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Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
A new European data centre sponsor, Dutch buy-to-let back in business, CLO equity squeezed and a Bitcoin backed deal
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Clifden IOM No. 1, a real estate-focused hedge fund, has launched a tender for UK RMBS bonds totalling £2bn from the RMAC series, which were issued before the crisis by non-conforming lender GMAC-RFC. The fund has stayed tight-lipped about its strategy, but some see it as an attempt to seize control of the collateral, following an announcement before Christmas that the original sponsors could call the deals. -
Agency credit risk transfer (CRT) RMBS has started 2018 in rally mode, with the secondary market performance of bonds across triple-B, double-B and unrated classes surpassing analysts' expectations.
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Rabobank has mandated lead banks for its first Storm RMBS deal of 2018, which is expected to be priced this week and could potentially set a new record.
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Kensington Mortgage Co was close behind Vauxhall Finance on Thursday in announcing its first securitization of 2018. The issuer declared its fifth Finsbury Square issue to fund an existing mortgage portfolio of £431m, plus up to £185m of pre-funding for new loans.
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The US Treasury and the Federal Housing Finance Agency (FHFA) agreed on Thursday to allow government sponsored enterprises Fannie Mae and Freddie Mac to maintain a $3bn capital buffer, reversing a previous plan that would have slashed the buffers to zero.
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Italy’s Banco BPM is set to redeem €375m of covered bonds early next year, as it looks to clean up its balance sheet and cut down further on its cost of funding.
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Brian Ford, head of structured finance research at Kroll Bond Rating Agency, told GlobalCapital this week that the strong risk on investor sentiment seen this year will carry into 2018, but added that autos and non-agency MBS volumes could decline from 2017 levels.
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A third of interest-only borrowers in non-conforming UK RMBS failed to pay down their principle at maturity, according to S&P Global Ratings.
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The Italian banking system finished the year strongly with UniCredit making good progress on Project FINO (the bank's plan for asset disposal, named Failure Is Not an Option) and Genoa’s Banca Carige finalising the all-important capital raising part of its turn-around plan, but there is still a lot of work to be done to resolve Italy’s banking problems in 2018.
