RMBS

  • Unusual list dominates RMBS session

    Friday's US non-agency RMBS session was dominated by a large pre-announced US$891m legacy BWIC which was being presented in a highly unconventional way. The list came with an uncertain notional amount, as five of the 14 line items out for bid carried the option to upsize.

    For those five securities, the seller owned the entire tranche size and would sell .......

    Market Reports 19 January 2015

  • Europe awaits ECB again

    European secondary spreads ground tighter into the end of last week amid positive sentiment and lighter volumes than of late. This week looks set to continue that direction and pattern of activity, especially given the US holiday today and anticipation of a QE announcement from the ECB on Thursday.

    The European BWIC schedule for today currently stands at two mixed .......

    SCIWire 19 January 2015

  • Euro ABS/MBS stays positive

    The European ABS/MBS secondary markets are staying positive in terms of both tone and price levels as the week draws to a close.

    Strong execution across yesterday's BWICs combined with increased buy-side participation off-BWIC has kept market sentiment positive and spreads have continued to tighten. The greatest beneficiaries continue to be autos, Dutch Prime RMBS and UK non-conforming RMBS.

    CMBS .......

    SCIWire 16 January 2015

  • US RMBS sees more supply

    The secondary US non-agency RMBS market looks to have started its year in earnest this week with another day of hefty supply today and a big list due tomorrow.

    "It was very busy yesterday and is today as well with over $1bn in BWICs scheduled," says one trader. "Those lists are from multiple sellers and cover all deal and cashflow .......

    SCIWire 15 January 2015

  • Record issuance for prime RMBS

    US prime jumbo RMBS new issuance hit a post-crisis milestone in 4Q14, with 11 transactions pricing. At the same time, post-crisis RMBS performance remains exceptional, according to Fitch.

    "Another development worth noting is that different names are tapping the RMBS market with increasing frequency, with six issuers coming to market with new deals," says Fitch md Grant Bailey. "More new .......

    News Round-up 15 January 2015

  • Back to business in European secondary

    The European ABS, CLO and MBS secondary markets have finally fully returned to normality on- and off-BWIC.

    "It's back to business as usual," confirms one trader. "Focus is away from any potential QE announcement next week and there is an acceptance that ABSPP is underwhelming and it's very difficult to trade with the ECB on that - so it's just .......

    SCIWire 15 January 2015

  • Home ownership 'faces challenges'

    Home ownership levels continue to drop in many countries, despite stable or positive outlooks for most mortgage markets, Fitch reports. As a result of market dislocations post-crisis, home ownership levels face challenges as large foreclosure pipelines are expected to displace owners in some countries such as the US, Spain and Ireland, while new lending remains well below pre-crisis levels - .......

    News Round-up 14 January 2015

  • Risk-sharing activity spikes

    Fannie Mae and Freddie Mac have more than quadrupled their US risk-sharing presence year-over-year, according to Fitch's latest GSErisk-sharing trends report. The agency notes that performance of the transactions remains "exceptionally clean".

    Fannie and Freddie sold portions of credit risk on US residential mortgages of over US$369.7bn last year, a more than four-fold increase compared to the US$84.7bn seen in .......

    News Round-up 14 January 2015

  • Ocwen faces California allegations

    Ocwen says that it is fully cooperating with the California Department of Business Oversight (DBO) to resolve an administrative action dated 3 October 2014 and has dedicated substantial resources towards satisfying the DBO's requests. The servicer believes it has effective controls in place to ensure compliance with the California Homeowners Bill of Rights and all single point of contact requirements .......

    Job Swaps 14 January 2015

  • Servicer transfer activity to 'pick up'

    Portfolios of the largest US RMBS servicers saw little movement over the last quarter, according to Fitch's latest index report for the sector. The agency notes that this trend could change in 2015, however.

    Fitch observed little movement among the five largest bank and non-bank servicers across their portfolios of agency, non-agency, owned portfolio and third-party servicing in Q4. This .......

