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Concerned that some troublesome financial contracts won’t be able to switch to replacement benchmarks, the Financial Conduct Authority plans to publish a “synthetic” London interbank offered rate.
The receivables will flow from payments on UK monoline credit-card accounts for nonprime borrowers.
The majority of the collateral for Finsbury 2019-1 was originated over the past year, but it includes some loans from a 2016 deal that has been called; some of these older loans are delinquent.
Average mortgage rates plunged after the United Kingdom first voted to leave the European Union. With uncertainty now growing about how Brexit will actually happen, here's a look at the implications for the housing market and mortgage lending.
Stricter energy regulations for European residential and commercial buildings, effective in 2020, will likely depress cash flow and property values, though the impact will vary by country, according to Moody's Investors Service.
The 2018-1 series from Tesco's Delamare master trust will issue de-linked notes backed by £3.4B in receivables.
Turbo Finance 8 is a £375.5M static transaction that includes both hire purchase loan contracts and personal contract purchase, lease-like arrangements.
Brass No. 7 is Accord's ninth overall securitization of prime mortgages for owner-occupied homes and the second to feature a revolving period.
Collateralized loan obligations denominated in pounds sterling were once a tough sell; two recent deals from Barclays and PGIM indicate that this is changing.
The 1,210-loans backing Gemgarto 2018-1 all finance owner-occupied loans, and none rely on self-certified or "fast-track" loans, according to presale reports from Moody's Investors Service and DBRS.
The transaction is backed by nearly three times as many Audi, Volkswagen and Skoda as VW's previous UK auto-loan ABS; it also features a longer revolving period.
The deal is the first vehicle loan securitization for the London affiliate of South Africa's FirstRand Group since November 2016.
The first issuance on its Finsbury Square platform marks the specialty mortgage originator's seventh securitization since 2010.
A £366.2 million mortgage on 127 industrial properties is being used as collateral for a transaction called Taurus 2017-2 UK DAC.
The €309 million Orbita Funding 2017-1 plc follows a 2016 transaction by the venerable British bank.
British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.
Belmont Green Finance, which began originating loans in late 2016, has gathered up its first round of originations through 3Q2017 in a transaction that will issue up to £230.6 million in notes.
The proceeds will be used to repay three existing bonds series, as well as pay down commercial paper and credit line debt of the real estate investment trust, formerly known as Land Securities.
S&P says exclusion of the value of "personal contract purchase" balloon payments from Santander's Motor 2017-2 transaction will benefit the deal through excess spread and recoveries from contract defaults.
The size of the two classes of notes on Volkswagen Financial Services' Compartment Driver UK SK deal is to be determined; they will be backed by receivables on 24,238 prime retail customer lessors.
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