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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The outlook for asset-backed securities and residential mortgage-backed securities in weaker European countries—such as Greece, Ireland and Italy--in 2012 is negative while that for deals in the U.K., the Netherlands, Germany and France is stable, according to Moody’s Investors Service.
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Increased loan level data disclosure requirements for securitizations are a “red herring” and will not in themselves tempt investors back to the market, according to speakers at an industry conference in London.
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The level of transparency in certain U.K. securitization trades has been important in attracting U.S. investors to the asset class this year, but too much data could risk overwhelming potential new participants, panelists at Terrapinn’s Securitization World 2011 conference in London said Tuesday.
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The cost of foreign exchange swaps for certain U.K. firms looking to issue securitizations into the U.S. and Europe beyond the core U.K. investor base remain “prohibitively” expensive, according to Stephen Bowcott, head of securitization at Paragon Group.
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Santander and Royal Bank of Scotland say estimates on the cost of financial reform by the Independent Commission on Banking are understated.
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Bank of Ireland has raised an estimated EUR350 million ($468.7 million) in a tender offer to buy back residential mortgage-backed securities.
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Clydesdale Bank shelved its new U.K. residential mortgage-backed issue from its Lanark Master Trust late on Thursday after the bank was downgraded by Standard & Poor’s.
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Following two weeks of roadshows in Europe and the east coast of the US, Clydesdale Bank has postponed its Lanark RMBS, following a downgrade of the bank by Standard & Poor’s. The trust has been out of the market for the past four years, and was restructured this summer in preparation for the issue.
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The Bank of England activated its loan-level disclosure requirements for RMBS and covered bonds on Thursday — the first European jurisdiction to do so. Market participants from all sides praised the initiative, though many cautioned that it was unlikely to tighten spreads or increase investor participation.