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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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US private equity firm Cerberus Capital Management sold the latest piece of its Capital Home Loans buy-to-let mortgage portfolio in a new securitization deal last Thursday, with pricing of the deal suggesting demand is strong for scarce BTL collateral. -
Cerberus Capital Management priced a large re-performing loan RMBS deal through its First Key Mortgage Arm on Wednesday, with investors showing heavy demand for the bonds.
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UK specialist lender, Together, which offers residential, commercial and personal loans, has agreed a £90m four year funding facility with Goldman Sachs Private Capital.
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Final bids for Bradford & Bingley’s £16.3bn portfolio of buy-to-let mortgages are due in two weeks, but the buy-to-let RMBS market is shrugging off the potential glut of issuance. Meanwhile, frequent issuer Paragon has turned to the Bank of England for funding, leaving conditions supportive for Cerberus Capital Management's largest buy-to-let deal yet.
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Freddie Mac priced its first credit risk transfer (CRT) RMBS deal of 2017 on Tuesday, with a new structure offering more subordinated debt embraced by investors and saving money for the government sponsored enterprise (GSE).
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Co-arrangers Bank of America Merrill Lynch and Morgan Stanley have announced the next chunk of financing for Cerberus’s acquisition of Capital Home Loans from Permanent TSB.
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Research from JP Morgan ABS and covered bond analysts show generic European ABS spreads in Italy, Spain and the Netherlands trending closest to covered bonds spreads since the European Central Bank launched purchase programmes for both asset classes, in October and November 2014.
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UBS investment bank delivered a 54% increase in profit before tax in the final quarter of 2016, compared to the same period in the previous year, but the bank’s inventory-light approach meant it missed out on the post US election trading boom that has benefited US competitors.
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The non-prime mortgage market is on track to grow in 2017, with the number of issuers in the sector potentially set to double, according to rating agency officials and RMBS market sources.
