RMBS

  • Euro secondary settled

    The European securitisation secondary market is continuing in the settled pattern seen of late.

    There were no surprises on Friday as a relatively quieter day, though flows continue to improve slowly, saw spreads close broadly unchanged overall. Today looks set to follow a similarly settled pattern especially given the US public holiday.

    Peripherals continue to benefit the most from buying .......

    SCIWire 12 October 2015

  • Euro secondary stays on track

    Ever-improving broader markets are driving increasingly positive sentiment in the European securitisation secondary market and its revival over the past few days remains on track.

    Yesterday again saw an uptick in overall activity though flows were slightly down as the heavier BWIC calendar took precedence. There was buying interest across the board, albeit still restricted to selected names in each .......

    SCIWire 9 October 2015

  • US RMBS stabilises

    The US non-agency RMBS secondary market has stabilised and activity is slowly increasing again.

    "It was slow last week and that continued through to this Tuesday," says one trader. "But since then high yield has rallied and that has had a knock-on effect in secondary RMBS."

    The trader continues: "Sentiment has stabilised and everyone appears a bit more optimistic. It's .......

    SCIWire 8 October 2015

  • Lack of action puts RMBS on watch

    S&P has placed 22 tranches of 11 European RMBS on creditwatch negative. The move follows various rating actions taken on UK and German banks over the summer.

    Among those summer rating actions, ratings were lowered on Barclays and Deutsche Bank, which are involved as counterparties in transactions now placed on creditwatch. The overarching principle of S&P's counterparty criteria is the .......

    News Round-up 8 October 2015

  • Vice chair steps up

    Walter Investment Management has appointed Denmar Dixon ceo and president, effective from 10 October. He is currently the company's vice chairman, cio and evp.

    Dixon succeeds Mark O'Brien, who is retiring from his role as ceo, but will continue as chairman through year-end. The company expects to benefit from his continued service as a director thereafter.

    .......

    Job Swaps 8 October 2015

  • Euro secondary return continues

    Activity and prices in the European securitisation secondary market continue to return to normal, but liquidity is still below usual levels for this time of year.

    "We saw flows across all asset classes yesterday," says one trader. "Even UK non-conforming is taking off having been very quiet recently."

    Peripherals are continuing their rise of recent days. "Prices are up noticeably, .......

    SCIWire 8 October 2015

  • Euro secondary accelerates

    The pick-up in activity and pricing levels in the European securitisation secondary market is accelerating.

    Yesterday saw a further improvement in sentiment on the back of the same in broader markets. As a result, flows increased, though liquidity is still very patchy, and spreads were broadly flat to slightly tighter. Prime spreads, including autos, continue to hold firm, but it .......

    SCIWire 7 October 2015

  • SEC raps HLSS over accounts

    The US SEC has charged Home Loan Servicing Solutions (HLSS) for making material misstatements about its handling of related party transactions and the value of its primary asset and for having inadequate internal accounting controls. HLSS has agreed to pay a US$1.5m penalty to settle the charges and to cease and desist from disclosure and books and recordkeeping violations.

    The .......

    Job Swaps 6 October 2015

  • Euro secondary slowly improves

    Tone and activity are slowly picking up in the European securitisation secondary market.

    Bolstered by stronger broader markets sentiment in most secondary sectors has improved, which is helping to stabilise spreads and encourage participants to return, but liquidity remains generally thin. In prime, autos led the way yesterday notably in VW assets, whereas in peripherals Portuguese bonds saw the biggest .......

    SCIWire 6 October 2015

  • Euro secondary mixed

    Activity in the European securitisation secondary market continues to be mixed.

    For the most part ABS/MBS is still being hampered by very thin liquidity and prices are softening across the board. Prime assets continue to benefit from a buying bias albeit only in pockets. Unsurprisingly autos remain the main focus and are seeing reasonably healthy two-way flows, though spreads continue .......

    SCIWire 5 October 2015

  • ESMA reports on rating agencies

    ESMA has published two sets of technical advice and a report on the regulation of credit rating agencies in the EU. These papers consider measures to provide stronger controls around credit ratings for structured finance instruments and to reduce reliance on credit ratings.

