RMBS

  • Eclectic list fails to trade again

    A large proportion of the re-issued large eclectic BWIC of European assets from a bad bank (SCIWire passim) has failed to trade.

    The 37 line €276.502m auction was due at 14:00 London time today. However, 29 lines did not trade, including all of the SME CLOs on the list and all bar one of the CDOs.

    The bonds that did .......

    SCIWire 19 November 2014

  • Strong forecast for Asia

    Credit quality across the Asian securitisation and covered bond markets will remain strong overall in 2015, says Moody's. This is due to relatively healthy economic growth levels and falling corporate default rates in the region.

    Chinese auto loan ABS default and delinquency rates are expected to rise from 7.3% in 2014 to 7% in 2015, due to projected slower GDP .......

    News Round-up 19 November 2014

  • Euro ABS/MBS BWIC focused ahead of the ECB

    A healthy supply of BWICs is focusing the European markets' attention today, but the expected ABSPP announcement will inevitably cause some distraction.

    "The tone is generally positive this morning across secondary markets, but it's going to be mainly a BWIC day today," says one trader. "There are quite a few auctions attracting everyone's attention, but this afternoon's big eclectic list .......

    SCIWire 19 November 2014

  • Master trust changes proposed

    A number of changes have been proposed to the Arkle and Permanent master trust programmes. The moves are not expected to have a negative rating impact on the rated notes of the programmes.

    Changes proposed by the issuers include the introduction of a guaranteed investment contract (GIC) account collateralised by sterling debt obligations of the UK government and an option .......

    News Round-up 18 November 2014

  • Hogg joins B2R

    B2R Finance has named Jason Hogg as ceo. He will provide strategic direction to support B2R's expansion, building a platform of products and services to accommodate the demands of residential investors.

    Hogg has held a number of senior positions, including president of American Express Serve Enterprise, coo of Medsite and chief business development officer for MBNA Canada. He is also .......

    Job Swaps 18 November 2014

  • Bank settlements affecting US RMBS

    Recent settlements between big banks and the US Department of Justice (DOJ) have allocated billions of dollars for consumer relief. Although the settlements aim to help troubled homeowners, S&P says they may also directly affect the performance of and ratings on US RMBS.

    Performance under these settlements can affect the related US RMBS ratings, as US RMBS investors - rather .......

    News Round-up 17 November 2014

  • AON lists boost NA

    US non-agency RMBS secondary supply climbed yesterday as BWIC volume approached US$800m. Several lists were presented all-or-none and SCI's PriceABS data reveals a significant number of covers.

    Supply captured by PriceABS was overwhelmingly from 2004-2007 vintage deals. Among these was the CWALT 2004-J11 M tranche, which traded.

    A US$17.87m piece of the CWHL 2004-R2 1AS tranche .......

    Market Reports 14 November 2014

  • Europe stays patchy

    European core and peripheral bonds across deal types continue to trade well where they do trade, but activity remains patchy and looks set to carry on that way.

    "It's very quiet and I think it's more than just people waiting on the ECB," says one trader. "A lot of trading desks have essentially closed for the year and are not .......

    SCIWire 14 November 2014

  • Strong day for US RMBS

    The US non-agency RMBS market is seeing heavy BWIC volume and strong trading today after a disjointed and relatively quiet week following the public holiday on Tuesday.

    There is over $1bn of paper scheduled for trade today across all non-agency RMBS deal types. Sellers are coming from across the board too with lists being seen from liquidations, money managers and .......

    SCIWire 13 November 2014

  • European eclectic list circulating again

    A 37 line €276.502m BWIC is circulating for trade next Wednesday at14:00 London time. The list incorporates a wide range of assets - ABS, CDOs (including Trups and CFO deals), CLOs, CMBS and RMBS - many of which appeared on an eclectic list where most items failed to trade on 17 September.

    There are two ABS deals on the list .......

    SCIWire 13 November 2014

  • Two added to head fund

    Nomura Asset Management has added Richard Hodges and Ben Bugg to its global fixed income team. They will head the Global Dynamic Bond Fund, which Nomura plans to launch in early 2015.

