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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
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The traditionally small investor base for UK RMBS has been hit with a wave of supply over the past three months. CarVal, Mars Capital, Precise and Paragon have all brought large UK RMBS deals to the market, and bankers have questioned whether the investors can continue to absorb this high level of supply.
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Irish late stage mortgage arrears remain among the highest in Europe. According to Moody’s, the increased use of long term restructuring options has improved the country's mortgage arrears crisis, but it is far from resolved.
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Banco Sabadell is rumoured to be interested in acquiring Granite, UK Asset Resolution’s portfolio of bad bank assets. The Spanish bank's acquisition of the assets could shock the supply-demand dynamic in the UK RMBS sector.
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The second deal from Co-op’s residential mortgage portfolio looks set to be a more modest transaction than the first, due to more challenging market conditions driven by high levels of supply and a limited investor base.
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CarVal Investors were back in the UK non-conforming RMBS sector this week with Dukinfield Plc, a deal backed by a legacy portfolio of mortgages acquired from former lender Future Mortgages.
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Investors are back in their seats and clearly hungry for paper, as illustrated by the final book size on Obvion’s recent Storm Dutch prime RMBS, but spreads aren’t likely to shoot back to pre-summer levels as macroeconomic uncertainty abides.
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The European structured finance pipeline got off to an energetic post-summer start, with a UK auto ABS, a German auto ABS, two UK non-conforming RMBS, a UK prime RMBS and a Dutch prime RMBS all being prepared to hit the primary market. -
Dutch mortgage lender Obvion has braved the difficult conditions in the European securitization primary markets to launch a new deal.
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UK short-term lender Amicus, formerly Capital Bridging, has pre-placed £95m of a £100m MBS deal backed by short-term loans — the first MBS of its kind.
