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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 UK ABS market has slowed with the rest of Europe in August, with fewer investors participating in recent deals. But sources said September is primed for a strong comeback. -
Attractive arbitrage is encouraging more prime jumbo RMBS issuance, with JP Morgan set to launch a new $1bn deal this week.
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Despite UK assets offering juicier spreads than their European counterparts, distribution stats show little European investor participation in UK deals. That might be disappointing for UK issuers, but at least it means little to fear from a hard Brexit.
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The European ABS market is entering into its seasonal summer quiet period, with the pipeline slowing to a trickle after a number of new transactions were priced last week.
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UK ABS market participants cheered last week’s confirmation from the Bank of England that its Term Funding Scheme (TFS) will wrap up in February 2018, but opinion in the market is that the programme should not have gone on that long to begin with.
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A former senior vice president at government mortgage agency Fannie Mae has joined Flagstar Bank to lead its mortgage business.
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Italy’s Banca Carige has said that it has identified the investors that it will pitch to for its sale of €1.2bn of non-performing loans held on its balance sheet.
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Moody's changed its outlook for collateral backing a range of UK ABS sectors to negative on Monday, citing weakening economic data and rising consumer debt as likely to impact securitization performance.
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European securitization issuance in the second quarter topped €71bn, an increase of 91% from the first quarter according to the Association for Financial Markets in Europe (AFME).
