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Investec to launch first European sub-prime securitisation since crisis

Investec is about to launch a £250m securitisation of “non-standard” mortgages, which will include sub-prime loans, according to a report in the FT.

If the deal goes ahead it would be the first time that sub-prime loans have been securitised in Europe since the financial crisis.

The portfolio will consist of standard prime loans, “non-standard”, which are primarily self-cert mortgages, and sub-prime loans.

The report says Bank of America Merrill Lynch attempted a UK sub-prime securitisation of around £1bn this summer but withdrew after experiencing a lack of demand.

It is understood the South African bank has lined up a selection of investors that it believes has an appetite for the issue.

Last week, it emerged Royal Bank of Scotland is getting ready to launch a £4.7bn securitisation, the biggest issue since the crisis, signalling that the UK securitisation market is slowly regaining confidence.


The stream team

MDM Associates MD Lisanne Mealing says the firm embraces a bespoke approach, with the focus on specific business streams, and it is branching out with a planning service solely for women. Report by Cherry Reynard

MPs call for OBR to get protected status

The Treasury select committee has demanded that the Office for Budget Responsibility should have its independence enshrined in law, as the Government gears up to establish the organisation in statute later this year. The committee wants the OBR to be responsible for appointing its own staff, with provision for a small group of non-executive directors […]


Cummings final interview as Aifa director general

Chris Cummings only had a couple of days left as Aifa’s director general when Money Marketing caught up with him last week but he was still full of passionate views about the sector. He is positive about the future for IFAs who manage to reposition their businesses but warns that the FSA’s failure to create […]


On the transition trail

Adviser Evolution assembled a steering committee of advisers in various stages of RDR-readiness and asked about their biggest issues in transition which formed the basis for the First Business Transition round table in conjunction with the Money Marketing Academy

Who pays inheritance tax and how to declare it

By Kim Jarvis, Canada Life In this article we look at which forms personal representatives (PRs) need to complete and who actually pays inheritance tax (IHT).  To recap, under current rules, any part of the estate that falls within the available nil-rate band (NRB), currently £325,000, is taxed at zero. Anything in excess of the NRB […]


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