RMBS

  • CRT deals upgraded on performance

    Moody's has upgraded the ratings of 37 tranches from six credit risk transfer transactions backed by conforming balance RMBS loans issued by Freddie Mac and Fannie Mae. US$1.6bn of securities are impacted by the move.

    The affected deals are: Connecticut Avenue Securities (CAS) Series 2014-C04; and Structured Agency Credit Risk (STACR) Series 2014-DN3, 2014-DN4, 2014-HQ1, 2014-HQ2 and 2014-HQ3. Moody's notes .......

    News Round-up 18 November 2015

  • MBS efforts bolstered

    Palmer Square Capital Management has recruited Vesta Marks as a portfolio manager focused on building out the firm's efforts in CMBS and RMBS. He was previously md at Tradex Global Advisory services, where he oversaw mortgage credit within its flagship hedge fund.

    Marks has also served as a portfolio manager at Semper Capital Management, where he was responsible for investments .......

    Job Swaps 18 November 2015

  • Euro secondary on the up

    Activity and sentiment are on the up in the European securitisation secondary market.

    Bolstered by improving broader markets, activity in securitisation secondary picked up yesterday and market tone continues to improve. Better buying interest was seen across most sectors and spreads are broadly flat to slightly tighter.

    Prime autos and RMBS saw healthy flows yesterday, while the bid for UK .......

    SCIWire 18 November 2015

  • Structured debt chief moves on

    Paul Hastings is set to add Paul Severs to its London office as a partner in its corporate practice. He joins from Berwin Leighton Paisner, where he was head of structured debt and capital markets.

    Severs has experience across the structured finance and securitisation markets. He has previously also worked at FGIC and Clifford Chance, where he was a partner.

    .......

    Job Swaps 17 November 2015

  • High RMBS severity warning

    Smaller loan balances will keep liquidation severities on US RMBS loans high over the next few years, according to Moody's. This is due to the high observed loss severities on smaller loan balances and a larger proportion of such loans in existing pools.

    Moody's notes that loss severities on loans with liquidated balances of less than US$45,000 are consistently 30% .......

    News Round-up 17 November 2015

  • LatAm structured leader added

    Nomura has made three appointments to its emerging markets business in the Americas. Karan Madan, JP Alvarado and Siobhan Morden join as mds.

    Madan becomes md and head of emerging markets in the Americas. Among his duties will be building out the structured products business in the region. He was most recently regional head of Latin America and head of .......

    Job Swaps 17 November 2015

  • Euro secondary still slow

    It has been a typically slow start to the week in the European securitisation secondary market.

    "Yesterday was a typical Monday - a little bit slow going," says one trader. "There wasn't much on BWIC either, though the action around the two CHAPE bonds was interesting and they covered at 15 and 32."

    At the same time, the trader says: .......

    SCIWire 17 November 2015

  • REIT's board bolstered

    Two Harbors Investment Corp has appointed Lisa Pollina to its board of directors. She has extensive experience in the financial services industry, having most recently served as vice-chairman for RBC Capital Markets.

    Prior to that, Pollina was senior advisor to the ceo for RBC International, where she also served as senior advisor for the boards of RBC Canadian Trust Company .......

    Job Swaps 16 November 2015

  • RMBS criteria update planned

    S&P is planning to propose revisions to its criteria for analysing pools of residential loans that support RMBS or covered bonds in France, Germany, Sweden and Denmark. The agency also plans to publish new criteria for analysing pools of residential loans in Belgium and Austria.

    "We expect to align the revised and new criteria, where relevant, with the analytical framework .......

    News Round-up 16 November 2015

  • Freddie RMBS benefits mezz

    Freddie Mac is in the market with its first rated senior/subordinate cash RMBS. The US$600m Freddie Mac Whole Loan Securities Trust Series 2015-SC02 has a number of unique structural features that differentiate it from private-label RMBS transactions and generally benefit the mezzanine bonds, according to Moody's latest Credit Outlook.

    Moody's has provisionally assigned A2, Baa2 and Ba1 ratings to the .......

    News Round-up 16 November 2015

  • Granite funding structure formed

    Cerberus European Residential Holdings (CERH) has established a non-revolving warehouse facility - dubbed Neptune Rated Warehouse - to finance the purchase of the Granite portfolio from UKAR (SCI 13 November). Arranged by Morgan Stanley, loan facilities to the SPV will be provided by a consortium of four lenders.

