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Monday, 11 December 2017

Anil Mayre' s stories

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  • Rise in volume disappoints

    Structured Finance | 03 July 2015

    European ABS volumes registered an increase of around 15% versus the same period last year, but are still deemed underwhelming, considering some analysts had expected a much more significant impact from the ECB’s purchase programme.

  • Greeks ‘strategically’ fall into mortgage arrears

    Structured Finance | 03 July 2015

    Greek mortgage borrowers may be making strategic decisions not to make scheduled mortgage payments‘‘ as the uncertainty of the financial situation of the country persists, a Fitch report indicates.

  • Houses for sale in south London

    ABS: Paragon structure out; Atlantes wide of IPTs

    Capital City | 25 June 2015

    The capital structure for the new Paragon Mortgages (No.23) UK buy-to-let RMBS shows a similarly sized transaction to the previous offering. The issuer is targeting a £300m portfolio with around 20% of prefunding.

  • ABS Brief: Paragon joins Precise in BTL pipeline

    Ticker | 24 June 2015

    Two UK buy-to-let RMBS are in the market, with Paragon Group announcing its second deal of the year today to add to Charter Court Financial Services commencing marketing for its first pure BTL deal.

  • ABS Brief: Market needs regulatory changes, not just ECB buying

    Ticker | 18 June 2015

    The ABS industry is wrapping up discussions in Barcelona with mixed feelings today, as the presence of the ECB in the market has so far fallen short of repairing years of low confidence and dissipating persistent regulatory clouds.

  • ABS Brief: ABS charges should be lower than loans - Gonzalez

    Ticker | 17 June 2015

    Regulators should lower capital charges on ABS deals below those applied to whole loan portfolios, according to the ECB’s head of risk strategy.

  • Barca

    ABS Brief: Global ABS underway

    Blogs | 16 June 2015

    The securitisation industry has commenced its three-day annual meeting in Barcelona, as the IMN Global ABS conference kicks off what promises to be a highly popular event.

  • The European Commission headquarters in Brussels

    Consultation responses highlight concerns

    Structured Finance | 12 June 2015

    The European Commission released the public responses to both its simple, transparent and standardised (STS) securitisation and Capital Markets Union (CMU) consultations last week, highlighting some differing opinions between market participants.

  • ABS Brief: Final terms set on CLO and auto ABS

    Ticker | 11 June 2015

    Final guidance levels have been set on Tikehau’s new CLO and terms set on Athlon Car Lease Nederland’s Dutch auto ABS.

  • Europe ABS Brief: Reitaly IPTs out; BWIC covers show weaker periphery

    Ticker | 10 June 2015

    Price thoughts are out on Goldman Sachs’ Italian CMBS called Reitaly Finance. The capital structure comprises a 4.37-year Class A tranche, four other rated bonds averaging 4.49-years and a Class X.

  • Europe ABS Brief: Tikehau CLO joins auto and CMBS for this week

    Ticker | 08 June 2015

    Tikehau Capital Europe has joined the pipeline for this week, with its €354.2m CLO expected to price on Wednesday or Thursday via Goldman Sachs.

  • European Central Bank (ECB) headquarters

    ECB offers details on ABS purchases

    Structured Finance | 05 June 2015

    The ECB finally opened up to a little more disclosure on its European ABS purchase programme last week, detailing the monthly breakdown of its purchases and the split between primary and secondary market bonds.

  • Logo of Spain's Unión de Créditos Inmobiliarios

    CORRECTION: UCI reinvigorates Spanish RMBS

    Top News | 29 May 2015

    (*Correction appended)

  • Venn Partners logo

    First private rented sector bond expected after summer

    Bonds | 08 May 2015

    The first public bond issue from a UK government scheme aimed at boosting investment in the private rental homes market is expected to be launched in the autumn, according to the firm managing the scheme.

  • Europe ABS Brief: Lanark bonds little moved on NAB plan

    Ticker | 07 May 2015

    Traders report little immediate reaction in Clydesdale Bank’s Lanark RMBS prices to news that National Australia Bank will demerge its €opean subsidiaries. NAB said today that its preferred public market exit option is to offer 70-80% of its €opean operations to existing NAB shareholders and IPO the remaining 20-30% to institutional investors.

  • Europe ABS Brief: Tesco expected today; ECBC unveils SME hybrid proposal

    Ticker | 06 May 2015

    Tesco Personal Finance is expected to price its new credit card ABS today, having set the spread in line with initial price thoughts of one-month Libor plus 65bp.

  • The dome of the Bank of Spain

    Negative Euribor drives some Spanish bond rates to zero

    Structured Finance | 01 May 2015

    The slipping of Euribor into negative territory has forced some Spanish issuers to set interest rates on certian tranches to zero, rather than put themselves in a difficult position of having to claw payments back from investors every three months. 

