RMBS

  • Freddie launches whole loan deal

    Freddie Mac has priced its inaugural Freddie Mac Whole Loan Security, a cash offering of approximately US$300m of actual loss RMBS securities. The transaction follows the GSE's recent STACR and ACIS offerings (SCI passim) in its continued attempts to sell a portion of its credit risk.

    Freddie Mac Whole Loan Securities Trust Series 2015-SC01 comprises US$278m in guaranteed senior certificates and .......

    News Round-up 28 July 2015

  • Hiking cycle history considered

    As the likely Fed rate hike date draws nearer, Barclays ABS analysts have examined the performance of securitised products during previous hiking periods. The effect on securitised product credit sectors has previously generally been benign.

    The Barclays analysts paid particular attention to agency RMBS both before and during previous hiking cycles. A typical hiking cycle lasts a year and a .......

    News 28 July 2015

  • CLO consultant tapped

    Eric Bothwell has joined Ashurst as a senior consultant within its CLO practice. He arrives as md from UBS, where he was most recently involved in the sale and unwinding of non-core asset portfolios.

    Bothwell was also one of the founding members of Goldman Sachs' new issue CLO team, responsible for all aspects of transaction structuring, execution and marketing. His .......

    Job Swaps 28 July 2015

  • Euro secondary shows caution

    It's been a cautious start to the week for the European securitisation secondary markets, but BWIC volume is increasing.

    "Overall, market tone is reasonably cautious both because of macro issues, especially China, and also because of the time of year," says one trader. "However we continue to see decent client interest in non-conforming and select peripherals."

    Meanwhile, with month-end approaching .......

    SCIWire 28 July 2015

  • Credit firm merger agreed

    Ares Management and Kayne Anderson Capital Advisors have agreed to merge and form Ares Kayne Management. The firm will provide a combined US$113bn of AUM, with the transaction expected to close on or around 1 January 2016.

    The new business will focus on tradable credit, direct lending, energy, private equity and real estate. Upon closing of the merger, Kayne Anderson .......

    Job Swaps 27 July 2015

  • Euro secondary holds up

    The European securitisation secondary market is continuing to hold up despite thin liquidity.

    Buy-side activity remains patchy with volumes overall still very light away from prime. What flows there are are mainly two-way though a selling bias in autos has emerged as investors seek to make room for new issues in the sector among a reasonably strong primary pipeline overall.

    SCIWire 27 July 2015

  • Euro secondary stays firm

    Tone and spreads in the European securitisation secondary market are staying firm.

    Yesterday saw another solid day in secondary market activity across the board. The usual hotspots continued with prime assets seeing most flows once more, although Italian paper is receiving increasing attention.

    BWIC activity remained reasonably healthy yesterday with most line items going through at or around expected levels .......

    SCIWire 24 July 2015

  • US RMBS elevates

    The US non-agency RMBS secondary market is seeing elevated trading volumes this week.

    "Things have really swung back from the last couple of weeks and it's been very busy this week," says one trader. "We've seen elevated volumes with $1bn going through on Tuesday, $800m yesterday and over a $1bn today."

    The trader goes on to explain: "Many people are .......

    SCIWire 23 July 2015

  • Capital markets vet hired

    Patrick Beranek has joined Mischler Financial Group's capital markets division as md, structured products. In this newly-created role, he will oversee structured products primary market activities and report to Robert Karr, Mischler's head of capital markets.

    Beranek moves from RBS, where he was head of asset-backed trading. He has also run asset-backed trading and syndicate for Mizuho and Bank of .......

    Job Swaps 23 July 2015

  • Euro secondary improves again

    The European securitisation secondary market volume again saw a little improvement yesterday as spreads remain firm.

    Secondary trading activity continues to improve across the board with each session. Yesterday saw continuing investor interest in the prime segment and 1.0 CLOs. UK non-conforming had a better day than of late, but the primary market continues to weigh heavily on the sector, .......

    SCIWire 23 July 2015

  • Volatility may hit NPL ratings

    Volatile and uncertain cashflows may prevent Fitch from rating new Italian NPL securitisations for timely payment of interest on the notes in the absence of substantial cash reserves or liquidity lines. This could subsequently deter the agency from assigning such transactions high investment grade ratings.

