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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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European securitization volumes are expected to be muted over the medium term, said Bank of America Merrill Lynch (BAML) analysts in a report published on Monday, in sharp contrast to the strong start to the year seen in the UK. -
Nationwide Building Society has announced a US and UK roadshow for its Silverstone 2018-1 RMBS with a view to issuing dollar and sterling floating rate tranches. It may also issue a longer dated fixed-rate tranche, a format that has historically been used by covered bond issuers including Nationwide.
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The Financial Conduct Authority has warned that a considerable portion of UK interest only (IO) mortgage holders are likely to face a repayment shortfall and risk losing their homes. The warning comes weeks after S&P outlined similar concerns.
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Al Rayan Bank has started marketing Tolkien Funding Sukuk No. 1, the first UK RMBS issue to be structured on Islamic finance principles. Islamic banks can’t access central bank facilities which means the wholesale markets are fuelling the firm’s ambitious expansion plans, writes Owen Sanderson.
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SPAXS, the special purpose acquisition company (SPAC) of Corrado Passera, the former chief executive of Intesa Sanpaolo and a former Italian minister, attracted a rapturous reception from investors on Friday, allowing it to increase the fundraising to €600m at pricing.
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Deutsche Bank has hired Asif Karmally from Goldman Sachs to work in its financial solutions group in the Middle East.
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Demand for the most junior tranches of UK RMBS Fleet 2018-1 jumped on Wednesday, even as spreads tightened, in contrast to price sensitivity in the senior tranches. At the same time, Clydesdale showed in its latest Lanark RMBS deal that the cost advantage compared to covered bonds has improved.
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Charter Court said it had sold the residual notes in a securitization it issued just last year — with the £15m gain on the sale illustrating the rally seen in UK RMBS in the interim.
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The order book for London Wall Mortgage Capital’s UK buy-to-let RMBS Fleet 2018-1 has been opened amid high hopes it will meet the same buoyant demand seen in other UK RMBS sold this year. But with cheap central bank funding to be withdrawn and a potential £1bn sale of legacy mortgages coming up, some observers have their doubts that the rally can last.
