Latest news
Latest news
Timeline of collapse that rocked the UK bridging loan market
As well as deals backed by new loans, it will call and refinance 2023 deals
Meanwhile, BNP Paribas hires in structured finance
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Credit Suisse is hoping to price the first non-conforming RMBS deal of the year and only the second transaction of its type since the crisis began. ALBA 2011-RP1 pools mortgages originated by GMAC, Mortgages Plc, Edeus, Wave Lending and Platform.
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NIBC Bank has picked Deutsche and Morgan Stanley as leads for its Dutch MBS XVI RMBS issue, which will be on the road from next week.
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A raft of landmark transactions, debut issues and exotic assets is underscoring the strength of the European asset-backed market’s long delayed revival. The first post-crisis CMBS, the second non-conforming RMBS, a Dutch RMBS, a revived Spanish auto deal — Driver España — and a first from Yorkshire Building Society are all due to break new ground shortly following the largest public post-crisis UK RMBS and VW’s Driver Nine.
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The European Securities and Markets Authority’s new rating agency endorsement regime—a series of stringency tests to determine if credit ratings made outside the E.U. can be permitted into the region—will give some leeway to ratings that fall short of the E.U. standards. The move comes after industry professionals voiced fears that a wholesale block on non-E.U. ratings would trigger disruption to securitization markets.
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Lead managers Barclays Capital, JP Morgan, Morgan Stanley and Santander GBM gathered orders of £5.5bn equivalent for Santander UK’s Fosse 2011-1.
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A vote is scheduled for June 14 to resolve the dispute resulting from GSC Partners’ Chapter 11 bankruptcy protection filing and ensuing battle for control of $8 billion in collateralized loan obligations and related assets (TS, 11/5), according to court filings viewed by TS.
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Redwood Trust expects to issue two more private-label residential mortgage securitization deals this year, Martin Hughes, president and chief executive, told the Senate Banking, Housing & Urban Affairs Subcommittee on Securities in Washington today.
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The U.K. Financial Services Authority is taking its own view on how the E.U.’s financial markets reforms should be implemented, penning a fresh plan to allow “group” compliance on new rules slated to hit the global securitization industry.
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The Bank of England is expected to unveil a new approach to financial regulation that in effect would abandon the Financial Services Authority’s so-called “traffic light” system of oversight.