    Based on comments from market participants, Fitch says that new deals may limit or minimise .......

    News Round-up 22 July 2015

  • SFR substitution risks outlined

    Provisions that allow single-family rental operators to replace properties in securitised portfolios with those from unsecuritised portfolios add risks to SFR transactions, according to Moody's. Voluntary substitution provisions may lead to a reduction in the use of premium release and to the replacement of more valuable properties with less valuable ones.

    "The option to substitute properties in SFR transactions could .......

    News Round-up 22 July 2015

  • Euro secondary sees slow progress

    The European securitisation secondary market continues to see improvement, but progress is still slow.

    "Activity has picked up over the last few days," says one trader. "But we're definitely in summer mode now - it's not improving as quickly as we'd hoped."

    Nevertheless, the trader adds: "In Dutch and UK prime two way flows keep strengthening and spreads are grinding tighter. .......

    SCIWire 22 July 2015

  • REIT ceo replaced

    Kevin Keyes has been appointed ceo of Annaly Capital Management, while retaining the title of president. Annaly co-founder, chairman and current ceo Wellington Denahan will remain chairman of the board and will also serve as executive chairman, focusing on strategic and capital allocation decisions. Keyes will officially replace Denahan in September.

    .......

    Job Swaps 21 July 2015

  • Euro ABS/MBS coming back to life

    The European ABS/MBS secondary market is slowly coming back to life.

    Yesterday saw a continuation of the recent increasingly positive sentiment across most European ABS/MBS deal types and jurisdictions. Consequently secondary spreads remained robust aside from UK non-conforming RMBS, which is still experiencing some softness thanks to primary activity. At the same time, buying interest continues to increase from recent .......

    SCIWire 21 July 2015

  • Second batch of NPLs offered

    Fannie Mae is marketing the sale of its second round of NPLs, which includes two large pools of approximately 3,900 loans totalling US$777m in UPB. The GSE is also offering a smaller community impact pool to encourage participation by non-profits, and minority- and women-owned businesses.

    The community pool is focused in the Tampa, Florida-area and totals US$11m in UPB. The sale of the NPLs is being .......

    News Round-up 20 July 2015

  • Record MBS settlement reached

    JPMorgan has agreed to pay US$388m to settle a suit of investors represented by Robbins Geller Rudman & Dowd, who accused the bank of misleading them when it sold nine 2007 RMBS offerings worth a total of US$10bn. The settlement represents, on a percentage basis, the largest recovery ever achieved in an MBS purchaser class action and is more than 2.5 times greater than .......

    Job Swaps 20 July 2015

  • Housing scheme chief revealed

    Venn Partners has hired Roger Bright as chairman of its subsidiary Private Rented Sector Operations. This follows Venn's recent appointment as delivery partner to the UK government's PRS housing guarantee scheme (PRSGS).

    Bright was most recently ceo and board member of The Crown Estate. Prior to this, he was head of the investment business department at the UK FSA, following a .......

    Job Swaps 20 July 2015

  • Euro secondary stays positive

    European securitisation secondary markets are remaining positive, although activity is still limited.

    Sentiment continues to improve across the board, but volumes remain light. Prime ABS/MBS and 1.0 CLO paper saw increased two-way flows on Friday, but peripherals, particularly Portuguese and Spanish names, are still lagging albeit in a tightening trend.

    The resurgent primary market is also having an impact - .......

    SCIWire 20 July 2015

  • Real estate vet poached

    Rick White has rejoined Bryan Cave as a partner in the real estate capital markets team. His practice focuses on structured finance and servicing matters relating to CMBS and RMBS.

    White represents lenders, primary servicers, master servicers and special servicers in all aspects of mortgage-backed loan servicing. He also represents loan originators and issuers in securitisation matters, as well as hedge .......

    Job Swaps 17 July 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday was another solid day with spreads holding form to edging tighter across the board. Buying interest off- and on-BWIC continues to increase, while auction activity is also growing.

    Yesterday's lists saw mixed results with most line items going through at or around talk, but a handful of mezz autos failed to .......

    SCIWire 17 July 2015
×