Meanwhile, Citi has overcome a previous reluctance to own risk retention on behalf of its clients, following a path pioneered by Goldman Sachs and Barclays.
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The European Parliament on Monday decided to postpone a vote on a directive that would set up a secondary market for non-performing loans (NPLs) until next week. The delay increases the pressure on MEPs to reach an agreement before before the current Parliament’s mandate ends on April 18.
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Cartesian Blue Dutch Prime RMBS, a Dutch deal sponsored by Venn Partners, is set to become the first deal backed by pre-crisis assets to gain 'simple transparent and standardised' securitization status.
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The average 30 year mortgage rate plummeted this week by 22bp from 4.28% to 4.06%, according to Freddie Mac data, the largest weekly drop since the fourth quarter of 2008.
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President Donald Trump signed a presidential memorandum on Wednesday that purports to formally initiate the reform of the US housing finance system.
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The US RMBS market at the end of the first quarter is looking robust in some segments but sluggish in others, as Goldman Sachs lines up a new deal this week and an offering from Angel Oak clears the pipeline.
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Bank of America and Morgan Stanley’s European ABS trading desks have taken on the risk of Cerberus’s refinancing of the Granite portfolio, subscribing on Friday for classes 'B' to 'F' of the giant deal.
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Cerberus said this week that it expects to call the securitizations of the Granite book, Towd Point Mortgage Funding Granite1 and Granite2, suggesting the private equity investor is plotting a refinancing. This would mean marketing one of the largest ever UK mortgage deals in the middle of the final, fraught Brexit negotiations — a bold move, but increasingly inviting, as UK banks have rushed to take advantage of an improvement in sentiment this week. Owen Sanderson reports.
