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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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The percentage of loans in commercial mortgage-backed securities linked to retail buildings in the past six months reached almost 50%, compared with 27% four years ago, according to JPMorgan Chase.
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Ireland’s Sealink Funding has filed additional lawsuits against several big banks, including JPMorgan Chase, Citigroup and Bank of America, over $949 million in residential mortgage-backed securities.
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Trading in Europe’s secondary asset-backed securities market has been somewhat muted this week, with prices in Northern Rock’s Granite residential mortgage-backed vehicle —the region’s market bellwether—reportedly remaining settled, traders said.
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Clydesdale Bank will seek to further tap the residential mortgage-backed securities market—possibly in the U.S.—this year after returning with a privately-placed issue, Lanark Master Issuer 2012-1, this week.
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Nervousness around Clydesdale Bank following a trading statement from its parent, National Australia Bank, has forced the Scottish bank to privately place its postponed Lanark RMBS through a single euro senior tranche offering.
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The rally in certain European peripheral countries driven by the recent flurry of tender offers in securitizations could prove short-lived, as analysts in London warn buy-backs alone will not solve banks’ funding needs.
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The Bank of Scotland has completed the tender offer for bonds in its Candide Financing 2005 and 2006-1 Dutch residential mortgage-backed securitizations.
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An ABS and covered bond tender from CatalunyaCaixa achieved a disappointing result this week, with just 5.6% of outstanding ABS bought back — and much of that at levels well above the minimum prices.
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The issuance of Mexican residential mortgage-backed securities rose 12.8% in the second half of 2011, though it may take another “12 to 18 months of stable economic growth in the market to show solid signs of recovery,” according to Standard & Poor’s.