    The structure comprises six loan facilities and an unrated subordinate note. Fitch .......

    News Round-up 16 November 2015

  • Dutch mortgage lending jumps

    New players entering the Dutch housing market are intensifying competition and prompting more lending activity, according to Moody's. Lending shot up by 36.5% over the first nine months of 2015, but Dutch RMBS volume is expected to stay flat going into 2016.

    "Home purchases, as opposed to mortgage refinancings, are the main driver of the increased lending volume and we expect .......

    News Round-up 16 November 2015

  • Euro secondary solid

    The European securitisation secondary market remained solid into last week's close.

    Reasonable flows across the board on Friday once again evidenced the slow rise in secondary liquidity and spreads remained stable. Activity was once again strongest in UK non-conforming and Dutch prime. UK prime was relatively quiet following the news on Granite and Portuguese paper continues to suffer from political concerns.

    SCIWire 16 November 2015

  • Cerberus set to buy Granite

    UKAR will sell £13bn of loans previously held on Northern Rock's legacy book to Cerberus Capital Management, £12bn of which lies in the Granite securitisation vehicle. The sale ends months of speculation regarding the winning bidder and the potential scenarios the portfolio could face (SCI passim).

    "The sale, which raises £13bn for the British taxpayer, is the largest ever sale of financial assets .......

    News Round-up 13 November 2015

  • Israeli securitisation plan set out

    A joint report has been published by a number of Israeli government organisations which calls for the promotion of securitisation in Israel, albeit in a 'cautious' and 'measured fashion'. It concentrates on obstacles in areas such as taxation, regulation and accounting, and cites various recommendations to remove them.

    The report was released by the Bank of Israel, the Israel Securities Authority, .......

    News Round-up 13 November 2015

  • DMS names SF chief

    DMS Offshore Investment Services has appointed Murray McGregor as global head of structured finance. He brings over 15 years of structured finance and asset finance experience and will also serve DMS as an independent director on the boards of structured finance vehicles, other special purpose entities and hedge funds.

    McGregor was previously structured finance and asset finance md at Citco .......

    Job Swaps 13 November 2015

  • Calpers sells off property funds

    Strategic Partners Fund Solutions, the secondary and private market fund solutions business of Blackstone, has agreed to acquire approximately US$3bn of global real estate funds interests from California Public Employees' Retirement System (Calpers). The sale is the largest to date by Calpers, representing 43 international and domestic funds from its non-strategic real estate portfolio.

    .......

    News Round-up 13 November 2015

  • Euro ABS/MBS holds up

    Spreads are holding up in the European ABS/MBS secondary market despite broader market weakness.

    Riding off the back of reasonably strong performance in the primary market, secondary activity picked up a little yesterday and spreads held firm in most sectors. The return of appetite for Dutch prime continued and saw select names edge in.

    Meanwhile, Spanish and Italian paper continued .......

    SCIWire 13 November 2015

  • US RMBS eases

    Volumes and market sentiment are easing in the US non-agency RMBS secondary market as the week progresses.

    "It feels like a Monday following on from yesterday's holiday and certainly volumes are down for a Thursday," says one trader. "There's less than $300m in for the bid today, but we did have higher volume on Tuesday with over $800m on auction as .......

    SCIWire 12 November 2015

  • Amicus builds commercial group

    Amicus Finance is launching a commercial finance business dedicated to serving the small business and professional services communities. Amicus Commercial Finance will be led by John Wilde and David Hogg.

    Wilde and Hogg previously founded SME Invoice Finance, which was sold to Metro Bank two years ago. Amicus Commercial Finance aims to begin operating in January 2016 and will provide .......

    Job Swaps 12 November 2015

  • Credit assessment standards proposed

    The EBA, EIOPA and ESMA have jointly published two draft implementing technical standards (ITS) on credit assessments by external credit assessment institutions (ECAIs). The standards are intended to ensure sound credit assessments and thus contribute to financial stability in the EU.

    The standards are part of the EU Single Rulebook for banking and insurance. The supervisory bodies aim to ensure .......

    News Round-up 12 November 2015
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