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Latest news
The private equity giant previously did RMBS deals from its BINOM shelf.
Deal priced with 3bp premium to ING's Green Lion 2026-1
Specialist lender revives mixed Elstree shelf, after two first lien RMBS trades in 2025
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Bonds tied to Dutch and U.K. residential mortgage loans have consistently provided better performing—and more stable—spreads than debt backed by the credit of European banks and sovereign states, according to London-based researchers.
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The revival of the RMBS market could soon face an important test if recent losses in JP Morgan's Chief Investment Office (CIO) have affected the unit's willingness to continue the bulk buying of Dutch and UK RMBS seen in the past.
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The Bank of England and the U.K.’s Financial Services Authority are working with the U.S. Federal Deposit Insurance Corp. to develop resolution plans in the event that any of top seven cross-border banks fail.
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Distressed debt funds have raised roughly EUR60 billion ($76.33 billion) to acquire loans from European banks looking to unload a total of nearly EUR2.5 trillion ($3.18 trillion) in non-core assets, according to PricewaterhouseCoopers.
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Performance of Spanish residential mortgage-backed securities deteriorated in the first quarter, with cumulative defaults rising to 2.25% from 2.14% in the preceding three-month period, according to Moody’s Investors Service.
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Dutch lender Obvion N.V. is preparing a third issue of residential mortgage-backed securities from its STORM shelf this year, with Rabobank and Société Générale mandated as joint lead managers.
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Obvion has announced a third RMBS of the year from its Storm programme, choosing not to follow fellow Dutch issuer Aegon with a dollar deal but instead provide some much needed euro RMBS supply.
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The imminent downgrade by MoodyÕs of European banksÕ long-term and short-term ratings will see more than half of all UK RMBS counterparties breach their first rating trigger. Royal Bank of Scotland and Lloyds TSB face the highest exposures, but all affected banks will need to post collateral, find a third party guarantee or appoint a replacement.
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Bradford & Bingley’s Aire Valley master trust has breached its non-asset trigger, shifting all bond payments to sequential pass-through, whereby tranches will be paid in order of seniority rather than according to expected maturity. Traders reported no movement in the bonds’ price this week, however, as the trigger had been so widely anticipated.