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Latest news
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
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The Bank of Italy has indicated that the state funded liquidation of Veneto Banca and Banca Popolare di Vicenza will free up capital from the state backed Atlante fund to finance its investment in Monte Patschi dei Siena (MPS). -
The Bank of England has expressed concern over the rising levels of consumer debt in the UK, which increased by 10.3% in the 12 months through April 2017.
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A pair of prime RMBS transactions were priced at the end of last week to heavy demand, with over subscription and tight spreads on both offerings.
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European mortgage investors saw more issuance activity this week, driven by a variety of deals from the Netherlands and the UK.
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Nationwide Building Society issued a larger than expected €1bn 15 year covered bond at an optically cheap spread this week, through close to one interpretation of fair value. The huge book supported a 10bp tightening through the process, even though some investors withdrew their orders.
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Representations and warranties and enforcement frameworks have been weak in non-prime US residential mortgage-backed securities, said Moody’s this week, in contrast to recent prime jumbo transactions.
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UK RMBS investors are eagerly eyeing a debut securitization from Optimum Credit, Castell 2017-1 PLC, which is backed wholly by second lien mortgages.
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American International Group (AIG) has launched a debut prime jumbo RMBS deal backed by collateral described by Fitch Ratings as among the strongest seen since the financial crisis.
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Twin Bridges 2017-1, a UK buy-to-let RMBS deal issued by Fortress subsidiary Paratus AMC, is being marketed to RMBS investors eager for exposure to UK mortgages.
