RMBS

  • Structured real estate sale inked

    Sabal Financial Group has retained Holliday Fenoglio Fowler (HFF) to market and sell a US$541m portfolio of real estate and performing, sub-performing and non-performing loans in a structured sale. The offering consists of 11 different geographically diverse sub-pools, which is designed to provide investors with flexibility to pursue specific pools to meet their investment objectives.

    The portfolio consists of three .......

    News Round-up 20 August 2015

  • Marketplace lender hires Zinn

    ApplePie Capital has appointed Jeff Zinn as head of capital markets. He joins from Jefferies, where he was md, specialising in structured product sales that included ABS, MBS and CLOs.

    Zinn will now be responsible for accelerating ApplePie Capital's growth and expanding the company's relationships with institutional investors. He has also held roles at The PrinceRidge Group, Bank of America .......

    Job Swaps 20 August 2015

  • Transforming risk

    CRT securitisation innovation continues

    The differing approaches of the GSEs to credit risk transfer have resulted in a number of innovations in the RMBS market. Freddie Mac's latest transaction contained several new features, while Fannie Mae intends to launch its first actual loss deal before year-end.

    The senior certificates of Freddie Mac Whole Loan Securities Trust Series 2015-SC01, issued last month (SCI 28 July), .......

    News Analysis 20 August 2015

  • Euro secondary sidelined

    Broader market volatility is adding to the summer doldrums in the European securitisation secondary market as it is keeping even more players on the sidelines.

    The market continues to lack conviction as activity remains patchy and very light. What little trading there was yesterday was once again mainly focused on prime assets.

    Meanwhile, BWIC activity also remains negligible and yesterday's handful of .......

    SCIWire 20 August 2015

  • Fresh risk-sharing deal unveiled

    Fannie Mae has completed its latest credit risk-sharing RMBS, the first of its kind to have an international reinsurer participate in the deal. Like its predecessor, CIRT-2015-2 allows Fannie Mae to retain risk for the first 50bp of loss - this time on an US$8.1bn pool of loans.

    The GSE says that if this US$40.5m retention layer were exhausted, reinsurers would .......

    News Round-up 19 August 2015

  • Counterparty-linked review underway

    S&P has placed 70 RMBS, 10 CDO, six CLO and five ABS tranches from European transactions on credit watch negative. The agency's actions are in response to the introduction of bank resolution frameworks in the UK and Germany, and the subsequent lowering of ratings to banks that serve as counterparties to the related transactions.

    S&P lowered the ratings on Barclays, Deutsche Bank and National Westminster .......

    News Round-up 19 August 2015

  • Euro secondary unchanged

    European securitisation secondary spreads remain unchanged as the seasonal lull continues.

    Yesterday once again saw very limited flows across the board. Small and patchy exceptions came in selected autos, cards and CMBS.

    Today's European BWIC schedule currently contains three lists. At 10:00 London time there is mixed sterling RMBS list involving small clips.

    In the afternoon there are two CLO .......

    SCIWire 19 August 2015

  • China accessibility expanding

    S&P says that China's securitisation market has offered international investors greater access to renminbi assets over the last three quarters, helping bridge the gap between domestic and international practices. The latest development in July saw the start of offshore investors using QFII and RQFII channels to buy securitisation notes in the interbank bond market.

    China's securitisation market is small compared with its .......

    News Round-up 18 August 2015

  • Housing headwinds warning

    Fitch believes it is premature for the Houston housing market to be given the 'all clear' to push on following an initial market resilience to oil price pressures and related reductions in employment and capital expenditures. The agency warns that the market has similar traits to New York City in 2008-2011 when the financial services industry was retracting.

    Headwinds for the oil industry .......

    News Round-up 18 August 2015

  • BlackRock wins vendor role

    The US NAIC has selected BlackRock Solutions as sole vendor to conduct financial modelling for the next three years for both RMBS and CMBS. The association had previously issued two separate RFPs, seeking firms to model CMBS and RMBS respectively (SCI 12 February).

    The NAIC has used BlackRock Solutions to perform financial modelling of CMBS since 2010, but had previously .......

    Job Swaps 18 August 2015

  • Aussie sales scaled down

    The AOFM has released details of its fifth RMBS auction, to be held on 22 October. It has also clarified that, until further notice, it plans to offer bonds for sale in which its holdings are between A$350m and A$400m in amortised face value per auction.

