Latest news
Latest news
Citi prepares consumer ABS from Abound forward flow
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
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EU institutions are working toward a deal on a draft directive establishing secondary markets for non performing loans (NPLs). It is to be the final piece of the NPLs "action plan" unveiled in March by the European Commission. -
The end of Libor is nigh, but the requisite market activity to build Sofr — the alternative to dollar Libor that has been pitched — into a predictable term rate is still remarkably sparse, potentially leaving issuers dependent on Libor with an unreliable alternative if the rate is no longer quoted after 2021.
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The Federal Housing Finance Agency (FHFA) last week published its final set of rules on the alignment of prepayment speeds for the forthcoming uniform mortgage backed security (UMBS).
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The Northview Group is preparing to issue a new RMBS from its Finsbury Square shelf, with Citi as arranger and BNP Paribas, Deutsche Bank and National Australia Bank as managers. Also in the pipeline is Ellington's Irish RPL deal and a Swiss franc auto ABS.
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Irish republican party Sinn Féin has proposed a mortgage bill dubbed ‘no consent, no sale’, which would seek a borrower’s agreement before selling mortgage loans to another owner, either abroad or domestic, in a move which could end the securitization market in Ireland.
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Banca Carige, the struggling Italian lender, said this week that it was looking for €630m of new equity capital to carry out an ambitious plan to bring its non-performing exposure (NPE) ratio down to 6%-7% from 22%. The institution is also hoping to overhaul its funding sources, faced with replacing €5.5bn of financing from the Italian government and the European Central Bank.
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With the launch of the uniform MBS just months away, the merger of the markets for Fannie Mae and Freddie Mac securities – worth a combined estimated $3.7tr – is imminent, though hurdles remain before the ‘single security’ goes live and investors lose the ability to buy a specific GSE's bonds in the TBA market.
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Morgan Stanley is marketing an Irish reperforming RMBS called Jepson Residential 2019-1 for Ellington, backed by the portfolio securitized in European Residential Loan Securitization 2017-PL1, sponsored by Lone Star. The Texan PE firm said two weeks ago that it was “evaluating potential strategic alternatives” for the portfolio, but the announcement of the Ellington deal suggests a call is imminent.
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The European Union is on the cusp of overhauling its prudential capital rules for banks. The incoming regulatory changes have far-reaching consequences, including for the debate around green finance, the future for dividend payouts and for the market for non-performing loans (NPLs).
