Banking and Credit Bulletin | 31 July 2023

ABS – Lloyds increases its senior tranche and sets final terms on Permanent 2023-2 (Debtwire) 

ABS – NewDay offers UK credit card ABS from Partnership vehicle (Debtwire) 

Banking – OakNorth reached £900m of business lending in H1 2023 (Altfi) 

ABS – Pricing of two BLT and one OO RMBS transactions in the UK (Debtwire), (Debtwire), (Debtwire) 

ABS – Lendinvest secures £500m funding commitment from Chetwood Financial (Lendinvest) 

Credit – UK regulator updates “Mortgages and Home Finance: Conduct of Business” to accommodate Mortgage Charter (Debtwire) 

ABS – Shawbrook retains £677.8m UK RMBS deal (Debtwire) 

Credit – UK government agrees Mortgage Charter with major lenders (Debtwire) 

Banking – Anne Boden to step down as Starling Bank CEO as bank reports record profits of £195m (altfi) 

ABS – Arquiva prices £250m five-year bond out of its whole business securitisation (Debtwire) 

RMBS – Dilosk opens books on Irish BTL RMBS (Debtwire) 

RMBS – Panelview pre-places Irish mortgage NPL refi Portman Square 2023-NPL1 (Debtwire) 

Banking – Bawag banking group confirms plan to offer Irish mortgages through MoCo (The Irish Times) 

Banking – Domestic banks closed 1Q2023 with the highest recorded profitability since 2010, reaching an average ROE of 13.9% (+5.4p.p. Y-o-Y) (ECO) 

Banking – BPI issued €500m of covered bonds with a fixed coupon rate of 3.6% (BPI) 

Banking – Crédito Agrícola issued €200m of social bonds with an annual coupon of 8.4% (Crédito Agrícola) 

Credit – In May 2023, bank deposits saw the biggest Y-o-Y decline in more than a decade (-1.6% Y-o-Y) (ECO) 

Credit – In May 2023, the mortgage loan book for Portuguese banks showed the smallest Y-o-Y increase in three years (+0.9% Y-o-Y) (ECO) 

Banking – novobanco announces early redemption option of €300m senior preferred notes due 2024 (CMVM) 

Banking – Banco Montepio sold seven thousand properties between 2018 and 2022, earning €900m (ECO) 

Real Estate – Davidson Kempner sells hotel group, the first asset bought from the banks that owned the ECS funds, to Arrow Group (Jornal Económico) 

ABS – NPE Portfolio Sky of c €2.3bn GBV has been successfully transferred from Alpha Bank Cyprus to Cerberus, improving its NPE ratio to c.5% (bankingnews.gr) 

Regulatory – The Dutch Cabinet is considering extending current measures that limit rent increases in the private sector for another three years (fd.) 

House prices – Average WOZ-valuation rose 16.4% Y-o-Y to January reaching its highest level yet (fd.) 

ABS – a.s.r.’s STS prime RMBS priced at 46bps over 3ME, inside price guidance and 2.4x coverage (Debtwire) 

ABS – Dutch Property Finance 2018-1 to be called in July (Debtwire) 

Housing market – The number of home sales has come out of its trough and an upward trend is visible (Calcasa) 

Housing market – Market expected to stabilise in 2024 as falling prices and rising incomes increase affordability (Rabobank) 

Banking – Barclays is preparing the sale of its consumer-finance business in Germany and has held preliminary talks with potential buyers (Bloomberg) 

Banking – Deutsche Bank is pushing ahead with its offensive in the domestic transaction business, having won the mandate issuing Lufthansa’s “Miles & More” credit cards (finanz-szene) 

Banking – Finance platform Solaris has raised €38 million in its Series F equity finance round (Solarisgroup) 

ABS – Volkswagen Leasing’s STS auto ABS priced its triple-A rated senior notes at 42bps over 1ME, at the tight end of guidance (Debtwire) 

M&A – Aareal Bank concludes takeover by bidder company led by Advent International and Centerbridge Partners (aareal-bank) 

Banking – Commerzbank aims for second share buyback after half-year results (FT) 

Credit – Teylor, Barclays, M&G Investments announce funding deal (teylor)