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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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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. -
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.
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Fitch Ratings upgraded Portugal's long-term currency issuer default rating on Friday, giving the country and its debt issuers a boost heading into the New Year.
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GlobalCapital spoke to Andrey Suchkov, head of securitization at VTB Capital, about the outlook for Russian RMBS issuance, which he believes has never looked better.
