RMBS

  • Irish real estate portfolio unloaded

    RBS subsidiaries Ulster Bank and Ulster Bank Ireland will dispose of a portfolio of Irish real estate loans to a subsidiary of Cairn Homes and an affiliate of Lone Star Funds for £360m. Completion is expected by the end of the year.

    The transaction represents the equivalent of £700m in risk-weighted assets as at 31 December 2014 and is part of .......

    News Round-up 8 December 2015

  • Participation certificate debuts

    Sarana Multigriya Finansial has listed on the Indonesia Stock Exchange (IDX) the country's first ABS in the form of a participation certificate - known as Efek Beragun Aset Berbentuk Surat Partisipasi (EBA-SP) - an instrument introduced by the regulator last year. Dubbed SMF-BTN 01 - Kelas A, the IDR181.6bn transaction securitises housing loans provided by state-owned lender Bank Tabungan Negara.

    News Round-up 8 December 2015

  • Euro secondary slows

    Yesterday saw a fairly slow session across the European securitisation secondary market, but it could yet pick-up again before year-end.

    "Yesterday was quiet, but it's too early to be thinking of year-end just yet," says one trader. "The areas of activity there were still bode well for the remainder of this week and hopefully next."

    The main focus yesterday was .......

    SCIWire 8 December 2015

  • ARP 2014-SFR1 supported

    The American Residential Properties and American Homes 4 Rent merger (SCI 4 December) is credit positive for ARP's single-family rental securitisation, according to Moody's in its latest Credit Outlook publication. The deal - American Residential Properties 2014-SFR1 - is expected to benefit from improved economies of scale and better refinancing opportunities.

    The combined entity will have more than 47,000 homes .......

    News Round-up 7 December 2015

  • Euro secondary unmoved

    Despite initial post-ECB softening on Friday across broader markets, the European securitisation secondary market remains unmoved.

    Liquidity remains thin across securitisation secondary and that in part helped to ensure spreads closed Friday unchanged. Nevertheless, tone remains positive and pockets of buying activity continue to be seen.

    Where those pockets appear prices are even edging slightly up. Once again, prime assets .......

    SCIWire 7 December 2015

  • Chinese RMBS RFC issued

    Moody's has published a request for comment on its proposed methodology for rating Chinese RMBS. The rating agency's proposed approach for Chinese RMBS uses its MILAN model and no rating changes will result from the publication of its China MILAN settings, if adopted as proposed.

    Moody's uses parameters from its new securitisation market MILAN settings for Chinese residential mortgage pools, .......

    News Round-up 4 December 2015

  • STACR issuance plotted

    Freddie Mac has released a 2016 STACR issuance calendar. The move coincides with the pricing of STACR 2015-HQA2, its eighth and final STACR transaction this year.

    "The issuance calendar is the next step in our efforts to be clear and transparent in our credit risk transfer offerings," comments Freddie Mac vp of credit risk transfer Mike Reynolds. "The STACR programme .......

    News Round-up 4 December 2015

  • Latest SFR merger announced

    American Homes 4 Rent and American Residential Properties are the latest SFR managers set to merge after their respective boards came to a US$1.5bn agreement. As part of the merger, which is expected to close in 1H16, American Homes 4 Rent will issue approximately 38 million common shares and assume or repay a total of approximately US$800m of American Residential .......

    Job Swaps 4 December 2015

  • APAC ratings to stay stable

    Ratings and asset performance in Asia-Pacific are expected to be stable throughout 2016, says Fitch. Long-term ratings on structured finance transactions are expected to remain unchanged.

    At the end of 3Q15 there were four positive outlooks and three tranches on rating watch negative. The majority of Fitch-rated Asia-Pacific structured finance portfolios are backed by assets in Australia, where economic fundamentals .......

    News Round-up 4 December 2015

  • RFC issued on RMBS approach

    Morningstar has issued a request for comment on its proposed methodology for US RMBS ratings, which includes an explanation of its analysis of primary mortgage insurance (PMI) in RMBS. The agency is accepting comments on its proposal until 18 December.

    Morningstar's methodology will generally be applied to the new issuance and surveillance of ratings of US RMBS. The agency says .......