    The report finds that regulation has improved the governance and operation of rating agencies but that it .......

    News Round-up 2 October 2015

  • RMBS settlement progress tracked

    JPMorgan paid US$3.555bn in consumer relief to 158,107 borrowers through 31 March 2015, according to figures from US National Mortgage Monitor Joseph Smith. The settlement payments are due to claims that Chase, Bear Stearns and Washington Mutual packaged and sold bad RMBS.

    JPMorgan is required to provide a total of US$4bn in credited consumer relief by 31 December 2017. JPMorgan .......

    News Round-up 2 October 2015

  • Agency seeks above-currency comments

    S&P is requesting comments on proposed changes to its methodology for assigning ratings above the foreign currency ratings on the sovereigns in a multijurisdictional structured finance transaction. The proposed criteria would constitute a global framework.

    Few rating changes are expected if the proposed criteria are adopted. From a test on CDOs, CMBS, ABS and covered bonds, the rating agency expects .......

    News Round-up 2 October 2015

  • US RMBS cautious

    Caution is prevailing in the US non-agency RMBS secondary market.

    "It's been a very quiet week with only about $800m in for the bid in total so far, which is highly surprising for quarter-end," says one trader. "The low volume is leading people to question whether paper is trading in significant volume privately, but I think it's just players being .......

    SCIWire 1 October 2015

  • SCI conference line-up unveiled

    Panellists have been confirmed for SCI's 8th Annual Securitisation Pricing, Trading and Risk Seminar, which is being held on 7 October in New York. The event is being held at Bank of America's offices at 250 Vesey Street (formerly Four World Trade Center).

    The conference programme consists of a series of roundtables and panel debates focusing on issues affecting the .......

    News Round-up 1 October 2015

  • Greek RMBS paying 'on time'

    The capital controls that the Greek government imposed in June have had no impact on the timing of interest payments for Greek RMBS, with all issuers paying noteholders on time, Moody's reports. Themeleion II Mortgage Finance was the first to successfully pay (on 13 July), while Grifonas Finance No. 1 was the last (on 28 August).

    "All Moody's-rated Greek RMBS .......

    News Round-up 1 October 2015

  • New fund targets SF investment

    Franklin Templeton Investments has launched the Franklin K2 Long Short Credit Fund, which will invest in a variety of credit strategies. It aims to provide investors with access to a select group of hedge fund managers in a single diversified portfolio, while providing daily liquidity.

    Franklin Templeton acquired hedge fund solutions provider K2 Advisors in 2012. The new fund aims .......

    News Round-up 1 October 2015

  • Agency proposes new rating type

    S&P has issued a request for comment on its proposed criteria for assigning a new rating type. It would be specific to the financial obligations which structured finance special-purpose entities enter into with banks or other entities on the issuer's credit risk under a contract such as a swap or liquidity facility.

    The new counterparty instrument rating (CIR) would address an .......

    News Round-up 1 October 2015

  • Euro secondary improves

    Tone in the European securitisation secondary market is improving in line with broader market sentiment, but activity remains limited away from VW.

    "Yesterday was very quiet again, but that is typical of quarter-end," says one trader. "However we did start to see bids back in VW ABS and it had stabilised at its wides by the close. This morning it .......

    SCIWire 1 October 2015

  • Euro secondary drifts

    European securitisation secondary spreads are continuing to drift wider.

    "Yesterday was very quiet and today looks to be the same," says one trader. "Clients are definitely sidelined as market sentiment weakens."

    The trader continues: "There are a number of factors impacting sentiment both internal and external to ABS - there's the broader macro picture obviously, combined with our US equivalent .......

    SCIWire 30 September 2015

  • WaMu appeal approved

    An appeal by the FDIC of the June ruling in the WaMu rep and warranty trial (SCI 4 June) was approved last week. Proposed schedule changes are due to be submitted by both parties this week, which may shed more light on the timing of the subsequent process.

    Bank of America Merrill Lynch RMBS analysts note that for reference purposes, .......

    Job Swaps 30 September 2015
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