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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
More articles
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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. -
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.
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Reviving the UK RMBS market in the aftermath of the country’s vote to leave the European Union is seen as key to maintaining issuance levels in European ABS — but despite steady secondary trading and a market reopening deal, it is far from clear that this is possible.
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GE Money Bank in France last Friday offered up extra spread on the subordinate tranche of its €850m French RMBS deal, the first publicly placed deal in the asset class since July 2015.
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Goldman Sachs’s excellent DCM numbers this quarter were driven in large part by the lucrative exit from a large book of ex-Barclays loans, sold from the British bank’s non-core division to a consortium including Goldman last autumn.
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Thursday proved a busy day for primary European ABS. Clydesdale Bank reopened the UK RMBS market with a £750m ($990m) prime deal, while EDP priced its €600m electricity tariff receivables deal and GE Money Bank in France said it would print a minimum of €750m in French RMBS paper on Friday.
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Fannie Mae has priced its fourth credit risk transfer (CRT) deal of the year, CAS 2016-C04, amid high investor demand and a return to pre-Brexit spread level across structured finance markets.
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A new deal from Cerberus Capital Management’s Towd Point shelf, Auburn 10, could surface in the European ABS market soon, which would be backed by part of the private equity firm’s £2.5bn portfolio of Capital Home Loan (CHL) UK buy-to-let mortgages.
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UK Asset Resolution (UKAR) suspended its policy of preventing its sellside advisers from taking on buyside roles in portfolio sales, allowing Credit Suisse to work for both sides during the £13.3bn sale of the Northern Rock Granite portfolio, according to a report from the National Audit Office released on Tuesday.
