Reviving RMBS
With only one public RMBS issue in the UK during the whole of 2008, the market would seem to have hit rock-bottom. But moves are afoot to help restore confidence in the market and enable banks to finance mortgage lending, as Laurence Neville reports
The UK RMBS market was once the biggest in Europe: issuance of EUR132.5 billion in 2007 accounted for 51% of all European deals. But with only one issue in the year to date and ballooning secondary spreads, the market is in a parlous state. Market practitioners have spent much of 2008 engaged in soul-searching to find a way to restore confidence, restart issuance and, potentially, resume mortgage lending, which is running at roughly half the rate of a year ago.
Many observers hoped that a report
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