  • Tricon American Homes logo

    Big demand for Tricon's debut SFR bond

    Capital City | 28 April 2015

    Investors piled more than US$1bn of orders into Tricon American Homes’ debut single-family rental (SFR) bond this week, even after the borrower dramatically tightened pricing.

  • Tricon American Homes logo

    Details of Tricon's SFR debut emerge as primary slows

    Capital City | 23 April 2015

    Tricon American Homes gave investors a preview of its debut single family rental (SFR) bond on Thursday in an otherwise quiet day for the primary ABS market.

  • Europe ABS Brief: MS analysts move to neutral on European ABS

    Ticker | 23 April 2015

    Morgan Stanley analysts have revised their overall stance on European ABS to neutral from overweight. The analysts say the ECB’s ABS purchase programme has fallen well short of their expectations, and they are no longer as optimistic about the magnitude of spread compression in peripheral paper. They expect only a 10bp compression in Spanish RMBS from current levels though Q1 2016.

  • house

    Issuers stand down on step-ups

    Top News | 17 April 2015

    Two UK non-conforming RMBS transactions sponsored by Blackstone/TPG and Davidson Kempner have highlighted how investors are fighting to retain better compensation through step-up coupons if the transactions are not called.

  • Bank of America office

    'The Squaire’ deal lands in CMBS

    Structured Finance | 17 April 2015

    Bank of America is securitising in a CMBS the loan it granted to IVG Immobilien, which earlier this year scrappe

  • Europe ABS Brief: Co-op full stack; BAML in ‘The Squaire’ IVG loan CMBS

    Ticker | 15 April 2015

    A capital structure has been released for Warwick Finance Residential Mortgages Number 1, the debut UK non-conforming RMBS from The Co-operative Bank.

  • Eurosail explores hedge replacement

    Structured Finance | 10 April 2015

    A steady supply of payments received over the past two years as part of the hedge termination agreement with the Lehman Brothers estate has convinced the Eurosail-UK 2007-3BL issuer to explore options of finding a replacement swap counterparty.

  • Europe ABS Brief: Chatham to assess Eurosail swap replacement

    Ticker | 09 April 2015

    Eurosail-UK 2007-3BL, the pre-crisis UK non-conforming RMBS from Lehman Brothers, could be moving a step closer to finding a replacement swap counterparty following the appointment of Chatham Financial Europe Limited as financial adviser to assess the situation.

  • Europe ABS Brief: Secondary interest perks up; Alba offers five notes

    Ticker | 08 April 2015

    Activity is picking up in the secondary market, one head of European ABS trading said, citing interest from asset managers in prime RMBS.

  • Wharf

    UK drives first-quarter issuance

    Structured Finance | 02 April 2015

    The European structured finance primary market rallied in the first quarter to record around €22bn equivalent of bond sales. This represents a near-50% increase over the same stage in 2014, driven by a busy March, when 21 deals for more than €12bn priced.

  • Auto ABS

    ABS: Busy March bumps up Q1 volumes

    Capital City | 31 March 2015

    A busy March pushed up Q1 issuance volumes in the European structured finance space to a decent total of around €22bn-equivalent of bonds placed. This covers all asset sectors, including consumer assets, CLOs, CMBS and secured corporates.

  • NN Bank logo

    Public strategy works for NN

    Structured Finance | 27 March 2015

    NN Bank successfully stepped into the public Dutch RMBS market on Friday, pricing at the tight end of talk with a well-covered book.

  • Futuro SpA logo

    Quarzo led to wide to re-establish secured loans

    Structured Finance | 27 March 2015

    Consumer finance specialist Futuro SpA established a new post-crisis benchmark for Italy’s secured consumer loan market on Wednesday, but was pushed to the wide end of price thoughts to achieve this.

  • Europe ABS Brief: End of week pricing target for primary trades

    Ticker | 25 March 2015

    Pricing indications are out across a selection of transactions. Penarth Master Issuer 2015-1, the credit card ABS pooling receivables originated by Bank of Scotland and Lloyds Bank, is starting at one-month Libor plus 40bp for the 1.99-year USD tranche and 50bp for the 4.99-year GBP. Lloyds is sole arranger, sole lead on the GBP and joint lead with Citigroup on the USD. Pricing is expected on Thursday.

  • Europe ABS Brief: Secured loan nature allows Quarzo to start tight

    Ticker | 24 March 2015

    Quarzo CQS, the new Italian consumer loan ABS from Compass SpA subsidiary Futuro SpA, is expected to be Wednesday’s business. Joint leads ABN Amro, CA CIB, Mediobanca and Santander GBM completed roadshows mid last week, but waited for the new week to go out with price thoughts.

  • Europe ABS Brief: Another busy week lined up

    Ticker | 23 March 2015

    This week should prove to be another busy one for the European ABS market, with six deals currently live. 

