Latest news
Latest news
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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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.
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Last week’s deferral of interest on three subordinated tranches of high loan to value RMBS originated by Caja Madrid has prompted Standard & Poor’s to downgrade the notes to D.
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Henderson Global Investors is marketing a Eu250m fund investing in discounted asset backed securities. Its mangers believe now is a good time to pick up fundamentally quality assets at a good price.