Latest news
Latest news
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
Citi prepares consumer ABS from Abound forward flow
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JPMorgan Chase (JPM) priced a $459m RMBS deal backed exclusively by mortgages with high loan-to-value ratios on Thursday, the latest in a rapidly diversifying market of non-agency mortgage credit. -
The launch of the uniform mortgage backed security (UMBS) in June 2019 is approaching, but investors continue to voice uncertainty about the merits of the changes to the to be announced (TBA) market and are less prepared than US government officials would hope.
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Eurobank’s ambitious scheme to fully merge with its real estate firm Grivalia, hive off €7bn of NPLs, and sell a stake in its servicer was rightly welcomed by the market, with the shares bouncing on Monday morning and other Greek indices rallying. But it’s not something the country’s other banks can count on — the scheme relies on a generous backer, willing to double down on the troubled economy.
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A tie-up with real estate firm Grivalia will allow Eurobank to accelerate the reduction of its non-performing exposures, the Greek lender said on Monday. The country’s banks normally face equity dilution from writing down bad loans, under a law relating to deferred tax credits (DTCs), but Eurobank has found a structural way to get around that.
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On Thursday, the Bank of Greece revealed plans to manage the banking sector’s non-performing loans through securitizing them in a vehicle capitalised by the banks’ deferred tax credits (DTCs) — the latest move to speed up the push to clean up lenders’ balance sheets in the country.
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EU authorities are allergic to complex financial products — except when they solve a problem for the EU.
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National Australia Bank is planning a further expansion in UK RMBS, using its balance sheet strength to muscle into the burgeoning specialist finance market. The bank is hiring for the team, and plans to build a lasting presence.
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Paragon, the UK bank that specialises in buy-to-let mortgages, reported strong lending growth for its year to September, supported by a 47% increase in deposit funding. That reduced its reliance on wholesale funding and helped it boost profits by 25%.
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Credit risk transfer deals were pioneered by the US government-sponsored enterprises (GSEs) as a means to limit taxpayer liability to the quasi-public entities’ massive portfolio of mortgages. But private mortgage insurers have followed suit and are transferring a portion of their insurance risk in similarly structured deals.
