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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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Constraints on European residential mortgage-backed securities ratings are shifting, with sovereign pressures and counterparty issues posing an increasingly larger risk to ratings, Standard & Poor’s said Wednesday.
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Rabobank subsidiary Obvion is back in the market with a new issue of Dutch residential mortgage-backed securities from its STORM shelf.
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Obvion’s first Storm transaction of 2013 and Volkswagen’s Driver 10 auto ABS will show the exceptional strength of the ABS market when they are priced next week, bankers reckon.
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Spreads on lesser-quality, peripheral names in European securitization have continued to tighten, as investors look outside their comfort zones for paper amid lack of supply, and some market officials think the stage is set for a steep gapping out.
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ING Bank has preplaced Orange Lion 2013-8 RMBS B.V., a securitization of Dutch residential mortgages.
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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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NIBC Bank is preparing to come to market with Dutch MBS XVIII, a EUR526.5 million ($702.9 million) securitization of Dutch residential mortgages.
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NIBC is set to be the first European RMBS issuer of 2013, driven by a robust bid for ABS in the secondary market. The appearance of the less frequent borrower as the first in the market this year underscores the opportunities for tightly priced deals, say bankers.
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Market players say Bank of America could be in the market again soon to offload another $100-200 billion in servicing rights, and that other banks could follow their lead after the bank sold $300 billion of residential mortgage servicing rights to Nationstar Mortgage and Walter Investment.