RMBS

  • Status quo for US RMBS

    The US non-agency RMBS secondary market has returned to the status quo this week after a bumpy start.

    "We had a volatile start to the week with the Asian sell-off on Monday, but the RMBS market settled down fairly quickly as broader volatility eased," says one trader. "Certainly since the Fed meeting it's been pretty quiet and we've returned to .......

    SCIWire 30 July 2015

  • SFR vacancies trending up

    Vacancy rates are generally trending higher across single-family rental (SFR) securitisations, according to Morningstar Credit Ratings. The agency says that this was anticipated based on the higher number of lease expirations seen in recent months.

    For example, a slight increase in vacancy rates for five Invitation Homes transactions corresponds to higher levels of lease expirations in the summer months. In .......

    News Round-up 30 July 2015

  • Euro secondary slows again

    The European securitisation secondary market has slowed down again.

    "We had a relatively busy start to the week, but yesterday was a bit slower and today looks to be the same," says one trader. "It's typical for high summer except we're still in July!"

    The trader continues: "We're once again mainly seeing activity round prime assets - particularly autos and .......

    SCIWire 30 July 2015

  • RMBS exit?

    Mortgage portfolio sales driving European supply

    An estimated €99bn of assets remains earmarked for sale by European bad banks, dominated by NAMA, SAREB and UKAR. RMBS is providing an exit for many legacy mortgage portfolio acquisitions, but whole loan funding is expected to become increasingly common in the future.

    The main drivers of mortgage portfolio sale activity in Europe are banks deleveraging and increasing regulatory constraints, .......

    News Analysis 30 July 2015

  • Real estate team boosted

    Brian Olasov has joined Carlton Fields Jorden Burt as executive director, financial services consulting. He will be a member of the firm's real estate and commercial finance practice group as a non-attorney professional.

    Olasov will work closely with the law firm's clients and attorneys to provide financial due diligence on mortgage loan portfolios, credit restructuring, valuation challenges, mortgage loan servicing .......

    Job Swaps 29 July 2015

  • RMBS reviewed on Countrywide settlement

    Fitch has placed 48 US RMBS classes on rating watch positive in anticipation of potential future upgrades related to pending payouts from the US$8.5bn settlement between Countrywide and Bank of America (SCI passim). The agency's actions reflect the potential for increased credit enhancement resulting from payments of the pending settlement.

    Each trust's share of the US$8.5bn settlement is expected to .......

    News Round-up 29 July 2015

  • Euro ABS/MBS mixed

    The European ABS/MBS secondary market continues to see a mixed tone and levels of trading activity.

    Yesterday saw a continuation of the patchy activity seen of late with Dutch prime seeing some signs of softness for once. Peripherals continue to garner increasing interest and consequently spreads closed flat to very slightly tighter. However, liquidity remains extremely thin across the board .......

    SCIWire 29 July 2015

  • 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
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