RMBS

  • Automated validation

    Mobile app streamlines RMBS underwriting

    Atom Bank is readying its debut UK prime RMBS. Dubbed Elvet Mortgages 2018-1, the £571.58m transaction is believed to be the first to securitise loans originated via a mobile phone app interface.

    Atom Bank developed the app to streamline the underwriting process by automating validation, allowing it to compete against more traditional lenders. “Atom’s app is not used .......

    News 2 October 2018

  • Market moves - 28 September

    The latest hires and company developments in the structured finance market

    Canadian pension partnership

    Canada Pension Plan Investment Board (CPPIB) announced today that its wholly-owned subsidiary, CPPIB Credit Investments, is broadening its portfolio through new investments in equity tranches of CLOs alongside experienced CLO asset managers. CPPIB Credit’s initial partnership in CLO equity investing will be with Sound Point Capital Management based in New York. CPPIB Credit will invest US$285mn in a .......

    Market Moves 28 September 2018

  • Funding options

    Charles Street securitisation increased

    Together has increased its Charles Street Conduit Asset Backed Securitisation 1 (CABS) to £1.25bn through refinancing and increasing the size of the facility. The maturity of the facility has also been extended from January 2021 to September 2023.

    The maturity extension is designed to provide substantial depth to the group’s funding profile, increasing the weighted average maturity from 3.3 years .......

    News 28 September 2018

  • Primary focus

    European ABS and RMBS market update

    Few BWICs were out for the bid in the European secondary ABS market this week, with light trading activity due to the high volume of selling seen during the summer.

    “The Tower Bridge RMBS print moved the market a bit wider, but now spreads are tightening again,” says one trader. “The Tower Bridge senior notes priced at 120bp .......

    Market Reports 28 September 2018

  • Market moves - 21 September

    All the latest company developments and new hires in the structured finance sector

    Acquisitions

    HPS Investment Partners has acquired Tålamod Asset Management. HPS will retain Tålamod's investment team and other employees based in Dallas, while Andersen Fisher, founder and managing member of Tålamod, will join HPS as md. Kyle Mapes and Jay Steen will join HPS as executive directors, after joining Tålamod in 2008. All employees of Tålamod will become HPS employees .......

    Market Moves 21 September 2018

  • Aussie slow-down

    Australian RMBS primary market update

    Activity in the Australian RMBS primary market is slowing down due to overcrowding. Four Australian lenders are currently in the market with new deals.

    Liberty Financial and Pepper Homeloans are prepping non-conforming RMBS, while RedZed Lending Solutions is prepping a mixed prime/non-conforming deal and Credit Union Australia is marketing a prime transaction. “The regular issuers are operating in .......

    Market Reports 19 September 2018

  • Irish RMBS focus

    European ABS market update

    A rare Irish non-conforming RMBS has caught the attention of European ABS market participants, following the deal’s roadshow last week.

    “The Dublin Bay Securities senior notes are being talked at around 65bp, with the deal expected to price soon,” says a trader. “In comparison, proper prime senior RMBS paper would typically price at around 12bp or 13bp.”

    Market Reports 18 September 2018

  • SCI Start the week - 17 September

    A look at the major activity in structured finance over the past seven days

    Pipeline

    ABS is still dominating the pipeline, with several deals coming from the auto space.

    These include: US$534.032m ARI Fleet Lease Trust 2018-B, US$1.362bn GM Financial Automobile Leasing 2018-3, US$327.87m Navistar Financial Dealer Note Master Owner Trust II 2018-1, US$407.83m Prestige Auto Receivables Trust 2018-1

    In non-auto ABS there are also a number of transactions waiting to price: US$809.93m CNH .......

    News 17 September 2018

  • Market moves - 14 September

    New hires and company developments in the structured finance sector

    CDS ETF Launched

    Tabula has launched a European CDS ETF which offers passive exposure to European credit through an index tracking the corporate CDS market.

    CMBS downgrade review

    Moody’s has placed on review for downgrade all the notes in the UK CMBS Housing Association notes issued by Finance for Residential Social Housing (FRESH), affecting approximately £932m .......

    Market Moves 14 September 2018

  • Euro ABS activity surges

    Investors finding value across asset classes

    The ABS secondary market has been very BWIC driven with large volumes coming through. A Greek RMBS is also attracting attention amid a greater focus on European ABS.

    A trader comments on ABS activity in Europe: “The most interesting thing I’ve been seeing is the large Grifonas RMBS. The senior, now sized at around €345m, has been on BWICs for two .......

