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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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Northern Rock posted a half year loss of £724.2m this week as mortgages more than three months in arrears rose to 3.9%, up a percentage point from December.
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Britannia Building Society has completed its tender offer for three series of its Leek non-conforming RMBS, buying back £99m of bonds at between 71 and 85 percent of par. Britannia had offered to purchase up to £100m.
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Britannia Building Society has joined the list of financial institutions buying back its own debt.
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The US Treasury launched a severely scaled back Public Private Investment Programme (PPIP) this week, naming the nine qualifying asset managers which will set up funds to invest in asset backed securities with equity co-investment and leverage from the government.
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Rabobank has completed the tender offer for its subsidiary Obvion’s Dutch RMBS programme, Storm.
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Barclays Capital’s research team has updated its stress test of UK non-conforming RMBS and found that no AAA, AA or A tranches suffered any credit loss under a base case stress.
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Clydesdale Bank bought back £170.7m equivalent of senior bonds issued by its Lanark RMBS master trust after increasing the offer shortly before the extended deadline last Friday. Clydesdale purchased $99m nominal of ‘3A1’ notes at 87 cents on the dollar, E85m of ‘3A2’ notes at 87 cents, and £40m of ‘4A1’ notes at 89.5 cents.
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Panellists at the Global ABS conference in London criticised the credit guarantee arm of the UK government’s RMBS support scheme as largely unworkable on Wednesday.
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Clydesdale Bank has joined the queue of securitisation sponsors buying back their own deals.