RMBS

  • Euro ABS/MBS keeps calm

    As anticipated with the US holiday the European/ABS secondary market was reasonably calm yesterday and that has extended into this morning despite the news around Greece.

    "We've not seen much action since the Greek discussions collapsed," says one trader. "Overall spreads have remained pretty stable."

    The trader continues: "For the moment the market is quiet, though we're hopeful it'll take .......

    SCIWire 17 February 2015

  • UK servicer acquisitions eyed

    Changes in ownership of UK residential mortgage servicers can create uncertainties about post-acquisition strategy and operations, as well as the effect on servicers' stability and performance, according to Fitch. The agency adds that the financial and operational support and strategic direction provided by new owners are key to the ratings impact of unprecedented numbers of acquisitions in the sector.

    The .......

    News Round-up 16 February 2015

  • MSR portfolios hit the market

    MountainView Servicing Group is advising Freddie Mac and Fannie Mae on the sale of a MSR portfolio with approximately US$3bn of unpaid principal balance. Bids for the portfolio are due by 19 February.

    The portfolio comprises 100% fixed-rate first lien assets, with a weighted average original FICO score of 755, a weighted average original loan-to-value ratio of 80%, a weighted .......

    News Round-up 16 February 2015

  • RMBS origination platform unveiled

    Venn Partners is to establish a new residential mortgage origination platform in the Netherlands and plans to boost its Dutch mortgage lending to €1bn by the end of 2015. Marc De Moor has been recruited to lead the new platform.

    De Moor was previously an executive director of Argenta and ceo of Argenta Nederland. With De Moor leading the new .......

    Job Swaps 16 February 2015

  • Derivatives skew for large list

    A large non-agency RMBS BWIC hit the market on Friday with a significantly greater volume of derivatives than in other recent lists. The US$2.6bn current face list totalled 130 bonds, of which 62% were IOs, 22% were P&I and 16% were inverse IOs.

    The P&I portion of the list mainly comprised POA bonds, although there was also Alt-A, prime and .......

    News Round-up 16 February 2015

  • Peripherals take attention

    Peripheral paper is receiving increased attention in the European ABS/MBS secondary market.

    On the back of strong prints on Friday and positive market tone at today's open, prices in major name peripheral bonds edged upwards first thing this morning. Focus revolved around Greek, Italian and Portuguese paper, though the former is likely to remain highly volatile.

    At the same time, .......

    SCIWire 16 February 2015

  • Euro ABS/MBS returns to form

    After an up and down week in terms of activity the European ABS/MBS secondary markets have returned to form.

    Flows across the secondary market increased yesterday in both bilateral trades and BWICs as lists were added throughout the day. Most names saw strong trading levels and that positive tone has extended into this morning.

    The recent favourite sectors continued to .......

    SCIWire 13 February 2015

  • US RMBS looks to tomorrow

    The US non-agency RMBS secondary market is still fairly quiet post-Vegas, but tomorrow should see renewed focus with the large AON list due at 10:00 New York time (SCIWire 9 February 2015).

    "It looks like another quiet day today with people still trickling back from Vegas," says one trader. BWIC volume today is low for a Thursday at $200m-$300m, aside .......

    SCIWire 12 February 2015

  • Valuation RFPs issued

    The US NAIC has released RFPs from vendors to produce valuations for state insurance regulators to set risk-based capital requirements for CMBS and RMBS owned by US-domiciled insurance companies. Responses to the RFPs are due on 10 March.

    Consistent with NAIC policy, the association periodically submits third-party contracts to competitive rebidding. Blackrock Solutions and PIMCO have been providing the valuations .......

    News Round-up 12 February 2015

  • Euro ABS/MBS dampens down

    Secondary European ABS/MBS activity has dampened down once more as participants step away amid broader market volatility.

    "Flows are again relatively light," says one trader. "There's some concern over Greece and to a lesser extent Ukraine, which is keeping things pretty static in ABS."

    Core bonds remain the main focus of the ABS/MBS market with spreads grinding ever tighter led .......

    SCIWire 12 February 2015

  • Staying afloat

    Rising pressures test servicer resilience

    Recent regulatory and investor pressure on Ocwen has highlighted the operational weaknesses of some US RMBS servicers. Improved risk management - especially regarding communication, information and process flows - is key to strengthening their approach.

