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'Important to distinguish between a systemic industry issue and a specific operational challenge' says trade body
Investors able to cherry pick deals from wide variety
PRA and FCA go much further than EU in loosening rules
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Recently proposed changes to capital requirements from the Basel Committee on Banking Supervision could cause asset-backed securities-related regulatory capital held by banks to increase more than twice over and sharply raise the spread level at which banks break even when investing in ABS, according to Royal Bank of Scotland researchers.
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Rabobank mortgage subsidiary Obvion priced its Dutch residential mortgage-backed securities deal, STORM 2013-I, tight of original guidance on Tuesday, with the EUR150 million ($199.77 million) senior three-year tranche yielding 45 basis points over three-month EURIBOR.
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Both tranches in Obvion’s latest Storm RMBS will be priced 10bp inside initial price thoughts after investor interest left the two and five year tranches more than three times covered.
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Initial price thoughts on Obvion’s Dutch residential mortgage-backed trade, STORM 2013-I, surfaced this morning, with the senior class whispered at three-month EURIBOR plus 50-55 basis points.
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Obvion’s first Storm RMBS of the year is set to be the tightest Dutch RMBS print since the crisis, with the issuer benefitting from booming demand and a no-grow size.
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Dutch lender ING has sold €3bn of RMBS from its Orange Lion shelf, in a deal that was sole led by JP Morgan.
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The demand for peripheral financial institution bonds in the secondary market has continued to grow, enabling Banco Popolare de Vicenza and Alba Leasing to sell the senior tranches of retained RMBS into the market at around par.
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A handful of new issue Dutch residential mortgage-backed transactions emerged this week and securitization bankers say U.S. investors continue to have the asset class in their sights.
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The demand for peripheral bonds in the secondary market has continued to grow, enabling Banco Popolare de Vicenza to sell the senior tranche from its Berica 10 RMBS, which had been retained for repo, into the market at par.