Latest news
Latest news
Investors able to cherry pick deals from wide variety
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
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The EU’s lenient treatment of the IFRS 9 accounting rules has opened a loophole for Italian banks — allowing them to push through punishing provisions on their NPL portfolios, but wish away the impact on their regulatory capital — which could save the weakest banks from turning to shareholders for more cash, and speed up portfolio sales. -
Clifden IOM No. 1 revealed its strategy on Monday for the RMAC bonds that it tendered for — but the issuer said on Wednesday that the controversial fund had not yet offered proof that it controlled enough bonds to push through the deal changes it wants.
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Lone Star has mandated Morgan Stanley to help it refinance a portfolio of Irish mortgages it securitized less than two years ago, the first in a potential wave of sponsor-driven refinancing RMBS trades to come in 2018.
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The issuer and trustee in the RMAC deals at the centre of the tussle between Clifden IOM and Paratus AMC said they have yet to receive proof that Clifden holds the notes it needs to amend the bonds.
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VW Finance has announced a new auto ABS transaction, while Charter Court has set guidance on its latest UK RMBS and Elan Woninghypotheken’s latest Dutch RMBS is set to be priced.
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American Insurance Group is launching a prime jumbo mortgage RMBS deal through its own shelf for the first time, following two deals last year that were placed through Credit Suisse’s conduit platform.
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Charter Court Financial Services hit screens on Tuesday with its second UK RMBS of the year, Precise Mortgage Funding 2018-2B, while Santander UK’s Holmes also raced forwards to tap post-Vegas dollar demand.
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Investor sentiment at SFIG Vegas 2018 was that MBS and other mortgage investments are now “fully priced”, though buyers are not worried that the market will reverse course dramatically in the near term, wrote analysts at JP Morgan in a note on the back of the event.
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Santander UK has mandated joint leads for a prime RMBS off its Holmes shelf with a view to placing notes in sterling and, for the third time this year for a UK issuer, in dollars.
