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News that Alex Salmond, the leader of the ruling SNP in Scotland, has been somewhat liberal with his recent comments about housing budgets and assistance has caught the attention of opposition...
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Wednesday 21st May 2008
After months of complete mayhem in the financial markets it seems that some kind of liquidity may be returning to the sector. HBoS has announced that they found investors to take up their recent £500 million mortgage bond issue – something which would have been unheard of only a couple of weeks ago.
The bond issue is linked to residential mortgages and many experts are seeing this as some kind of turning point, the first major securitisation issue since the credit crunch broke the market. While there were no names mentioned it seems that seven wealthy institutions came forward to take up the offer, but there was no news on the terms offered.
Now that the waters have been tested again and the tide seems to be turning, many market observers expect the likes of Abbey, Northern Rock and Nationwide Building Society to follow the lead of HBoS. Competition in a market leads to liquidity and liquidity will bring back many of the investors that left the market so suddenly.
While it would take a brave person to call the bottom of the market there are signs that maybe the ice is beginning to thaw. Will we see a flood of new bond issues offered to the market? |
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