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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Moody’s Investors Service has downgraded another $3.74 billion of subprime residential mortgage securities, bringing the total of lower rating actions to roughly $7 billion since Friday.
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Fresh from the private placement of Storm 2011-1 and 2011-2 last week, Obvion is aiming to sell Strong 2011-I, a Eu1.2bn Dutch prime RMBS with a 100% NHG-guarantee. Rabobank and Société Générale are lead managers.
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Lead managers JP Morgan and Natixis priced Veneto Banca’s Claris RMBS 2011 on Thursday but while the A1 tranche was sold at the initial guidance, the A2 tranche required a wider price to clear.
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Eurosail-UK 2007 3-BL, a Lehman-sponsored UK non-conforming RMBS, is not insolvent, according to a Court of Appeal judgment handed down on Monday morning.
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Rabobank and ABN Amro opened a tender offer for the notes of Shield I, and the B-E notes of Smile 2005 on Wednesday, a pair of ABN synthetic securitisations for which it no longer receives capital relief.
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Skipton Building Society’s Darrowby No. 1 is set to be the next UK prime RMBS deal to hit the market, with JP Morgan and Royal Bank of Scotland running a roadshow in London on Thursday and Friday.
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Barclays Capital structured finance analysts this week highlighted risks to investors in the E-MAC NL 2004-1 and E-MAC NL 2008-1 Dutch RMBS.
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Lead manager Rabobank this week placed Eu1.5bn of Obvion’s Storm RMBS with a third party investor, following a Eu2bn private placement from the same series in 2010.
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Veneto Banca is set to offer a Eu560m RMBS after lead managers JP Morgan and Natixis took the issuer on a roadshow this week in a deal buoyed by spread tightening and a lack of alternative supply.