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Meanwhile, BNP Paribas hires in structured finance
Aspire's first deal is a $391.28m non-prime securitization
Two lenders entering administration should signal to others: simplify the industry
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Standard & Poor’s has revised down by one month the timeline for clearing the U.S. residential shadow inventory.
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Subprime residential servicer SpringLeaf Finance may file for bankruptcy if its financial condition does not improve.
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The market’s reaction to the New York Federal Reserve’s second auction of legacy collateralized debt obligations in just two weeks has been more muted than the central bank’s last CDO sale at the end of April, market players say.
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Market officials are warning that primary volumes in Europe — flat now — trend down year-on-year as many traditionally active issuers are said to be close to being fully funded for 2012.
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Allied Irish Bank has raised the first unguaranteed funding for an Irish institution since 2009 through its Tenterden RMBS. Though the deal was hailed as an important restorative step for Irish banks, it succeeded because the securitisation structure delinked the UK collateral from the Irish sponsor, according to market participants.
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Recent stress tests indicate that most Spanish residential mortgage-backed securities transactions are sufficiently resilient to additional declines in house prices and a jump in mortgage defaults, according to Fitch Ratings.
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Spanish lender Catalunya Banc is pitching a buy-back of bonds from several of its residential mortgage securitizations, with a target amount of EUR250 million ($324.2 million) worth of bonds.
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Asset-backed securities traders in London say secondary markets have been muted since the start of May, with trading early this week reportedly still sluggish following the U.K. bank holiday on Monday.
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Allied Irish Bank’s first public securitization of residential mortgages, the £428.5 million ($691.2 million) Tenterden Funding PLC, will offer investors a spread of three-month LIBOR plus 250 basis points, a level markedly wider of other recent U.K. prime residential mortgage-backed securities prints.