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RMBS

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  • UniCredit hit around a 20% investor participation rate on the 18 tranches of its ABS buyback offer that closed earlier this week. The bank has bought back €474m worth of bonds below par.
  • UniCredit has extended the deadline for participating in a buyback of Cordusio RMBS in response to ratings actions from Fitch — but the timing change only applies to four of the 22 tranches targeted.
  • A weekly roundup of securitization sectors with year-to-date totals in ABS, CMBS, RMBS and CLOs in the US and Europe.
  • ING Bank’s Australian unit is in the market with a securitization of Australian residential mortgage loans—IDOL Trust Series 2012-2—which includes a U.S. dollar tranche.
  • SNS Bank is set to price its Hermes 18 RMBS later this week, having released guidance on Friday.
  • Yorkshire Building Society’s Brass No. 2 priced Friday at the tightest level seen in the U.K. residential mortgage-backed market since the financial crisis.
  • Netherlands lender NIBC Bank is set to return to the residential mortgage securitization mart with Dutch MBS XVII, more than a year after the last issue in the series.
  • Yorkshire Building Society’s Brass No.2 RMBS is set to be the tightest UK RMBS since the financial crisis. The fall in absolute yields of new issues over the past two months could force RMBS back into more borrowers’ plans — though the buy-side is already lamenting the loss of absolute value.
  • New rules to limit residential rent increases in France will reduce liquidity in the buy-to-let market, but are unlikely to have a credit impact on French RMBS and covered bonds, Moody’s said this week.