Monday 30 September 2019 11:04 London/ 06.04 New York/ 19.04 Tokyo

A review of securitisation activity over the past seven days

Transaction of the week
FirstKey Mortgage is marketing the first securitisation backed by manufactured homes (MH) since the financial crisis (SCI 16 January), with over half the collateral balance comprising contracts secured from collapsed securitisations issued by GreenPoint Credit Manufactured Housing Contract Trust between 1999 to 2001.

The $526.21m transaction is dubbed Towd Point Mortgage Trust 2019-MH1 and is collateralised by 25,324 first-lien, performing and re-performing, adjustable and fixed rate manufactured housing contracts, with an average contract size of $20,779. See SCI 24 September for more...

Stories of the week
Polish debut
STS ABS gains EIB support
Portfolio-based cover opportunities eyed
New reinsurance platform to harness synthetic ABS overlap opportunities
STS synthetics framework unveiled
EBA publishes landmark consultation

Other deal-related news

  • Home Trust Company has privately placed its debut near-prime RMBS - the C$500m Classic RMBS Trust Series 2019-1 - with accredited investors in Canada and the US by a syndicate led by Bank of America Merrill Lynch and co-managed by BMO Capital Markets and RBC Capital Markets. The C$425m class A tranche is rated triple-A by DBRS and Moody's and will bear interest at an annual rate of 3.011% (SCI 23 September).
  • Bain Capital Credit (BCC) has completed the recapitalisation of two legacy funds and the sale of assets into a new continuation vehicle capitalised by funds managed by Neuberger Berman, existing limited partners, and BCC. The transaction involved Sankaty Credit Opportunities II and Sankaty Credit Opportunities III, as well as other legacy BCC investment vehicles (SCI 23 September).
  • NewDay Funding 2019-2, which settled last week, is believed to be the first ABS comprising a tranche linked to the SOFR index. Arranged by Bank of America Merrill Lynch, BNP Paribas, Santander and SG, the UK credit card securitisation's US dollar-denominated class A notes were preplaced at SOFR plus 94bp (SCI 24 September).
  • National Australia Bank has agreed to provide a A$57m securitisation warehouse funding facility to personal lender Symple Loans (SCI 25 September).
  • The first public term securitisation backed by collateral originated by Mercedes-Benz Financial Services Australia is marketing. The A$580m transaction is to be issued by Perpetual Corporate Trust as trustee of Silver Arrow Australia 2019-1 and is backed by a pool of commercial and consumer loan contracts backed by new and used motor vehicles, trucks and buses (SCI 26 September).
     

Data

BWIC volume

Upcoming SCI event

Capital Relief Trades Seminar, 17 October, London

 


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