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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 European Commission has published a consultation on how European banks ought to recognise their non-performing loans (NPLs), weighing in on a bitter debate between the European Central Bank and certain members of the European Parliament — and coming down broadly on the ECB’s side. -
The European Parliament’s legal service has hit back against a proposal by the European Central Bank (ECB) to make banks provision non-performing loans (NPLs) more aggressively, as analysts grilled the management teams from Italy’s largest banks on how they could handle the problem.
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Unclogging the balance sheets of Europe’s banks has been a long and painful process, and one that has inhibited the region’s growth and recovery. But, as Bill Thornhill reports, the first securitization of non-performing loans without a government guarantee by a Portuguese bank this week is a crucial development for Europe’s heavily burdened banking sector.
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Ellington Financial is planning to issue a new RMBS deal backed by non-qualifying mortgages in the ‘near future’, as well as a second CLO transaction, with the firm looking to use securitization to fuel portfolio growth.
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Mars Capital Ireland Holdings has mandated Morgan Stanley for Grand Canal Securities 2 DAC, an Irish RMBS secured mostly by non-performing mortgages.
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US hedge fund Ellington Management has bought into the equity of a private Greek NPL securitization, cutting the investment that Aldridge EDC, the original investor in the portfolio, has to put down.
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The US Republican party has proposed an overhaul of the tax code, which could slash the corporate tax rate to 20% but could also cut the mortgage interest deductions enjoyed by homeowners, a move that could dent prices at the high end of the housing market.
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Consumer lenders are tapping securitization less and less, according to S&P Global Ratings, with the securitization of consumer loans at “record lows” across sectors — though rising interest rates could reinvigorate ABS backed by short dated collateral.
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Issuers’ confidence in limitless demand for ABS has been dented somewhat, as buyers pushed back on two sterling deals to widen pricing from initial guidance this month.
