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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 lull in European structured finance is expected to last another week before the market kicks back into action, according to syndicate desk heads in London.
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Standard & Poor’s has downgraded 1,692 classes of 244 Alt-A and jumbo residential mortgage-backed securities as it revised down its expectations on the underlying loans.
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The short-selling ban on bank stocks in France, Belgium, Spain and Italy is not likely to have a direct impact on European securitizations, but that’s not stopping the sector’s paper from continuing to fall in what bankers are calling an “ugly” market environment.
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Securitization syndicate desks in Europe are said to be already sounding out buyers for potential new issues following the summer lull, but are being more cautious in their conversations with investors.
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Prices on ABS market benchmark Granite dived on Thursday with triple-Bs down to 48 bid — around five points down on the day. Single-As were also down to the mid-60s, but these moves were blamed on trading desk activity, with real money largely on the sidelines.
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The private-label residential mortgage securities market was dealt yet another setback this week, with tumult in the credit markets expected to push regular new deal flow into the distant future.
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Delta Lloyd Group, a Netherlands-based bank, is preparing E-Arena B.V., a EUR 478.9 million ($680.4 million) securitization of prime Dutch residential mortgages.
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Ginnie Mae residential mortgage-backed securities hit historic levels Wednesday, pricing richer in a full day of trading as the market digested moves by the Federal Reserve to keep interest rates at record lows.
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Fears that a jump in the refinancing index might spark a selloff of government-backed mortgage bonds have been quelled by Federal Reserve Chairman Ben Bernanke’s speech yesterday, analysts told SI.