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A rush of ABS and RMBS were close to being priced or had been priced on Wednesday with issuers obliged to pay up

Even in a receptive market, issuers are struggling to stand out

Kensington is out with a specialist prime RMBS, an Irish CMBS refinancing has been mandated and further CLOs price resets were announced on Thursday

ESG products need to be easier to access and issue

Market must change to become appealing to investors

‘Social’ mortgage deals need careful development to retain credibility

Risk of 'social washing' is high in mortgage lending

Kensington, the pioneer of the first social RMBS in the UK, priced the country’s first mortgage securitization with a class ‘A’ green tranche, achieving 65bp pricing for the senior notes on Thursday. However, investors said the green feature did not impact on pricing and called for “more ambitious” ESG targets.

Kensington Mortgages announced the first ever green UK mortgage securitization on Thursday evening, only five months after bringing the first ‘social’ RMBS deal,

In mid-May GlobalCapital convened representatives of three RMBS issuers with different business models and approaches for a wide-ranging discussion about the state of the UK mortgage markets, funding strategies, and much more. Kensington is the most frequent issuer in European RMBS, with a track record stretching back to 1995, and more than £10bn of assets under management, including about £6bn of servicing mandates. LendInvest and Habito are fintech lenders, with LendInvest originating bridging loans and buy-to-let, funded through securitizations (LendInvest has completed two public deals so far), retail bonds, funds, and private capital, including a £500m partnership with JP Morgan. Habito mixes technology-enabled mortgage broking with its own buy-to-let originations, funded through Citi’s securitization shelf, and has recently launched the first long-term (up to 40 years) fixed rate mortgage product in the UK, funded through a partnership with CarVal Investors.

GlobalCapital is delighted to reveal the winners of its 2021 European Securitization Awards, where we seek to recognise the most notable and innovative deals, banks and market participants of 2020.

Angel Oak issued the first non-agency RMBS to qualify as a social bond in the US, which is backed by loans offered to underserved self-employed consumers. The transaction benefited from favorable market conditions, with investors eager to absorb social bonds specifically, and ESG bonds starting to trade at a premium.