RMBS

  • 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

  • DSB ratification 'credit positive'

    The Amsterdam Court of Appeal has ratified the framework agreement that sets out the compensation amount formula on due care claims of clients of the now bankrupt DSB Bank. Moody's says the move is credit positive for the securitisations originated by DSB as it removes some level of uncertainty around the amount of potential losses linked to due care compensation, .......

    News Round-up 7 November 2014

  • Consecutive declines for credit

    Aggregate hedge fund performance was nearly flat in October at negative 0.06%, marking the industry's third down month in the last four, according to eVestment. Year-to-date performance through October stands at positive 2.3%, the industry's lowest return in the first ten months of a year since 2011.

    Last month saw a wide distribution of returns across the industry, illustrating very .......

    News Round-up 7 November 2014

  • No news is good news for euro ABS/MBS

    The European ABS/MBS has taken the lack of any further ABSPP details from the ECB yesterday in its stride.

    "Draghi mentioned ABS enough times to alleviate any concerns that the ABSPP would not happen at all," says one trader. "Even the optimists who expected a buying timeframe to be announced yesterday have taken their disappointment well."

    Consequently spreads have remained .......

    SCIWire 7 November 2014

  • Big lists keep coming in non-agency RMBS

    Today saw the latest in a succession of large BWICs in the US non-agency RMBS market and more are expected to follow.

    A $1.2bn list from a GSE traded at 10:00 New York time this morning with all lines executed at slightly higher than talk. "We've seen a few of these big lists lately and they've gone well as they .......

    SCIWire 6 November 2014

  • Evolution theory

    SFR securitisation to remain a viable asset class?

    The single-family rental securitisation market has seen six different sponsors issue 11 transactions for a total of US$6.14bn in its first year. Such volume suggests that the sector is becoming a viable asset class, yet doubts remain about its longevity since it is contingent on the ability to source cheap properties.

    The majority of SFR deals have so far been .......

    News Analysis 6 November 2014

  • European ABS/MBS stay firm

    The European ABS/MBS markets are staying firm ahead of the ECB press conference this afternoon at 14:30 CET.

    Spreads have tightened a little across euro-denominated ABS/MBS deal types over the last few days and into this morning. At the same time, a buying bias in UK CMBS and RMBS emerged yesterday and today.

    The moves are primarily driven by the .......

    SCIWire 6 November 2014

  • Warehouse financing

    RMBS alternative lays foundation for more

    Jerrold Holdings has closed a restructuring of the £557.7m Charles Street Conduit Asset Backed Securitisation 1, believed to be the first publicly-rated warehouse securitisation since the financial crisis. Issuance of such transactions is expected to increase in the UK, particularly those sponsored by non-rated or low-rated lenders in relation to consumer and light commercial loans.

    Warehouse securitisations provide a source .......

    News Analysis 5 November 2014

  • Harborview MBS settlement approved

    A federal judge has given final approval to a US$275m cash settlement in the MBS class action litigation against RBS and others led by New Jersey Carpenters Health Fund, Boilermaker Blacksmith Pension Trust, Iowa Public Employees' Retirement System and Midwest Operating Engineers Pension Trust Fund. Plaintiffs were represented by Cohen Milstein Sellers & Toll.

    In issuing her order approving the .......

    Job Swaps 5 November 2014

  • Euro ABS/MBS waits on

    Amid light secondary flows this week into today European ABS/MBS spreads have stayed steady as the market awaits the start of the ABSPP. Meanwhile, a BWIC due to trade this afternoon should give the latest indication of the basis between eligible and non-eligible bonds.

    "The market is expecting the ABSPP to start in the next one to two weeks," says .......

    SCIWire 5 November 2014

  • Big BWIC boosts US RMBS

    A US$941m US non-agency RMBS bid-list traded yesterday, bringing total BWIC volume to around US$1.5bn. Execution appears to have been fairly strong, with SCI's PriceABS data recording a number of trades.

    As with last week's bumper list, subprime dominated yesterday both in terms of line items and current face. Price talk for names on the large .......

    Market Reports 5 November 2014

  • Eurozone deflation would have mixed impact

    A deflationary eurozone environment would have a moderate overall impact on EMEA structured finance, with weaker borrowers under earnings pressure and those facing refinancing risk most exposed, according to Fitch. CMBS could face the greatest downgrade pressure under deflation, with falling nominal rents combining with a spike in maturities in 2015/2016 under this scenario. However, accommodative monetary policy should mitigate .......

    News Round-up 4 November 2014

  • CSS ceo appointed

    David Applegate has been named the first ceo for Common Securitization Solutions (CSS), established to build and operate the Common Securitization Platform (CSP) (SCI passim). Fannie Mae and Freddie Mac have also each appointed two executives to the CSS Board of Managers and signed governance and operating agreements for the entity.

    Prior to joining CSS, Applegate was president, ceo and .......

    Job Swaps 4 November 2014

  • Spanish focus

    The European BWIC schedule starts the week with two auctions scheduled so far for today that are dominated by Spanish names.

    At 15:00 London time is a 17 line €212.8m Spanish CLO and RMBS list. It consists of: BANKP I A2, BCJAF 6 A2, BCJAM 1 A, BFTH 10 A2, BFTH 11 A2, BFTH 3 A, BFTH 8 A, BFTH .......

    SCIWire 3 November 2014
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