RMBS

  • US RMBS held

    US non-agency RMBS secondary spreads are being held at or around recent wides by a range of external and internal factors.

    "All eyes were on the Fed yesterday and while the lack of a rate rise was anticipated their hawkish comments mean fixed income and equities are off today," says one trader. "Even though high yield is edging tighter the .......

    SCIWire 29 October 2015

  • Euro secondary stays slow

    The European securitisation secondary market saw another slow session yesterday, but tone continues to slowly improve.

    Activity remains patchy across secondary markets but most sectors are now seeing a buying bias. Consequently, spreads are broadly flat to slightly tighter over the past day or so.

    Primary activity is continuing to distract participants, but secondary supply continues to tick over. For .......

    SCIWire 29 October 2015

  • Novel RMBS marketing

    TSB Bank has begun roadshowing its debut UK prime RMBS. Duncan Funding 2015-1 will not be issued from a regular master trust structure, but will maintain a revolving period of five years, with the ability to add new assets.

    The transaction is expected to offer senior tranches denominated in both sterling and euros. The A1 tranche has a WAL of three .......

    News Round-up 28 October 2015

  • Euro secondary pauses

    The nascent revival in the European securitisation secondary market has come to a halt once again.

    "The last few days have been a bit better in line with global markets and the impact of Draghi's comments was finally trickling through to ABS," says one trader. "However, yesterday broader markets took a pause and that immediately fed through to us and .......

    SCIWire 28 October 2015

  • Underwriting duo poached

    Kirk Meyers and Randy Newman have joined Wells Fargo's securitisation underwriting team. Both are working on ABS and MBS transactions, arriving from Hilltop Holdings.

    Meyers has held a number of senior roles where he has worked in ABS, including at Southwest Securities and Banc of America Securities. Newman's previous roles have included a number of positions at Bank of America .......

    Job Swaps 27 October 2015

  • Moody's taps MBS reporter

    Moody's has hired Jody Shenn as an analyst for its RMBS and ABS services. He was most recently a mortgage bond reporter at Bloomberg. Shenn's reporting roles have also included stints at American Banker and The Wall Street Journal.

    .......

    Job Swaps 27 October 2015

  • Agency charged over misrepresentation

    DBRS has agreed to pay nearly US$6m to the US SEC over charges that it misrepresented its surveillance methodology for rating certain RMBS and re-REMICs. The rating agency allegedly failed to conduct a monthly monitor of the transactions over a three-year period.

    According to the charges, DBRS' rating methodology involves a three-step quantitative analysis of each transaction, followed with a review by .......

    Job Swaps 27 October 2015

  • Russian arrears could 'accelerate'

    Moody's reports that the rate of arrears in Russian structured mortgage deals could accelerate if a further drop in oil prices exerts downward pressure on the country's economy. The agency says that Russia's struggling economy has already pushed up arrears in RMBS and ABS from the jurisdiction.

    Delinquencies of 60 days and above increased by 10% or more in 1H15 .......

    News Round-up 27 October 2015

  • Euro secondary edges up

    Activity and some prices are edging up in the European securitisation secondary market, but trading remains patchy and could prove to be short-lived.

    Despite another slow session yesterday, where spreads were once again primarily unchanged there are signs of some small increases in secondary activity and prices. Trading continues to be highly selective but the sectors attracting investors are broadening.

    SCIWire 27 October 2015

  • ABS analyst brought in

    Craig Branca has joined CoreLogic as vp, strategic accounts. The securitisation data analyst moves from Bloomberg, where he worked on mortgage products. He has also been involved in producing and managing ABS and RMBS data products for Lewtan.

    .......

    Job Swaps 26 October 2015

  • RMBS servicers 'improving'

    US RMBS servicers are showing improvements in managing challenged portfolios amid difficult circumstances, says Fitch. This includes the difficulty of working within a framework of tighter compliance and regulatory scrutiny.

    Fitch notes that the costs of servicing continue to rise in concert with an increased compliance focus and enhanced regulatory scrutiny, while higher capital requirements may become an issue for smaller servicers. .......

