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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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Rabobank’s Obvion has mandated banks for its first public STORM RMBS transaction of 2014, just as improving performance and technical factors help Dutch prime RMBS spreads challenge those of the UK at the tight end of the European market. -
Veneto Banca has wasted no time in getting more paper from its Claris RMBS platform on the market, looking to take advantage of overflow demand from its breakthrough deal in April.
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Santander UK is ready to build on an active couple of months for UK RMBS issuers after mandating banks for only the second master trust issue of the year — in the shape of its first Fosse programme transaction since 2012.
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Improvements in the US housing market have helped push down loss rates on mortgage bonds issued prior to the financial crisis. But those bonds still contribute to over half of losses in structured bonds worldwide, according to Fitch Ratings.
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Lloyds Bank has used a securitization of prime UK residential mortgages to provide its TSB spin-off with funding ahead of its anticipated initial public offering this summer.
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European borrowers are being emboldened by a strong bid from investors for almost all kinds of ABS, and the UK market is looking like the main beneficiary as Tesco plots its first public credit card deal and another growing lender returns to RMBS.
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ABS investors have been getting in on London’s luxury property boom this week, snapping up a guaranteed RMBS transaction from Swiss private bank EFG International backed by multi-million pound homes in the capital.
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Every offered tranche in Blackstone’s $1bn single family rental securitization, the largest deal to date of its kind, was sold this week at the wide end of guidance. Some analysts say the market may have got ahead of itself after seeing American Homes 4 Rent drive spreads to the lowest level for the asset class last week.
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Lloyds Bank has used a securitization of prime UK residential mortgages to provide its TSB spin-off with funding ahead of its anticipated initial public offering this summer.