    News Round-up 4 December 2015

  • SFR broker launches

    HomeUnion has launched a new mortgage brokerage for SFR investors and hired Chris Diaz to run the unit. HomeUnion Lending's service mandate will include GSE-backed loans, the option of using asset-based lending vehicles and the valuation of rental income streams when making a lending decision.

    Qualified investors will be able to take out up to 10 GSE-backed mortgages for investment properties. However, .......

    Job Swaps 4 December 2015

  • Australian master trusts 'possible'

    The Australian Prudential Regulation Authority's revised discussion paper on its prudential securitisation framework (APS120) is now in a form that makes future RMBS and ABS master trust issuance from Australia a distinct possibility, Fitch suggests. The discussion paper - a revision of the proposal issued in 2014 - contemplates allowing early amortisation event triggers, date-based call options and the seller .......

    News Round-up 4 December 2015

  • Euro secondary holds up

    The European securitisation secondary market is holding up amid weakness in broader credit following the ECB press conference yesterday.

    Secondary spreads saw little ECB impact yesterday - with the changes to the ABSPP already factored in, most sectors closed the day unchanged. Flows were patchy and name specific with prime RMBS and autos once more at the forefront, while peripherals .......

    SCIWire 4 December 2015

  • Euro secondary keeps busy

    The upswing in activity in the European securitisation secondary market is continuing.

    Yesterday saw a pick-up in trading across the board both on- and off-BWIC. Notably, prime assets returned to form and a strong buying bias, in Dutch RMBS in particular, saw spreads in both ABS and MBS generally tighten.

    Meanwhile, Portuguese paper continued to outperform in peripherals and ended the day slightly .......

    SCIWire 3 December 2015

  • US RMBS still quiet

    The US non-agency RMBS secondary market is still quiet after the return from Thanksgiving and could now stay that way for some time.

    "It's been fairly quiet this week so far with about $200m in for the bid on Monday and Tuesday," says one trader. "Today is a bit busier but is dominated by a large AON list from a .......

    SCIWire 2 December 2015

  • EMEA ratings transition positive

    EMEA structured finance securities continued to experience a decrease in downgrade activity and an increase in upgrade activity in 1H15, compared to 2013, according to Moody's latest transition study for the region. The 12-month downgrade rate for EMEA structured finance decreased from 16% to 4.8%, while the 12-month upgrade rate rose from 6.9% to 37.8% over the same period.

    The .......

    News Round-up 2 December 2015

  • Euro secondary picking up

    Activity in the European securitisation secondary market is starting to pick up.

    "Yesterday was very quiet again with not a lot of flows or BWICs," says one trader. "However, it appears to be picking up today and the BWIC calendar is building for the rest of the week, though involving a lot of off-the-run securities."

    The most active sector yesterday was .......

    SCIWire 2 December 2015

  • European outlook improves

    European structured finance will benefit next year from an improved macroeconomic landscape, consumer confidence and a more competitive lending environment, which will boost asset performance, says Fitch. The rating agency has changed its asset performance outlook to stable/positive for 2016.

    Asset performance outlooks for several individual markets have improved as GDP growth and lenders' greater appetite to underwrite loans to .......

    News Round-up 1 December 2015

  • Short-duration MBS fund offered

    BPV Capital Management has added a sixth fund to its line-up of mutual fund products - the BPV High Quality Short Duration Income Fund. The firm says that a short-duration product focused on the US agency MBS market is "quite rare", especially when it's offered in a mutual fund format

    "The current low interest rate environment may present unattractive risks .......

    News Round-up 1 December 2015

  • Asian delinquency trends to diverge

    Moody's forecasts that delinquency rates for structured assets in Asia (ex-Japan) will diverge in 2016. China and Singapore are generally expected to show rising delinquency trends, while performance in India and Korea should exhibit strength.

    "China's gradual economic slowdown will trigger a slight rise in delinquencies from current low levels across a range of asset classes in the country, while .......

    News Round-up 1 December 2015

  • Euro secondary lull continues

    The lull in activity seen at the end of last week in the European securitisation secondary market carried over to another quiet session yesterday.

    With most secondary market participants pre-occupied with month-end there was little investor activity and only very patchy and light flows from dealers, nor were there any European BWICs. However, market tone remained positive with spreads broadly .......

    SCIWire 1 December 2015
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