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Triton 2026-1 is the largest Australian non-bank RMBS
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More than 70% of the gross U.K. residential mortgage lending market has opted for the Bank of England’s Funding For Lending Scheme, further signaling that the primary market for U.K. residential mortgage-backed securities—the country’s largest securitization sector—is likely to experience a lag in productivity.
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Obvion is preparing to launch its fifth Storm RMBS this year, less than a month after its last deal, as bankers say a strong market could entice more Dutch issuance before year-end.
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UniCredit bought back another €95m of RMBS from the four tranches for which it extended tender offer deadlines, bringing the total amount of notes accepted to €667m at a price of €569m.
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A weekly roundup of securitization sectors with year-to-date totals in ABS, CMBS, RMBS and CLOs in the US and Europe. -
Banco Santander Totta is pitching a novel tender offer that would see it buying back three classes of residential mortgage-backed bonds from investors in exchange for exposure to a covered bond.
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Santander Totta has launched a second liability management offer on three long dated RMBS, but this time with an innovative twist. The Portuguese bank is offering to switch the paper into a short dated covered bond. It is the first time a bank has offered a swap from RMBS to covered and the results will be closely watched.
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The escalating strength of demand for ABS was illustrated on Wednesday when SNS Bank priced the short dated tranche of its Hermes XVIII RMBS at levels well inside where top-rated Obvion priced a similar tranche earlier this month.
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Despite Bank of England data on Tuesday showing UK banks flocking to the Funding for Lending Scheme, ABS bankers say lenders will still make use of the RMBS market — especially when levels are as attractive as where Yorkshire Building Society’s Brass No.2 was sold last week.
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A bids-wanted-in-competition list stacked with the major U.K. prime residential mortgage-backed names has caught the market’s attention in London.
