RMBS

  • REIT brings in quartet

    Annaly Capital Management has beefed up its agency MBS investment team and corporate infrastructure with a number of hirings. The appointments include Ilker Ertas, who joins as md in the firm's agency portfolio team. Ertas arrives from Citi, where he was most recently md in securitised products and head of mortgage derivatives trading.

    In addition, Michael Fania and Roman Shimonov .......

    Job Swaps 7 May 2015

  • Euro secondary mixed

    European secondary securitisation markets are seeing a mixed tone amid continuing low volumes.

    Volumes were light again yesterday though a few more BWICs joined the schedule as the day wore on and there is a considerable increase in lists circulating for trade today. Prime assets remain the strongest ABS/MBS sector across autos and UK and Dutch RMBS, while CLOs continue .......

    SCIWire 7 May 2015

  • Euro liquidity hampered

    Broader market volatility combined with a holiday shortened week continues to hamper liquidity across European secondary securitisation markets.

    Yesterday saw another quiet day in European secondary with low volumes on- and off-BWIC. However, yesterday's Italian BWIC did trade reasonably well.

    Overall, spreads remained unchanged to slightly wider as market sentiment continued to soften on macro news. CLO paper remains the .......

    SCIWire 6 May 2015

  • NPL pools up for bid

    The US Department of Housing and Urban Development has announced its first NPL sale under the Distressed Asset Stabilization Program for 2015 (SFLS 2015-1). Freddie Mac also announced its next standard pool NPL sale, scheduled for 20 May.

    HUD's latest sale consists of two portfolios: the first comprising geographically diversified NPLs (dubbed national pools), to be auctioned on 24 June; .......

    News Round-up 5 May 2015

  • Stop-advance provision introduced

    Redwood Trust's Sequoia Mortgage Trust 2015-2 has become the first US prime RMBS to limit the time over which a servicer can advance principal and interest on delinquent loans. Moody's says that such a stop-advance feature benefits senior bonds by reducing the risk of loan losses associated with servicers' interest advances on long-delinquent loans.

    The feature prevents a servicer from .......

    News Round-up 5 May 2015

  • RMBS settlements progressing

    The US$8.5bn Countrywide RMBS rep and warranty settlement was last week fully approved, with a modified judgement entered into the New York Supreme Court. Separately, a letter submitted by the trustee's counsel in Citi's proposed US$1.125bn settlement has confirmed that no objections were filed in that case.

    Following the Countrywide judgement, trustee-appointed experts will now calculate the allocable shares for .......

    News Round-up 5 May 2015

  • Uptick for European secondary

    With the UK public holiday the European secondary securitisation markets remained extremely quiet yesterday, but activity should see an uptick today.

    With the Greece story still rumbling on in the background, focus is, for now, on the two BWICs scheduled for trade today so far. One is the previously mentioned re-scheduled CLO list due at 14:30 London time; the other .......

    SCIWire 5 May 2015

  • Euro secondary on hold

    The European secondary securitisation markets are now effectively on hold until Tuesday.

    With European and/or UK public holidays today and Monday and another EU-Greece meeting tomorrow, unsurprisingly yesterday saw no major change in the patterns seen in recent days and looks set to remain the same today. Flows were again light yesterday, but spreads held up with the exception of .......

    SCIWire 1 May 2015

  • Muted month-end for US RMBS

    The recent trend of muted activity in the US non-agency RMBS secondary market is continuing in to month-end.

    "We've got around $350m in for the bid today, which is low for a Thursday and overall it's fairly quiet for month-end," says one trader. "It's early and some stuff is still trickling in, but I don't expect today's pattern to change .......

    SCIWire 30 April 2015

  • Euro ABS/MBS unsettled

    The European ABS/MBS secondary market has become unsettled as broader market volatility spikes, but for now spreads are holding firm.

    A mix of the sell-off in Bunds and month- and week-end for most of Europe limited flow trading activity across European ABS/MBS yesterday. BWICs generally traded in line with expectations though some Spanish names took a hit. Overall, spreads held .......

    SCIWire 30 April 2015

  • Euro secondary takes back seat

    Activity is on the rise in European securitisation secondary markets this week so far, but the primary market is still traders' main focus.

