Latest news
Latest news
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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Credit default swap spreads on Spain’s biggest banks, led by BBVA and Banco Santander, widened sharply after Standard & Poor’s downgraded the nation’s credit rating for the second time this year.
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Standard & Poor’s says Spain’s growing debt troubles may force banks to ask for state aid, though the government has expressed reluctance to give it. “
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The European Central Bank is said to be working with a group of eurozone countries on a plan that would allow banks to recapitalize with the help of their respective nation’s bailout funds without first going through the government, but the European Union has already said it has no plans to change its current policy barring that.
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The Financial Stability Board has published a report that calls for tougher regulations on securities financing, including repurchase agreements, over concerns that such transactions could threaten market stability.
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The performance of the prime residential mortgage-backed securities market in the U.K. remained stable in the three-month period ended Feb. 29, according to Moody’s Investors Service.
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Paul Tucker, deputy governor of the Bank of England, says regulators should have more power to control shadow banking by having the authority to impose higher collateral requirements on transactions, among other things.
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Aegon was putting the finishing touches to the first dollar 144A RMBS from a Dutch originator as EuroWeek went to press, with the deal expected to be completed on Friday. The lead managers were able to tighten pricing from guidance before launch, suggesting demand was large and investors unfazed by political moves in the Netherlands this week.
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Bradford and Bingley’s Aire Valley master trust could breach its non-asset trigger next month, altering the order of payments across the entire structure. Aire Valley bonds will become more liquid as a consequence, according to bankers, but not liquid enough to displace Granite as the RMBS market benchmark.
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UK building societies this week returned to the RMBS market and found sterling investors waiting with open arms. Some of the largest global asset managers are back on the lookout for UK RMBS, putting the building societies in a propitious position, said bankers.