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GC Asia
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‘Trench warfare’ as vultures swoop on Irish NPLs
Private equity "vulture funds" are tightening their grip on Ireland after a Covid-19 parliamentary bill opened up more mortgages for repossession. But legal practitioners are working with non-profits to stop PE firms from “scraping the barrel” of defaulted mortgage debt.
15 Apr 2021 -
Extension risk returns as Pimco skips RMBS calls
Pimco has declined to call three RMBS issues where it is the option holder, despite broadly supportive marketplace conditions which would allow new financings to be structured and sold. Last year saw issuers including NewDay and TwentyFour skip call dates, due to the chaos wrought by the pandemic, which made a refi at reasonable spreads impossible. Missing a call for pure economic advantage, by contrast, is extremely rare in European securitization.
12 Apr 2021 -
EU reboots NPL rules as bad debt looms
Long-awaited amendments to European securitization law come into force on Friday, which should make non-performing loans securitization easier at a time when bad debt levels are set to rocket. Tom Brown reports.
08 Apr 2021 -
Revised Taxonomy will hinder green bonds
The European Commission’s draft Taxonomy for Sustainable Activities will stymie green bond issuance as it’s based on an unfair system that excludes mortgages on many countries’ most energy efficient buildings.
06 Apr 2021 -
Paragon jumps ahead on phase-out of non-green BTL mortgages
The UK government is planning to tighten the energy efficiency ratings required for buy-to-let mortgages, phasing in the changes through to 2028, but some mortgage lenders are implementing the rules early. The result could mean more collateral for green structured finance transactions as well as a lower risk of default.
06 Apr 2021 -
Ghana divides opinion with zero coupon
The Republic of Ghana brought innovation to the emerging market bonds this week, by selling Africa’s first zero coupon international deal. But the “risky” trade ignited debate among bankers and investors after it attracted a smaller order book than expected and required generous pricing as debt sustainability concerns swirled.
31 Mar 2021 -
NPL digitization: online marketplaces to shift bad eurozone debt
The European Central Bank has given itself the mission of creating a liquid non-performing loan (NPL) marketplace. Only this time, it’s online. Real estate managers like Prelios are attempting to remove barriers to NPL sales, but Europe’s multiple jurisdictions present legal hurdles.
31 Mar 2021 -
New Dutch BTL buyers lean to whole loans
Investors who want exposure to Dutch buy-to-let mortgages are increasingly taking it in whole loan format rather than through securitized notes, especially if they are insurers or insurance-backed. Banks pulling back from BTL lending has realigned the market and sucked in new specialist lenders, such as start-up SolidBriQ, which launched its platform on Monday.
29 Mar 2021 -
New securitization rules clear Australia hurdle
The European Parliament has passed amendments to the STS Regulation and changes to the Capital Requirement Regulation (CRR) after a tax dispute almost shut Australian investors out of European ABS.
26 Mar 2021 -
Italian NPL salary securitization to help puncture European debt balloon
Specialist debt servicer Banca Ifis has pioneered a new securitization structure that will allow more investors to buy defaulted loans, offering some relief for European economies facing a rise in non-performing loans as the bloc recovers from Covid-19.
25 Mar 2021
RMBS
