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ABS primary market performs well after Iran strikes and fall of MFS
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
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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.
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The European Central Bank launched a consultation on mandatory loan level data reporting for ABS collateral in the Eurosystem just before the holiday period.
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Long term arrears in Northern Rock’s mortgage master trust Granite crept up to 5.04% at the end of November from 5.01% the month before.
