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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Lead managers Deutsche, JP Morgan and Royal Bank of Scotland have released price guidance on Northern Rock’s Gosforth deal, at 135bp area over Euribor or Libor for the offered A1a and A1b sterling and euro tranches.
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New York-based financial services firm BlackRock is making three basis points of the total nominal value of the Federal Reserve Bank of New York’s Maiden Lane II portfolio, the paper bought from insurance giant American International Group in 2008 at the height of the crash.
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ABN Amro has agreed on a purchase price for its tender offer on the class E notes from its Smile 2005 synthetic collateralized loan obligation, following a one-week extension to the offer.
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UK securitisation issuers were facing up to tougher scrutiny from investors made newly aware of the impact of call risk this week.
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The Co-operative Bank said on Wednesday it would not call Leek 17, 18 and 19 on the deals’ step-up dates, sending senior notes tumbling up to 10 points, and shattering investor certainties about other UK deals (see Arran story from front page).
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Aegon added another Eu100m to its Saecure 10 RMBS, which had the A1 notes almost three times covered, on Thursday morning. Leads BNP Paribas, JP Morgan, and Rabobank also tightened pricing to 5bp inside Tuesday’s guidance across both offered classes.
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Alexander Mortgage REIT, a new real estate investment trust set up by Angelo, Gordon & Co, will join other non-bank entities positioning to be a buyer and potential issuer in the revamped residential mortgage-backed securities sector.
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The Commonwealth Bank of Australia has launched its first residential mortgage-backed securitization deal in three years.
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U.K.-based mortgage lender The Co-Operative Bank has said it will not call notes on three non-conforming residential mortgage-backed deals on their respective call dates for Leek 17, Leek 18 and Leek 19.