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'Important to distinguish between a systemic industry issue and a specific operational challenge' says trade body
Investors able to cherry pick deals from wide variety
PRA and FCA go much further than EU in loosening rules
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The Bank of England’s new Term Funding Scheme (TFS) could depress UK RMBS issuance, investors fear. But one issuer said it would help bring a “distorted” market back into line. -
Junglinster, an entity owned by funds controlled by TPG Special Situation Partners, Blackstone and CarVal Investors, sold £2.1bn ($2.72bn) of UK nonconforming RMBS paper last Friday, in a deal that was largely pre-placed.
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Redistributing non-performing loan risk among Italian shareholders, pension funds, banks, retail investors and the government will make Italy’s banking sector worse, not better.
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Surging demand for US structured products, MBS in particular, has led Fannie Mae to increase the size of its latest credit risk transfer (CRT) deal to $1.2bn after originally looking to sell $700m-$900m of bonds.
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TPG, Blackstone and CarVal are preparing a securitization exit of their £3.4bn acquisition of the Virage UK mortgage portfolio, bought from GE in December last year.
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Staring down the barrel of a bail-in, Banca Monte dei Paschi di Siena (MPS) is scrambling to develop a market-based recapitalisation plan before the end of the week in a crucial first test of the European Union’s Bank Recovery and Resolution Directive, which could place immense political strain on the Italian government.
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The secret £1.5bn securitization which fuelled Goldman Sachs’ DCM numbers in the second quarter is being sold piecemeal, with as much as £400m still left to place in the senior notes. The deal saw Goldman buy an old Barclays portfolio, split it in two, and securitize performing and non-performing loans, writes Owen Sanderson.
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Rabobank said on Wednesday that it sold a €500m portfolio of Dutch mortgages to insurer Delta Lloyd, continuing its €150bn plan to slim its balance sheet.
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Increased lobbying efforts to encourage the recapitalisation of government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac in the near future are likely to be futile given the political environment in the US.
