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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Investors in U.K. commercial mortgage-backed securities may file claims that the CMBS are in default, using a principle established by a British court earlier this month involving residential mortgage-backed securities issued by a unit of Lehman Brothers Holdings.
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Issuers in Europe’s covered bond market are predicting more credit investors to dive into the sector this year, as well as strong, sustained interest from the U.S. buy-side, according to panelists at Information Management Network’s issuer strategy roundtable on covered bonds in London.
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Northern Rock has been trying to play down the significance of its first public post-crisis securitisation, a £1.5bn prime RMBS. The bank was at pains to point out that it was only publically placing 2% of its balance sheet, in the form of an ‘A1’ tranche of 1.99 year average life notes.
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Lloyds released guidance on its Headingley static pool RMBS on Wednesday, with pricing finally expected during Australian hours on Friday — a challenging aspect of being the first UK RMBS to place an Australian dollar tranche.
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JP Morgan is once again buying primary market ABS in size, taking Eu1bn of Aegon’s new Dutch prime deal Saecure 10.
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MKP Capital, a distressed-debt fund manager, is said to have sold off roughly two-thirds of its portfolio of asset-backed securities last week.
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The Commercial Real Estate Council has begun lobbying for an exemption to a rule under the Dodd-Frank Act that would require issuers of asset-backed securities to hold 5% of the issue.
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Lloyds Banking Group is said to be prepping a swift follow-up to its standalone U.K. residential mortgage-backed trade Headingley 2011-1, with a new issuance from its U.K. RMBS master trust, Permanent.
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Trading activity in the European asset-backed securities secondary markets has remained quiet over the week, though some market professionals forecast a widening of the bid-ask spread on European paper.