    "BWICs picked up a bit yesterday and flows were reasonable," says one trader. "ABS/MBS Secondary is still taking a little bit of a back seat to primary where the Warwick print was the main talking point yesterday .......

    SCIWire 29 April 2015

  • US RMBS remains positive

    Secondary activity is still light in US non-agency RMBS, but the outlook for spreads remains positive.

    "BWIC volume today is pretty light even for a Tuesday," says one trader. "There's an element of people holding back waiting for some macro event to happen, but a bigger issue is that primary is still taking a lot of attention away from secondary."

    SCIWire 28 April 2015

  • Euro ABS/MBS picking up again?

    The European ABS/MBS secondary market continues to keep one eye on primary, but there are signs that activity is beginning to pick up again.

    "It was very quiet again yesterday, but activity looks to be picking up today helped by a few more BWICs coming out," says one trader. "That said, there's still a strong focus on primary with the .......

    SCIWire 28 April 2015

  • Rock out?

    Granite buyer could take RMBS exit

    The UK government's desire to sell the mortgage loans it acquired bailing out Northern Rock - which are securitised in the Granite master trust - has fundamental implications for the RMBS market (SCI 23 March). While there is a chance the loans could exit the market completely, they also make a compelling candidate for resecuritisation.

    "Granite is not a bad .......

    News Analysis 28 April 2015

  • Aussie housing affordability steady

    Low mortgage interest rates have helped keep Moody's Australian housing affordability measure steady at the national level over the past year, according to the agency. This has offset the impact of higher property prices and relatively flat household incomes.

    However, the affordability measure deteriorated for Sydney and Melbourne, where house price rises have been more pronounced. "Furthermore, stress testing in .......

    News Round-up 27 April 2015

  • Euribor goes below zero

    Last week, three-month Euribor entered negative territory for the first time. As one-month Euribor was already negative, more than half of the available distributed European ABS market is now affected by negative interest reference rates.

    The three-month reference rate is now -0.002. One-month Euribor is -0.034, while six-month and 12-month both remain positive, at 0.066 and 0.173, respectively.

    As interest .......

    News 27 April 2015

  • GSE credit spectrum broadens

    Fannie Mae and Freddie Mac are continuing to expand the credit spectrum of loans included in their risk-sharing transactions, according to Fitch. The weighted average FICO score of borrowers in deals issued in 1Q15 was 752, down from the 765 seen in the inaugural transactions issued in 2013.

    Even with the inclusion of slightly weaker borrowers, agency mortgages included in .......

    News Round-up 27 April 2015

  • Sustained decline for Irish arrears

    Irish RMBS loans in arrears by more than three months reported a sustained decline in 2Q15 - to 17.7% - for the first time since 2005, Fitch observes. This is a drop from their peak of 19.3% in 3Q14 and 18% in the previous quarter.

    Fitch attributes the decline to ongoing servicing activities aimed at resolving long-term arrears cases and .......

    News Round-up 27 April 2015

  • APAC ratings remain stable

    Fitch reports that 243 Asia Pacific structured finance tranches were affirmed in 1Q15. Rating actions in Australia and New Zealand were once again supported by strong economic performance, with most ratings reviewed during the quarter being affirmed, contributing to 90% of the total affirmations in the region. In addition, nine Australian tranches were upgraded.

    In Japan, 11 ratings were affirmed, .......

    News Round-up 27 April 2015

  • Super-priority warning 'credit positive'

    The US FHFA last week issued a statement warning that Federal law prohibits state courts from involuntarily extinguishing Fannie Mae and Freddie Mac liens to give precedence to super-priority liens, such as energy retrofit programmes or homeownership association (HOA) liens, while the two GSEs are under conservatorship. Moody's notes in its latest Credit Outlook that the action is credit positive .......

    News Round-up 27 April 2015

  • Euro CLO BWIC bandwagon rumbles on

    As expected Friday was a comparatively quiet day across European secondary securitisation markets, but today sees the European CLO BWIC schedule take the lead once more.

    The end of week drop in European BWIC volume had a knock on effect in flow trading - diminishing volumes there as well. Nevertheless, the usual pockets of activity surrounding autos, CLOs and prime .......

    SCIWire 27 April 2015
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