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L&G's head of portfolio management on everything equity release after debut deal
The private equity giant previously did RMBS deals from its BINOM shelf.
Deal priced with 3bp premium to ING's Green Lion 2026-1
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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.
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Leads HSBC and Bank of America Merrill Lynch have gone out with guidance for Allied Irish Bank UK’s first public RMBS, Tenterden Funding, giving investors a spread pick-up over recent UK prime deals.
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Hedge fund D.E. Shaw is launching the Alkali Fund in July, which will invest in residential mortgage-backed securities, consumer asset-backed debt, toxic loans, including European loans, among other instruments. .
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The Federal Reserve Bank of Boston had praise for mortgage-backed securities during the financial crisis, saying, compared with most investments, they were “highly transparent and their issuers willingly provided a great deal of information to potential purchasers.”
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David Stevens, president and ceo, of the Mortgage Bankers Association, has called on Fannie Mae and Freddie Mae to develop mortgage-backed securities common to both as a way of increasing liquidity.