Latest news
Latest news
Master trust to finance Rothesay’s purchase of HSBC’s French mortgage book
BMW also priced its UK prime auto ABS
The €500m deal uses a master trust structure
More articles
More articles
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Wells Fargo filed a 15-G form with the Securities and Exchange Commission on Tuesday, confirming that the bank is set to launch its first private-label residential mortgage-backed security since the financial crisis. -
The Wall Street Journal reported on Tuesday that Rialto Capital, a financial subsidiary of US home builder Lennar Corporation, may be sold off to Stone Point Capital, a private equity firm with a substantial footprint in the US real estate market.
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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.
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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.