    Securities to be auctioned on 22 October comprise: Puma P-16 A3 notes, SMHL 2009-1 .......

    News Round-up 18 August 2015

  • MBS pro recruited

    Rob Smialek has joined Wunderlich Securities as svp, capital markets. In this role, he is responsible for leading efforts in MBS sales and whole loan trading, focusing on the US residential mortgage banking community, banks and credit unions.

    Prior to his arrival, Smialek was head of trading and hedging for New Penn Financial. His duties included pricing, selling forward contracts in agency and .......

    Job Swaps 18 August 2015

  • Servicing rights retained

    Ocwen has retained the servicing rights for 12 RMBS, following a noteholder vote on whether it should be replaced (SCI passim). Wells Fargo, as trustee for the deals, submitted a notice of event of default in March - due to the downgrade of Ocwen's servicer ratings - and requested noteholders vote on whether the firm should be terminated as servicer.

    News Round-up 18 August 2015

  • Euro secondary drifts

    The European securitisation secondary market continues to drift through August.

    For the most part secondary spreads remain unchanged since last week and volumes are extremely light. There are occasional flurries of activity notably, as ever, in prime assets, but also in a few major CMBS names.

    There are no BWICs on the schedule for today so far, but summer inertia .......

    SCIWire 18 August 2015

  • Latest agency auction opens

    Freddie Mac is continuing its marketing of deeply delinquent NPLs from its mortgage investment portfolio by putting up for auction a further US$1.2bn in standard pool offerings. The Ocwen-serviced assets are being marketed as five geographically diversified pools and are the GSE's sixth NPL offering this year. 

    Bids from qualified bidders are due by 9 September, with the sale expected to settle in October. All .......

    News Round-up 17 August 2015

  • Review triggers examined

    A number of features in the representation and warranty (R&W) framework of Shellpoint's new RMBS deal, SCOT 2015-1, are stronger than other jumbo RMBS deals in finding and remedying loan defects. In its latest Credit Outlook publication, Moody's notes that the transaction has two new triggers for reviewing loans that can reveal breaches of R&Ws that may remain hidden in .......

    News Round-up 17 August 2015

  • Real estate lender acquired

    Jones Lang LaSalle is set to acquire Oak Grove Capital. The purchase includes Oak Grove's full service platform, encompassing debt financing for multifamily and seniors housing real estate, as well as its CMBS, life and specialty finance companies.

    The acquisition will enable JLL to expand its housing and healthcare financing expertise, as well as complement its multifamily sales and equity services. The .......

    Job Swaps 14 August 2015

  • Aussie waterfalls scrutinised

    Moody's says that recent Australian RMBS transactions issued by Bendigo and Adelaide Bank and Members Equity Bank include a new principal payment waterfall feature that affords fewer protections to their senior class A1 triple-A rated notes. In contrast, the feature will provide more protections to the A2s.

    "In these transactions, the A1s and A2s rank pari-passu in relation to principal payment allocations .......

    News Round-up 14 August 2015

  • GNMA hits record issuance

    Ginnie Mae guaranteed a record US$47.06bn of MBS last month, surpassing the previous record of US$46.1bn set in July 2009. The GSE has guaranteed more than US$346bn in MBS so far in 2015, up from US$242bn at this point of the year in 2014.

    "The scalability of our platform allows Ginnie Mae to support the shift from traditional depository institutions to new .......

    News Round-up 14 August 2015

  • Euro secondary stays calm

    The European securitisation secondary market continues to stay calm in terms of both activity and price volatility.

    Summer illiquidity along with broader market volatility, albeit reduced, kept most market participants on the sidelines again yesterday. Activity continued in pockets with autos and a handful of CLOs being the main signs of life, though spreads overall remained unmoved.

    Nevertheless, with wider .......

    SCIWire 14 August 2015

  • US RMBS oscillates

    The US non-agency RMBS secondary market has shifted around in line with broader market volatility this week.

    "Events around the yuan have seen us oscillate between risk-off and risk-on this week," says one trader. "Currency moves tend to push the market off the rails, as was the case with the Swiss franc earlier this year."

    Nevertheless, BWIC headline volume continues .......

    SCIWire 13 August 2015
×