Strong Uptake of Adherence
to Bank of England Eligibility Regulations on Recent ABS/RMBS Transactions
There has been
a noticeable recent uptick in the number of investor placed ABS deals with UK
collateral coming to market in several asset classes.
BoE Market Notice Eligible Collateral requirements has been almost 100% for
Compliance take-up shows that, whilst not trivial, it is manageable and the
benefits to transparency are considerable.
only rating agencies were privy to these levels of detail and disclosure. These
regulations appear to be setting the benchmark for information provision to
(EuroABS CEO) said: "We're very pleased to have won the BoE compliance mandate
for new issuer Precise Mortgage Funding No. 1 plc and also RMS 27 (RMBS) and
Temese Funding No.1 (leasing ABS) over the last few weeks. We help the issuers
through the compliance process, build their cash flow models, securely host and
audit their data and reports, providing comfort all the way through the
life-cycle. We face tough competition from some very good rival service
providers, but when going head to head, we feel we're winning mandates due to
our 100% success record, experience, quality and depth of service."