    News Round-up 14 January 2015

  • Citi settlement progresses

    RMBS trustees have accepted Citigroup's US$1.125bn settlement for all but seven deal-groups (across four deals) of the 68 trusts involved and have filed for judicial instruction. Given the high degree of similarity between the Citi and JPMorgan settlements, as well as the fact that the same judge is presiding over both cases, Barclays Capital RMBS strategists indicate that the procedure .......

    Job Swaps 14 January 2015

  • MBS vet recruited

    Gregory Finck has joined Morgan Stanley Investment Management as md, portfolio manager and head of the securitised team for global fixed income. As well as undertaking portfolio management of the Morgan Stanley Mortgage Securities Trust, he will focus on securitised asset research and portfolio management for the firm's Global Mortgage Strategy.

    Finck has 22 years of experience managing credit and .......

    Job Swaps 14 January 2015

  • Euro BWICs build but flow patchy

    The European ABS, MBS and CLO BWIC schedule is building up a head of steam this week, but flow trading is still intermittent.

    "We saw a few more BWICs yesterday and there was strong execution across deal types - not just prime RMBS, but also in UK non-conforming, CLOs and CMBS," says one trader. "There are more BWICs scheduled today, .......

    SCIWire 14 January 2015

  • Further Freddie credit risk transferred

    Freddie Mac has closed its first three Agency Credit Insurance Structure (ACIS) transactions of 2015, through which it obtained a number of insurance policies as part of the GSE's continued efforts to transfer credit risk to private capital market investors and global reinsurers. The three transactions transfer much of the remaining credit risk associated with three STACR deals executed in .......

    News Round-up 13 January 2015

  • European ABS/MBS better supported

    As activity levels slowly increase in European ABS/MBS investor appetite appears to be holding up.

    "Activity levels are again a bit better today," says one trader. "There are a few BWICs scheduled for this afternoon and the pipeline is building, but secondary is active this morning and the market is a little bit better supported."

    Even previously dormant sectors are .......

    SCIWire 13 January 2015

  • Non-agency supply rises

    US non-agency RMBS BWIC activity was up to over US$150m yesterday. SCI's PriceABS data captured more than 70 unique line items, all of which come from 2003-2009 vintages.

    The increased supply appears to have traded in line with dealer price talk. A US$466m liquidation has also been announced for today.

    The earliest-vintage tranche picked up by .......

    Market Reports 13 January 2015

  • ABSPP underwhelms again

    The ECB's latest ABSPP number is likely to underwhelm the market once again.

    The ECB has confirmed that the total outstanding amount under ABSPP at 9 January was €1,792m. Meaning that last week saw a net settled volume of €48m, which is likely to further shift traders' focus away from ABSPP and build further anticipation around broader QE and hoped .......

    SCIWire 12 January 2015

  • SFR methodology clarified

    Moody's has finalised its methodology for rating single-family rental (SFR) securitisations in the US, following a request for comment on its approach to single-borrower and multi-borrower transactions in the sector (SCI 7 March 2014). The report clarifies certain aspects of the RFC.

    "In the RFC, we mentioned that there could be variations if the SFR transaction included more than one .......

    News Round-up 12 January 2015

  • Ocwen to unload agency MSRs

    Ocwen last month disclosed in a shareholder conference call that it will sell its entire agency MSR portfolio as part of a plan to raise capital and focus on the non-agency business. Citi agency RMBS analysts note that the impact on prepayment speeds from these MSR transfers will depend on which servicer acquires the assets. Buyouts on Ginnie loans serviced .......

    News Round-up 12 January 2015

  • European ABS/MBS stays firm

    Despite a volatile end to the week in broader markets, European ABS/MBS is staying firm into this morning.

    Activity levels across secondary are continuing to edge higher albeit with a little to see on the BWIC schedule for now. The main focus remains on UK and Dutch prime, where spreads have tightened over the last week, as well as UK .......

    SCIWire 12 January 2015

  • RFC issued on reverse mortgages

    Moody's is seeking comments from market participants on its proposed approach to assessing structured financed transactions backed by reverse mortgages. If adopted, the changes will result in upgrades ranging from one to three notches for some UK deals due to changes in the outlook for future mortality improvements and long-term house price appreciation.

    The request for comment details Moody's assumptions .......

    News Round-up 9 January 2015
×