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Lehman Brothers launch new UK RMBS deal

Lehman Brothers has launched another residential mortgage-backed securitisation deal made up of near-prime, interest only, self-cert and remortgages.

Eurosail UK 2007-5NP follows on from its previous RMBS which was backed by loans originated by Alliance & Leicester for Southern Pacific Mortgage Limited.

Sources have indicated that the Eurosail Prime UK-2007-A deal which was due to close last week was not placed externally after pricing talk ended.

The new transaction features multiple originators. It comprises mortgages originated by SPML (51.34 per cent), Preferred Mortgages (39 per cent), Matlock London (6.7 per cent) and Alliance & Leicester (2.96 per cent).

According to Fitch, this deal has a higher proportion of near-prime loans – at 78.69 per cent) – compared to Eurosail UK 2007-A which had 45.86 per cent.

Fitch says that the collateral in this RMBS has a higher proportion of loans with CCJs – 20.25 per cent – and BO/IV1 (1.1 per cent) which are absent from the previous RMBS.

Its triple A 2.6 years notes are currently being priced at +70 basis points.

A sign of how much the credit crunch has had an impact on RMBS deals can be seen when compared to the +12 bps level achieved by a previous Eurosail UK 2007-2NP deal done in March.


Aviva target of insolvency hoax

Norwich Union’s parent company Aviva has become the target of a hoaxer who sent an internal memo warning the insurer was insolvent.According to the Daily Mail the hoaxer posed as finance director Philip Scott in the letter addressed to chief executive Andrew Moss urging him to come clean about the insurer’s financial problems.The letter claimed […]

Morrison takes up role of AMPS chairman

The Association of Member-Directed Pension Schemes has elected Winterthur pension strategy manager Mike Morrison as its chairman following its AGM.AMPS represents the views of Ssas and Sipp providers and a number of other firms such as advisers, lawyers and stockbrokers who are involved in this part of the pensions industry.The new committee also includes Rowanmoor Pensions’ […]

On balance

Despite the economy slowing in the first quarter, the US markets still represent good value, especially as GDP is expected to remain stable in the second half of the year and into 2008. It is worth bearing in mind that the US may not be the fastest-growing economy but it is still the biggest and it benefits from the rapid growth seen internationally.

FAMR – a familiar response

Pension specialist Fiona Tait takes a look at the Financial Advice Market Review and assesses the three areas where it suggests improvements can be made With significant budget changes ruled out (for a while anyway), the pension community briefly turned its attention to the FCA’s final report on its Financial Advice Market Review (FAMR), hoping […]


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