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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The US securitization market is enjoying the usual post-Miami conference pick-up in activity, with as many as 17 deals lined up to be priced this week. -
Market volatility has cut into global bond volumes this year, with trade tensions weighing on S&P Global’s issuance outlook for the remainder of the year, but strong CLO activity and a growing esoteric ABS sector have helped the securitization market buck that trend.
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Following on from its debut £242.3m deal last year, second lien mortgage specialist Optimum Credit has mandated Natwest Markets as arranger and lead manager for a slightly larger second offering.
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Atom, a UK challenger bank, priced its first RMBS deal on Wednesday, retaining some of the triple-A bonds while placing the rest with UK investors.
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THE VIBRANCY of the sterling covered bond market this year is beyond doubt, after 21 deals from 17 issuers. UK issuers have accounted for just over half of 2018’s supply, with the remainder made up from a dozen overseas borrowers, a large proportion of which include Canadian and German names.
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Issuers are pushing two new deals through the European ABS primary pipeline this week, with Lloyds Bank acting as lead arranger on the Penarth 2018-1 credit card ABS, while Atom Bank's inaugural UK RMBS Elvet Mortgages 2018-1 has been given price talk.
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Credit Suisse is marketing CSMC 2018-RPL8, a new RPL deal. While that comes as investors are beginning to question the merits of that trade as rates continue rise, experienced issuers are learning to counter bearish sentiment with modified deal structures.
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Two political initiatives in the US have raised the prospect of public subsidies for low-income housing and rent controls, a move that real estate investment trusts are keen to resist.
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Excess housing supply and buyer affordability concerns will continue to plague recovery prospects for distressed Spanish properties, despite recent house price growth and better economic outlook for the country, notes Fitch Ratings.