    News Round-up 26 October 2015

  • Invitation extension in the balance

    Kroll Bond Rating Agency has placed all of its outstanding ratings for Invitation Homes 2013-SFR1 on watch developing. The agency will keep this status in effect until it receives details from the servicer, Midland, as to whether the borrower will exercise one of its three one-year maturity extension options prior to the loan's current maturity date of 9 December.

    Midland .......

    News Round-up 26 October 2015

  • Largest ACIS yet inked

    Freddie Mac has obtained its largest insurance policy to date under its ACIS programme. The transaction transfers much of the remaining credit risk associated with STACR 2015-DNA2.

    The policy transfers up to US$502.6m of losses on a pool of single-family loans acquired from August to November 2014. It brings Freddie Mac's total insurance coverage up to US$1.5bn this year through .......

    News Round-up 26 October 2015

  • Euro patterns persist

    The trading patterns seen over the past week or so in the European securitisation secondary market look set to continue.

    Friday again saw a reasonably positive tone across the board, but liquidity and price movements remain limited. Activity remains focused on selected names and sectors, with prime, UK non-conforming and CMBS assets experiencing a slight buying bias, while peripherals are .......

    SCIWire 26 October 2015

  • Nuveen targets Europe

    Nuveen Investments has teamed up with TIAA-CREF Asset Management to provide three new UCITS funds to non-US investors. This includes the TIAA US Bond ESG strategy, which invests in a broad range of publicly traded investment grade bonds and fixed income securities, including MBS and ABS.

    The fund's investment options also include US Treasuries, corporate bonds and taxable US municipal .......

    Job Swaps 23 October 2015

  • Smith files Ocwen update

    A report has been filed by the monitor of the US National Mortgage Settlement, Joseph Smith, revealing the results of Ocwen's compliance with the National Mortgage Settlement servicing standards during 3Q14 and 4Q14. Filed with the US District Court for the District of Columbia, the report reveals that Ocwen failed four metrics in the second half of 2014.

    Several metrics .......

    News Round-up 23 October 2015

  • Euro secondary solid

    The recent solid performance in the European securitisation secondary market is continuing.

    Yesterday's ECB press conference went down well in broader markets and that fed through to ABS/MBS where tone improved still further, though activity remains unspectacular. Where trading is occurring bonds are going through at or above expectations, but liquidity still remains thin across the board.

    After the surge .......

    SCIWire 23 October 2015

  • US RMBS active

    Activity continues to be strong in the US non-agency RMBS secondary market.

    "It's been another busy week," says one trader. "Risk perception continues to abate and high yield continues to tighten, which is positive for RMBS."

    The trader continues: "There are, of course, still global risks, but our market is concentrating on the fundamentals for now. Those are good so .......

    SCIWire 22 October 2015

  • SFR issuance hits milestone

    Morningstar reports that US single-family rental (SFR) securitisation issuance has now topped US$13bn, spanning 25 deals and backed by loans on nearly 100,000 homes. Although recent issuance has slowed down from issuers re-directing focus from property acquisition to management, certain signals in the market could suggest room for more growth.

    Morningstar says the recent merger between Starwood Waypoint Residential Trust and Colony .......

    News Round-up 22 October 2015

  • No sales for AOFM

    The AOFM will hold its seventh RMBS auction on 8 December, with results announced on the same day. Settlement is due on 11 December.

    Securities up for bid in December comprise the Apollo 2009-1 A3 (A$319.2m in original face value), FirstMac 2011-2 A3 (A$87.7m), Progress 2009-1 A2 (A$425m), REDS 2009-1 A1 (A$500m) and Resimac 2012-1 A2 (A$137m) tranches.

    Separately, the .......

    News Round-up 22 October 2015

  • FNMA unveils actual loss deal

    Fannie Mae has priced its latest credit risk sharing transaction, which is the first to use an actual loss framework. The GSE says that this structure will be the standard for its CAS programme going forward, and follows in the footsteps of Freddie Mac after it debuted its first actual loss issuance earlier this year (SCI 8 April).

    The US$1.45bn note offering in .......

    News Round-up 22 October 2015
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