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Liberated issuers will still have to follow European regulations if they want to sell in EU
Citi prepares consumer ABS from Abound forward flow
It plans to include transactions backed by second lien fixed rate mortgages originated post-crisis
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Delta Lloyd is taking the swapless RMBS concept public after mandating banks to broadly syndicate its second Arena NHG prime Dutch RMBS of the year, which will again feature an interest rate cap provided by ABN Amro instead of a traditional swap.
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Precise Mortgages managed to fully cover its latest UK RMBS this week. But the trade had to combat the same investor apathy that has afflicted a string of sterling trades of late, just as Permanent TSB is lining up a return to UK RMBS through CHL Mortgages. -
Precise Mortgages managed to fully cover its latest UK RMBS by pricing on Wednesday afternoon, but the trade had to combat the same investor apathy that has afflicted other recent sterling trades.
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Permanent TSB’s UK arm is set to securitize a portfolio of UK buy-to-let mortgages originated before it halted lending during the financial crisis, as the Irish lender continues to manage capital after failing the European Central Bank’s stress test last month.
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Delta Lloyd is taking the swapless RMBS concept public after mandating banks to broadly syndicate its second Arena NHG prime Dutch RMBS of the year, which will again feature an interest rate cap provided by ABN Amro instead of a traditional swap.
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Market participants cited the finalization of regulatory rulemaking initiatives as a relief for private label RMBS issuers and investors on Wednesday during a conference in New York, but potential liabilities related to reps and warranties and mortgage servicing remain murky.
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Michael Stegman, counsellor to the US Treasury secretary, this week continued his push for a benchmark transaction that could resurrect the private label securities (PLS) market but some market participants say his pitch is a little too ambitious.
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Small investors are coming back to the private label RMBS market, but deep structural reforms that "hold originators' feet to the fire" are needed to tempt larger buyers back, said panelists at a conference on Wednesday.
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Lead managers on Veneto Banca’s Claris 2011 RMBS resale have collected over €300m in indications of interest for the deal, which leaves the Italian bank on track to offload a third of the bonds it still holds from the previously retained transaction.