    Hodges joins NAM from Legal & General Investment Management (LGIM), where he held the role of head of high alpha fixed income. During his tenure, Hodges launched and .......

    Job Swaps 13 November 2014

  • More of the same for European ABS/MBS

    The European secondary markets remain fixated with the ABSPP and so expectations are for the same trading patterns to continue until the buying starts.

    Yesterday saw a more active day than of late in European ABS/MBS but the end result was once again spread tightening in ECB-eligible paper. Today looks to be slightly busier still, but little else is expected .......

    SCIWire 13 November 2014

  • Genworth downgrade hits RMBS

    S&P has placed its ratings on 150 of Australian and New Zealand RMBS on credit watch with negative implications. This follows the agency lowering its ratings on Genworth Financial Mortgage Insurance and Genworth Financial.

    Genworth is a provider of lenders' mortgage insurance (LMI) for the loans in the affected RMBS pools. Consequently, the ratings on the RMBS tranches are linked .......

    News Round-up 12 November 2014

  • Europe shaking off its slumber?

    European secondary markets are attempting to shake off their pre-ABSPP slumber this morning with activity and interest being seen across asset classes.

    After a quiet couple of days, traders report increased investor buying interest in both core and peripheral CMBS and RMBS. "Everything feels a bit more pro-active today and we've moved a bit tighter as a result," says one.

    SCIWire 12 November 2014

  • Loan servicing practices probed

    Walter Investment disclosed in its Q3 10Q filing that it had received an investigative subpoena and interrogatories from the California Attorney General in September. The firm last month also received a list of questions and a request for documents from a working group representing the attorneys general and regulators of several other states and representatives of the Office of the .......

    Job Swaps 12 November 2014

  • Critical mass

    RPL securitisations gaining traction?

    Increasing supply, combined with the high yields on offer is pushing US re-performing loans (RPLs) closer to becoming a mainstream securitisation asset. Concerns remain over the lack of information provided on such loans, however.

    A recent Barclays Capital analysis found that around US$658bn in US non-performing loans (NPLs) is circulating, with a further US$500bn-$600bn in re-performing loans estimated to be .......

    News Analysis 11 November 2014

  • RMBS lawsuit targets trustee

    The NCUA has filed suit in federal court against Deutsche Bank National Trust Company, alleging that the bank violated state and federal laws by failing to fulfill its obligations as trustee for 121 RMBS trusts. The agency's suit seeks damages to be determined at trial.

    Five corporate credit unions - US Central, WesCorp, Members United, Southwest and Constitution - purchased .......

    Job Swaps 11 November 2014

  • Euro ABS/MBS unmoved

    The European ABS/MBS markets are so far unmoved by confirmation that next week will see the start of the ABSPP.

    In a speech late yesterday ECB board member Yves Mersch confirmed that the ECB will be ready to starting buying ABS next week. Market speculation is now that 19 November will see the first purchases.

    Spreads were unchanged on the .......

    SCIWire 11 November 2014

  • US RMBS stays quiet

    The US non-agency RMBS market is relatively quiet today ahead of tomorrow's public holiday.

    "We're seeing very light volume today as many people are using Veterans Day to make it a four day weekend," says one trader. "There have been a couple of BWICs from a big money manager who has had redemptions and a sizeable wrapped list from a .......

    SCIWire 10 November 2014

  • Subprime strong

    A strong pipeline of US subprime RMBS BWICs for next week is already building with more expected to follow.

    "Next week will be an interesting week in US subprime, says one trader. "The sector has traded well this week and now there's a decent amount of accounts putting lists out for next. We expect more to follow during the week .......

    SCIWire 7 November 2014

  • Euro MBS activity winding down?

    The European MBS markets have been quiet for the last week or two. Sterling prices in particular are refusing to tighten as investors appear reluctant to pursue paper.

    "Most people have had a good year so I do not think they want to do much more before year-end," says one trader. "There was the big portfolio which traded last week .......

    Market Reports 7 November 2014
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