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Meanwhile, ADMT has set guidance for its $602m non-prime deal
Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
More articles
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Permanent TSB has mandated three banks to sell an Irish RMBS transaction, Fastnet 13, offering classes of senior and mezzanine bonds to investors. -
Banks are trying to digest the implications of a new move by the European Central Bank, which would set a deadline by which new non-performing loans should be fully written off. This could spark a rush to declare NPLs before the end of this year, write Owen Sanderson and Jon Hay.
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Puerto Rico’s municipal debt slumped this week after comments from President Donald Trump spooked investors, but the impact on US RMBS investors will be far less immediate as service providers assess the scale of the damage on the island’s properties.
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The European Commission is readying proposals to deal with the continent’s vast stock of non-performing loans (NPLs), including an out of court foreclosure process meant to speed up asset resolution.
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Dutch municipalities poured into the latest Dutch RMBS deal from Argenta Spaarbank last week, as low levels of supply sent buyers scrambling for new paper.
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The UK RMBS pipeline is building in October, with first time issuer Belmont Green tapping two banks for a new offering.
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US Bank has held onto a chunk of cash in a pre-crisis Lehman Brothers RMBS deal of which it is a trustee to pay potential legal costs relating to the bonds, three months after a similar move from Wells Fargo rocked the market.
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The ABS market has two Italian trade to consider this week, one a secondary re-offer of an RMBS transaction from Banco Populari di Bari and the other the latest in Agos Ducato’s Sunrise consumer loan series, with both issuers looking to take advantage of rampant demand and tight pricing conditions.
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Second charge mortgage lending is growing rapidly in the UK, with market sources expecting it to become more common in UK RMBS transactions this year.
