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ABS primary market performs well after Iran strikes and fall of MFS
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As well as deals backed by new loans, it will call and refinance 2023 deals
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Santander’s Alliance & Leicester arm made a successful return to the RMBS market last Friday when it increased Fosse Master Issuer 2010-1 from an indicative £1bn equivalent to £1.42bn.
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Crédit Agricole and Credit Suisse are marketing a Eu750m RMBS for NIBC Bank, the firm’s first public deal since well before the credit crisis.
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Santander’s Alliance & Leicester arm made a successful return to the RMBS market on Friday afternoon when it increased Fosse Master Issuer 2010-1 from £1bn to £1.42bn.
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Fast track loans are 60% less likely to default than fully income verified loans, according to loan level analysis by Fitch of 700,000 prime mortgages in arrears in UK RMBS and 70,000 repossessed non-conforming loans.
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Barclays Capital, Credit Suisse, Deutsche Bank and Santander will price Alliance & Leicester’s UK RMBS, Fosse Master Issuer 2010-1, today (Friday). On offer are 4.5 year average life scheduled amortisation floating rate tranches in sterling and euros and a 6.9 year soft bullet fixed rate sterling piece. The order book was covered at guidance of 115bp to 120bp during bookbuilding on Thursday, according to investors, with most demand in the euro and fixed rate sterling tranches.
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The order book for Alliance & Leicester’s UK RMBS Fosse Master Issuer 2010-1 had reached £1bn by Thursday morning, according to investors.
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Barclays Capital, Credit Suisse, Deutsche Bank and Santander have opened the books on Alliance & Leicester’s £1bn equivalent RMBS, Fosse Master Issuer 2010-1.
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Price whispers for Fosse Master Issuer 2010-1, the new £1bn equivalent RMBS from Santander’s UK subsidiary Alliance & Leicester, suggest the leads hope to price the deal in line with secondary spreads.
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Alliance & Leicester, the UK bank owned by Spain’s Santander, is marketing a £1bn RMBS, the first UK securitisation since the crisis not to feature explicit protection against extension risk.