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This is the US asset manager's third deal of 2026, a year in which it plans to launch around $10bn of new paper
ABS primary market performs well after Iran strikes and fall of MFS
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Moody’s has upgraded Russian RMBS Gazprombank Mortgage Finance 2 a week after slashing the ‘A1’ notes to Caa2 when they were redenominated from euros into roubles.
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Lloyds Banking Group heralded the return of US investors to European securitisation last Friday when it priced a £2.5bn RMBS from HBOS’s Permanent master trust.
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European RMBS investors are expecting a slew of previously retained deals to be remarketed after SNS Bank this week sold a Eu1.4bn triple-A class A2 tranche of its Hermes 14 deal.
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SNS Bank set unofficial price guidance on Wednesday for a Eu1.4bn remarketing of a previously retained RMBS deal at 110bp to 115bp over Euribor, a level that investors think could be tightened by 5bp to 10bp before pricing.
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BNP Paribas and Rabobank are on Monday re-marketing a Eu1.4bn triple-A tranche of Hermes 14, a Eu2bn prime Dutch residential mortgage backed security that was originally closed and fully retained by the issuer, SNS Bank, in September 2007. -
Lloyds Banking Group, which reopened the European ABS market last September with its UK master trust RMBS Permanent 2009-1, is set to price the first mortgage backed deal of the year today (Friday). The £2.47bn equivalent issue from the same trust will also mark the first European ABS since the start of the credit crisis to carry a US dollar tranche.
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Bank of America Merrill Lynch, JP Morgan and Lloyds have released price guidance for HBOS’s £2bn equivalent RMBS Permanent Master Issuer 2010-1.
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Lloyds Banking Group, which re-opened the European ABS market last September with its UK master trust RMBS Permanent 2009-1, is marketing the first mortgage backed deal of the year with a equivalent issue from the same trust.
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Fitch has placed 23 tranches from 10 Dutch RMBS programmes backed by Nationale Hypotheek Garantie mortgages on rating watch negative because of planned changes to its methodology.
