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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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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. -
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.
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The US single family rental (SFR) ABS market is gaining traction after a quiet first half of the year, as investors seek new methods of accessing the US residential housing market on the back of low RMBS volumes.
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Clydesdale Bank is preparing to issue a new deal from its Lanark RMBS master trust, despite the clogged pipeline of UK issuers caused by the unexpected British vote to leave the European Union.
