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The credit crisis has left many companies with stakeholders and regulators demanding granular information about less liquid and infrequently traded assets and liabilities that are often complex and difficult to value. -
The Bank of England’s Funding for Lending Scheme—which has been forecast to squeeze U.K prime RMBS issuance volumes from next year—is expected to be a hot topic of conversation between U.K. bank issuers and U.S. investors at the ABS East conference in Miami next week.
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Crédit Foncier could issue its first RMBS within weeks after deciding to start issuing the product alongside covered bonds. The French mortgage provider is set to begin with a private placement that will securitise around €1bn of mortgages. It will sell the senior tranche to French insurers and fund managers that expressed interest in the project early on.
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UK buy-to-let mortgage specialist Paragon has sold the first publicly marketed single-A RMBS since the crisis. The issue formed part of a triple-tranche offering that garnered strong international interest even after pricing well through guidance.
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Paragon’s U.K. buy-to-let residential mortgage-backed trade Paragon Mortgages No. 17 priced Thursday morning, clocking in 15 bps inside of guidance and in line with where new issue U.K. prime RMBS were printing in July.
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UK buy-to-let mortgage specialist Paragon has sold the first publicly marketed single-A rated RMBS since the crisis, as part of a triple tranche offering that was priced well through guidance and garnered strong international interest.
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RBS hired Trez Moore as a managing director in its mortgage finance unit.
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A weekly roundup of securitization sectors with year-to-date totals in ABS, CMBS, RMBS and CLOs in the U.S. and Europe.
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Leads on UK buy-to-let RMBS Paragon 17 are testing investor appetite for the senior notes at 15bp inside initial price thoughts. At 135bp over Libor, the level is the same at which Co-operative Bank sold a prime RMBS transaction just three months ago — at the time the year’s tightest UK print — in a sign of how far spreads have tightened this year.
