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Meanwhile, BNP Paribas hires in structured finance
Aspire's first deal is a $391.28m non-prime securitization
Two lenders entering administration should signal to others: simplify the industry
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Mortgage real estate investment trusts that are moving out of agency mortgages and into physical property assets, such as single family rental homes, are encountering resistance from some investors. -
Principality Building Society is set to demonstrate the considerable tightening of UK RMBS spreads in the last two months with its second Friary transaction this week, as issuers queue up to print deals before next week's Global ABS conference.
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Rabobank’s Obvion has mandated banks for its first public STORM RMBS transaction of 2014, just as poor supply is helping Dutch prime RMBS spreads challenge those of the UK at the tight end of the European market.
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Investor thirst for Italian asset-backed paper is proving hard to quench at the moment, with bankers seeing more accounts gaining mandates to invest in Italian transactions and issuers spreading a recent revival in public ABS issuance from the country to two more asset classes.
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Improvements in the US housing market that have been better than expected have helped push loss rates lower on mortgage bonds issued prior to the financial crisis, but they still contribute to over half of losses in structured bonds worldwide, according to Fitch Ratings.
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Santander UK is ready to build on an active couple of months for UK RMBS issuers after mandating banks for the first transaction from its Fosse programme since 2012.
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Achmea Hypotheekbank has taken a route all too familiar for Dutch originators in recent times by pre-placing its latest securitization of prime Dutch mortgages within its own business group.
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Banca Sella will sell its first public securitization of Italian residential mortgages in almost a decade next week, but ABS bankers feel it will still not be enough to quench investors’ thirst for Italian paper, despite a recent increase in issuance from the country.
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Cuts to Royal Bank of Scotland’s US non-agency mortgage business may extend to its collateralised loan obligation syndicate and distressed debt businesses, and may also lead to a “rationalisation” of its agency RMBS trading desks, GlobalCapital understands.