    The past few months have seen Ocwen agreeing to a US$150m settlement with the NYDFS and responding to investor allegations of contractual breaches in connection .......

    News Analysis 11 February 2015

  • Spanish arrears declining

    The Spanish economic recovery is feeding into mortgage performance, according to Fitch's latest quarterly index report for the sector. Late-stage arrears are down and national home prices have stabilised.

    Indeed, loans in late-stage arrears - including defaults - have decreased for the second quarter in a row to stand at 6.2% in December 2014 from their most recent peak of .......

    News Round-up 11 February 2015

  • Euro ABS/MBS picks up

    Despite the lack of BWIC supply activity picked up in European ABS/MBS yesterday and into this morning.

    Dutch and UK RMBS, both prime and non-conforming, Italian RMBS and UK autos are all seeing strong appetite again from both buy- and sell-side players. Consequently spreads in those sectors are edging in or holding tight.

    Elsewhere the story is more mixed with some .......

    SCIWire 11 February 2015

  • PLS loss expectations tested

    The US Treasury last week published the findings from its study on credit rating agency loss expectations. The move is part of the Department's initiative to expand access to credit by boosting the private-label RMBS market (SCI 1 July 2014).

    The Treasury says it recognised that the PLS market has been dormant since the financial crisis partly because of a .......

    News Round-up 10 February 2015

  • Loss severities compared

    Loss severities on liquidated US residential mortgages are comparable between Freddie Mac and non-agency loans when controlling for attributes, according to Fitch. Freddie Mac recently enhanced its single-family residential loan-level historical dataset by adding loan-level loss data (SCI 25 November 2014).

    In doing so, the GSE increased transparency to the market in anticipation of an actual loss credit offering in .......

    News Round-up 10 February 2015

  • To BWIC, or not to BWIC

    A large, diverse block of European bonds came out for the bid last week, but in an untraditional way. The bonds were offered on a BWIC without a deadline, leading some investors to describe it more as a controlled liquidation than a true bid-list.

    "It is a very unusual way to present bonds to the market. Obviously investors are used .......

    News 10 February 2015

  • Light flows in European ABS/MBS

    The light flows seen in European ABS/MBS secondary markets yesterday look set to continue in to today.

    Yesterday saw only patchy activity across deal types with Dutch and UK prime leading the way alongside autos. UK non-conforming saw less action than of late and Greek paper took some hits, but overall spreads stayed steady despite broader market volatility.

    The ABS/MBS BWIC .......

    SCIWire 10 February 2015

  • Large US RMBS lists circulating

    In an otherwise currently very quiet US non-agency RMBS secondary market as a result of the Vegas conference, two large AON BWICs are already circulating for trade at the end of this week.

    Thursday at 10:00 New York time sees a 574 line item BWIC accounting for $289.4+m of current face. The list is offered on an AON total dollar .......

    SCIWire 9 February 2015

  • Aussie outlook 'mixed'

    As Australia continues to shift away from its reliance on the mining sector, S&P suggests that the country's economic outlook remains mixed. Against this backdrop, the agency has identified a number of key risks and developments that may shape the Australian securitisation market in 2015.

    Among the risks is household indebtedness, which remains high in Australia and has been relatively .......

    News Round-up 9 February 2015

  • Euro secondary mixed

    Last week's positive tone across European secondary has followed on into this for most deal; types and jurisdictions, but there are some exceptions.

    Dutch and UK prime, UK non-conforming and Italian RMBS continue to be better bid. At the same time buy-side demand for CLOs is on the rise across the capital stack.

    Conversely, Greek paper continues to be impacted .......

    SCIWire 9 February 2015

  • Euro ABS/MBS holds firm

    Away from Greece secondary European ABS/MBS spreads are holding firm.

    Core bonds continue to grind tighter and peripheral spreads are holding up well on the back of broad-based demand. Areas of focus remain Dutch prime, UK non-conforming and Italian RMBS.

    The BWIC calendar so far today is again relatively light with a fair number of line items only offered in small .......

    SCIWire 6 February 2015
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