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Mortgage holidays fail to deter UK RMBS buyers

RMBS

Mortgage holidays fail to deter UK RMBS buyers

The level of Covid-19 payment holidays affecting specialist UK lenders in the UK and fears over the future of the country's economy have failed to dampen demand for their debt among UK RMBS buyers, with the lack of public issuance boosting interest in publicly placed deals.

Securitization in the Global Marketplace 2020

  • Crisis Talk — with Sairah Burki, managing director, regulatory policy at CREFC

    Crisis Talk — with Sairah Burki, managing director, regulatory policy at CREFC

    The fallout from the Covid-19 crisis has touched nearly every economic and employment sector, from the largest corporations to the smallest businesses. The pain has prompted an unprecedented policy response aimed at rescuing economies and markets, and further measures are likely to come. US commercial real estate has been especially impacted, with commercial mortgage lending slowing dramatically, already struggling retailers going dark across the country and a likely rethinking of the use of space following a nationwide experiment in working from home.

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Comment

  • Lack of CLO ratings transparency damages credibility

    Rating agency reviews of CLOs are not resulting in mass downgrades in Europe. That has caused some to question what is going on given the damage the coronavirus pandemic and lockdowns must surely have had on certain sectors of the economy that some CLOs are exposed to. Some transparency around ratings metrics would help soothe the angst.

  • Data for debt relief offers coronavirus NPL solution but must be handled with care

    When mortgage payment holiday schemes start to run out at the end of the year, there looms a genuine risk of a wave of defaults. Allowing investors access to borrower-level data may be the only way banks can clean up their balance sheets and maintain lending to the real economy but it is fraught with hazard and must be deftly handled.

Latest Awards

  • Most Innovative Securitization Bank of the Year – MUFG

    While innovation is frequently applauded by market participants after the fact, actually convincing investors and others to change the way they work or to adopt new systems can be extremely challenging. Arguing successfully for an update to a process that has been in place for decades is no mean feat. For this reason, MUFG’s innovation of a key part of the CLO transaction lifecycle has been recognized with the accolade of Most Innovative Securitization Bank of the Year in 2019.

  • Securitization Technology Provider of the Year - Moody’s Analytics

    Moody’s has been collecting data on the structured finance market for almost 30 years. Today, Moody’s Analytics (sister company of credit rating agency Moody’s Investors Service) offers go-to platforms for the structured finance market and is continually developing new technology to organise and broadcast that deep data set. This has long been recognised by structured finance investors, where it has a strong client base. But over the course of 2019, the company expanded its issuer business with the purchase of the Deloitte ABS Suite software system. It has also taken great strides in enabling its data to be fed into investment bank client portals through hosted APIs, and delivering content in a modular way through i-frames. Its embedded presence across all sides of the CLO markets explains why it came top of the GlobalCapital poll for securitization technology provider of the year.