Latest news
Latest news
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
Citi prepares consumer ABS from Abound forward flow
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Freddie Mac's seventh risk-sharing RMBS, which priced on Wednesday, is expected to settle in a more stable market than earlier issues under the program, which widened drastically last month. -
Some Italian mortgage originators preparing to re-market retained RMBS transactions in the next few months have put their plans on hold, waiting to see if they can trim costs by selling them to the European Central Bank rather than on the open market.
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Some Italian mortgage originators issuers preparing to re-market previously retained RMBS transactions in the next few months have put their plans temporarily on hold, preferring to wait and see if they can trim costs by selling them to the European Central Bank rather than the open market.
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US based private equity firms Blackstone and TPG Capital have acquired non-conforming and buy-to-let UK mortgage lender Kensington Mortgages from Investec, in a move that could see the lender issuing different forms of ABS.
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Freddie Mac is set to price its seventh risk-sharing RMBS deal this week, with strong demand expected despite choppy secondary trading in the asset class over recent months.
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A number of accounts participated in both the two and five year tranches offered by Virgin Money’s latest Gosforth RMBS, which one person close to the deal said was the first UK deal for some time to focus on mitigating pre-payment rather than extension risk.
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Virgin Money was set to place its first new RMBS since 2012 on Friday after opting for a two and five year structure more familiar to Dutch issuers. The bank’s return to the product is a further sign that a weakened Funding for Lending Scheme and a tightening of UK RMBS spreads is making the market tempting once more to a bigger pool of issuers.
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Issuance in the US market has picked up following the holiday weekend, with six ABS deals in the pipeline. Almost all asset classes are represented this week, with auto ABS, credit cards and RMBS leading the charge alongside some transactions with rarer collateral.
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Fitch sent a warning shot to the single family rental securitization market on Tuesday, as American Homes 4 Rent announced its second deal in the asset class. The new transaction has a preliminary rating of triple-A from Kroll and is slated to receive a rating from Moody’s. But Fitch said refinancing risk and leverage were reasons for not rating deals higher than single-A in the controversial new market.