  • Houses for sale in south London

    Granite tightens on UKAR mortgage sale

    Top News | 20 March 2015

    Granite and Aire Valley RMBS bonds from the old Northern Rock and Bradford & Bingley

  • Paragon Group logo

    Paragon reacquainted with euro buyers

    Structured Finance | 20 March 2015

    UK specialist lender Paragon Group sold a euro tranche from its buy-to-let RMBS programme for the first time since 2007 on Tuesday afternoon, allowing it to tap a broader investor base through which to fund the origination of new mortgages.

  • Europe ABS Brief: Granite and Aire Valley rally on UKAR sale news

    Ticker | 19 March 2015

    Granite and Aire Valley bonds have tightened on the back of the UK government’s announcement in the budget that it was looking to offload the £13bn mortgage portfolio it took on from the bailout of Northern Rock and Bradford & Bingley.

  • Screens

    Europe ABS: RMBS action heats up as Hypenn joins the queue

    Capital City | 17 March 2015

    The European RMBS market is currently well-stocked, with three UK trades progressing and a new Dutch deal.

  • Europe ABS Brief: Primary market momentum builds

    Ticker | 16 March 2015

    Santander UK is looking to price its new prime UK RMBS by the middle of the week, having announced price thoughts. The capital structure shows two USD bonds (A1 and A2) and a £ tranche (A3) from Fosse Master Issuer 2015-1.

  • A crane maneuvers next to 17th century houses on the Vijzelgracht in Amsterdam

    Storming start for Obvion

    Structured Finance | 13 March 2015

    Obvion made the most of a receptive investor base eager for prime euro ABS supply, increasing the first Dutch RMBS of the year by 50% and achieving the tightest spread since 2007 in the five-year tenor.

  • Europe ABS Brief: Storm could draw closer to German autos

    Ticker | 11 March 2015

    Price guidance on Obvion’s new Storm 2015-1 Dutch RMBS is out at 2bp either side of three-month Euribor plus 27bp area for the 5.2-year Triple A tranche. At the tight end it would match where it priced the shorter 1.9-year bond of its previous Storm 2014-III deal, and draw towards the one-month Euribor plus 25bp prints of recent German autos too.

  • Europe ABS Brief: BWIC flow picks up as primary deals await

    Ticker | 10 March 2015

    Traders are reporting increased BWIC flow across an array of assets including UK non-conforming and buy-to-let paper, Dutch RMBS, Italian RMBS and ABS, Spanish SME and RMBS, CMBS and CLOs.

  • Obvion

    Europe ABS Brief: Diversity on offer across RMBS and ABS

    Capital City | 09 March 2015

    A variety of deals are marketing this week, ranging from prime RMBS to electricity tariff deficit receivables.

  • A crane maneuvers next to 17th century houses on the Vijzelgracht in Amsterdam

    Storm to end primary calm

    Structured Finance | 06 March 2015

    Obvion announced the first new eurozone RMBS last week, mandating Rabobank and SG for its Storm 2015-I Dutch RMBS.

  • European Central Bank (ECB) headquarters

    ECB fails to fire sluggish market

    Structured Finance | 06 March 2015

    Issuance in the European securitisation market meandered along at an average of less than €1bn per week in the first two months of the year, marking the slowest start to a year since 2009, according to Barclays analysts.

  • Europe ABS Brief: Market prepares for new Storm

    Ticker | 05 March 2015

    Obvion has announced the first newly-minted euro RMBS of the year, mandating Rabobank and SG for Storm 2015-I.

  • Coin

    European ABS: Sluggish start to 2015

    Capital City | 05 March 2015

    Issuance in the European securitisation market meandered along at an average of less than €1bn per week in the first two months of the year, marking the slowest start to a year since 2009, according to Barclays analysts.

  • Europe ABS Brief: Paragon announces; autos move to tight end

    Ticker | 04 March 2015

    Paragon Group has joined the pipeline with its latest UK buy-to-let RMBS, and will explore the possibility of a euro tranche during a European roadshow that starts next Monday.

  • Europe ABS Brief: Red & Black and Atlantes on the move

    Ticker | 02 March 2015

    European investors welcome some euro-denominated consumer ABS this week, with IPTs out on a German auto and price guidance on a Portuguese RMBS. This follows two UK deals last week - a non-conforming/buy-to-let deal and a social housing trade - and a CLO.

  • Kensington Mortgage Company logo

    Kensington back after nearly three years

    Structured Finance | 27 February 2015

    Kensington Mortgage Company is back in the public RMBS market for the first time in almost three years, announcing its new Residential Mortgage Securities 28 UK non-conforming RMBS.

  • Europe ABS Brief: Structure out on RMS, Precise covered

    Ticker | 25 February 2015

    Investor meetings are in process for Residential Mortgage Securities 28, the first public deal from the programme since RMS 26 in Sept 2012 – RMS 27 was retained in 2013.

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