    Market Reports 14 September 2018

  • Euro RMBS picks up

    Markets moving again after summer lull

    In the first week of September the market seems to be coming back to life after the lull of August and July. According to one trader, two primary deals in particular are catching the attention of the market at the moment in the form of the latest £528m Tower Bridge Funding 3 transaction and the €526.89m Dutch Property Finance .......

    Market Reports 10 September 2018

  • Market moves - 7 September

    New hires and company developments in the structured finance industry

    CRT expert wanted

    Banca IMI is hiring a senior risk transfer solutions structure for its Milan office. The bank wants a candidate with experience in capital markets and investment banking with a top tier Italian or European investment bank, consultancy firm, rating agency, fund or asset manager and ideally with experience of origination activities and analysis experience of tier one .......

    Market Moves 7 September 2018

  • Increased obligations weighed

    ESMA outlines expanded reporting requirements

    ESMA last month published final draft technical standards on the new reporting requirements to be implemented under the Securitisation Regulation (SCI 24 August). The standards - released ahead of the 1 January deadline - are set to usher in new levels of due diligence required on the part of the seller, meaning investors will expect more information to .......

    News Analysis 6 September 2018

  • Market moves - 24 August

    The week's structured finance hires and company developments, all in one place.

    Consent solicitation

    NN Bank has issued a consent solicitation seeking investor approval for the early redemption of the Hypenn 3 Dutch RMBS, of which the class A1 tranche has already been redeemed. The class A2 tranche has an outstanding balance of €467m and a FORD of 17 June 2020, according to Rabobank credit analysts. Together with Hypenn 3, NN Bank’s Arena 2014-2 .......

    Market Moves 24 August 2018

  • Firms favour floating rate

    Investors find value in range of SF asset classes

    US investors are seeing relative value in a number of pre- and post-crisis securitised asset classes, including non-agency legacy RMBS, TruPS CDOs and US BSL CLOs. While firms’ allocations to different sectors may vary, the overriding theme is a move away from fixed rate products, with further interest rate rises expected.

    As a result, floating rate products are of growing .......

    News Analysis 22 August 2018

  • Market moves - 17 August

    Company developments and new hires in the structured finance sector

    Acquisitions

    Vistra has completed the acquisition of the corporate services business of Deutsche Bank’s global transaction banking division. The corporate services business will now be rebranded under the Vistra umbrella. The acquisition broadens the company’s presence in seven of the existing locations across Europe, the Cayman Islands and Mauritius, providing further scale and expertise in these jurisdictions and involves management .......

    Market Moves 17 August 2018

  • Market moves - 10 August

    Company developments and new hires in the structured finance sector

    CDOs transferred
    Dock Street Capital Management     has replaced Deerfield Capital Management as collateral manager of the Knollwood CDO and Mid Ocean CBO 2001-1 transactions. Moody’s has confirmed that the move will not impact its ratings on any of the notes issued by the issuers. For more CDO manager transfers, see SCI’s database.

    Effective 2 August, Highland Capital Management .......

    News 10 August 2018

  • Project Glas completed

    PTSB disposal raises prospects for private dwelling house transactions

    Permanent TSB has completed the sale of Project Glas - a €2.1bn (GBV) portfolio of Irish buy-to-let properties and private dwelling houses (PDHs) - to Lone Star subsidiary Start Mortgages. The transaction is seen as a test case for further Irish non-performing loan disposals, due to its size and its inclusion of PDHs (SCI 16 February). Investors have .......

    News 7 August 2018

  • Market moves - 3 August

    Company developments and new hires in the structured finance sector

    Acquisitions
    Savills Investment Management is set to acquire a 25% interest in DRC Capital. In addition, the partners of DRC have granted Savills Investment Management a call option to acquire the remaining 75% interest in DRC on the third anniversary of the completion of the initial transaction. Dale Lattanzio, ceo and managing partner of DRC, will join the board of Savills .......

    News 3 August 2018

  • Testing time

    European ABS succumbs to widening pressures

    Poor new issue execution has seen the European securitisation market finally succumb to widening pressure, in line with other credit markets. A number of short-term and long-term factors are at play, but the true test of the sector will be when participants begin putting cash to work after the summer.

    Cartesian 3 and Sunrise SPV 40 were among the headline .......

    News Analysis 24 July 2018

  • Market moves - 13 July

    A weekly breakdown of recent hires and company developments in the structured finance industry.

    Acquisitions and investments

    Alantra has acquired KPMG UK’s portfolio solutions group business, which specialises in advising financial institutions in relation to non-performing and non-core banking assets globally. The team – which comprises around 70 professionals – will be renamed Alantra Corporate Portfolio Advisory and will be led by managing partners Joel Grau, Andrew Jenke and Nick Colman. Closing of the .......

    Market Moves 13 July 2018
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