Latest news
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 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. -
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.
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The debut public RMBS from Together Finance, formerly Jerrold Holdings, saw strong levels of oversubscription and tight pricing across the capital stack, once again strong demand and favourable pricing available for issuers in the securitization markets.
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Santander UK’s master trust securitization was greeted with acclaim this week as it became the latest issuer to return to the securitization market ahead of the expiry of the Bank of England’s term funding scheme (TFS) next year.
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Before the Bank of England’s easy money schemes, UK issuers were reliant upon a deeper base of US buyers to get deals over the line. With the end in sight for the BoE’s Term Funding Scheme (TFS), sellers are looking to restore the link between the US and the UK markets to support sterling issuance.
