RMBS

  • NPL platform incentives weighed

    As part of efforts to facilitate a non-performing loan secondary market, the European Commission is considering a private sector-led platform to handle data warehousing and potentially trade execution. Such an initiative could eliminate information asymmetry and lower barriers to entry, but its success hinges on incentivising both buyers and sellers to use it.

    The major driver behind the proposed NPL .......

    News Analysis 26 February 2018

  • Market moves - 23 February

    North America

    David Sykes has rejoined Chapman and Cutler as a partner, expanding the firm's San Francisco office and asset securitisation department. Prior to rejoining, he was most recently at Renew Financial where he served as general counsel.

    Onex has appointed Tate Abols to its investor relations and fund development team as md. Abols was most recently a principal on .......

    Market Moves 23 February 2018

  • Busy start for UK RMBS

    UK RMBS has come flying out of the blocks in 2018, with the end of the Term Funding Scheme (TFS) and Funding for Lending Scheme (FLS) only partly explaining the new-found enthusiasm for issuance. Recent JPMorgan figures put UK RMBS issuance at over £3bn for 2018 already, with US dollar tranches and Islamic finance techniques both seen, and even the possibility .......

    News Analysis 21 February 2018

  • Market moves - 16 February

    EMEA

    Fulcrum Asset Management has recruited Mark Horne as a director within the newly created Fulcrum Alternative Strategies team, reporting to partner Matthew Roberts. Horne previously worked as an independent asset management consultant in London and Paris. Prior to that, he was a senior credit manager researcher at Willis Towers Watson and was director of client services at Natixis Global .......

    Market Moves 16 February 2018

  • Longer WAL RMBS preplaced

    Obvion has preplaced a static RMBS that does not feature a time call option. Dubbed FORDless Storm 2018, the €1.41bn securitisation is backed by mortgages on residential properties located in the Netherlands extended to 6,863 prime borrowers.

    The transaction is similar to other funding deals from the Storm programme, but has no step-up language and the underlying pool is not .......

    News 16 February 2018

  • 'Test case' mortgage deal disclosed

    Permanent TSB unveiled this week its Project Glas portfolio of distressed mortgages, as the Irish lender seeks to offload approximately €4bn of non-performing loans. The portfolio is understood to comprise a mix of buy-to-let and home loan assets and is being seen as a test case for further Irish NPL issuance.

    "This is the first jumbo mortgage NPL deal in .......

    News Analysis 16 February 2018

  • French ABS to benefit from new regime

    The creation of a new SPV regime in France (SCI 11 October 2017) will boost the country's ABS sector by simplifying the existing investment framework and streamlining the origination of loans and structuring of transactions. It is also hoped that the new vehicle will enable France to compete with other jurisdictions in attracting foreign capital for a range of .......

    News Analysis 14 February 2018

  • GNMA aims to stop churn

    In a move which should be a net benefit to RMBS, Ginnie Mae has taken steps to address churning in its RMBS programme, both to keep mortgage rates affordable and to preserve liquidity in the security. To that end it has notified a "small number" of issuers who are outliers among market participants in the Ginnie Mae multi-issuer MBS on .......

    News 9 February 2018

  • Gearing up for green

    Two pilots funded by Horizon 2020 - the EU programme for research and innovation - are set to launch next month that should boost the development of green securitisation in Europe. One is a project to develop PACE ABS across the region and the other aims to create a standardised energy efficient mortgage.

    The project to develop PACE securitisations - .......

    News Analysis 6 February 2018

  • Call for transparency underlined

    A push for transparency is a common thread among European initiatives to reinvigorate the securitisation markets. Communication and standardisation are expected to play significant roles in facilitating this effort.

    Christian Thun, ceo at European DataWarehouse, agrees, in principal, that better communication is required to improve transparency in the European securitisation market. "Reading through the STS regulation, communication is only mentioned .......

    News Analysis 2 February 2018

  • Interest shortfall risk spied for VOLT deals

    Many 2017 VOLT deals did not receive principal payments in the January 2018 remittance cycle, as the pace of liquidations has slowed dramatically. This appears to be connected to an increase in REO-to-rental activity, which is increasing upward pressure on the expected average lives of senior notes and is increasing risk of interest shortfalls.

    Reduced liquidation principal coupled with the absence .......

    News 31 January 2018

  • Euro secondary picking up

    Activity in the European securitisation secondary market is gradually picking up, albeit from a low starting point.

    December saw a significant drop in volumes and left secondary spreads unchanged on the month. Since the start of 2018 trading activity has slowly increased week on week, but still remains intermittent and a pick-up in BWIC supply has only been evident over the .......

    SCIWire 31 January 2018

  • UK sukuk 'RMBS' first

    Al Rayan Bank is marketing its first £250m sharia-compliant UK securitisation. Dubbed Tolkien Funding Sukuk No.1, the deal is a static securitisation backed by first lien Home Purchase Plans (HPPs) extended to 1,672 customers and secured by residential properties in the UK.

    Moody's and S&P have assigned provisional ratings of Aaa/AAA to the £250m class A note, which represents the only offered tranche, .......

    News 29 January 2018

  • Latin America poised to grow

    The Latin American structured finance market is expected to be boosted by an improving economic environment across the region, with several countries likely to see growth in 2018. Issuance is anticipated to grow in Brazil, Argentina and Mexico across a range of asset classes, although uncertainty surrounds looming elections and a limited derivatives market hampers cross-border capabilities.

    Leandro de Albuquerque, .......

    News Analysis 26 January 2018

  • Going green

    Current status of green ABS market discussed

    Representatives from Clifford Chance, TMF and Ygrene Energy Fund recently discussed the current status of green ABS during a live webinar hosted by SCI (view the webinar here). This Q&A article highlights the main talking points from the session, including the established asset classes, those that are developing, and what is next for the sector.

    Q: As the .......

    Talking Point 25 January 2018

  • Non-QM tipped as 'next opportunity'

    Last year marked the beginning of a transition from a post-crisis distressed recovery trade to a more efficient market for the US securitisation sector, underpinned by robust performance and favourable economic conditions. Against this backdrop, mortgage credit and private credit financings are expected to remain a strong source of risk-adjusted returns.

    Greg Parsons, ceo of Semper Capital Management, characterises the .......

    News Analysis 19 January 2018

  • Market moves - 19 January

    Acquisitions
    RenaissanceRe Ventures is set to acquire a minority shareholding in Catalina Holdings (Bermuda), with the aim of helping the business to explore a wider range of transaction structures. The agreement is subject to regulatory approval and is expected to close concurrently with the majority acquisition of Catalina by affiliates of Apollo Global Management. Aditya Dutt, president of Renaissance Underwriting Managers, will .......

    Market Moves 19 January 2018

  • Market moves - 12 January

    Acquisition

    Acrisure is set to acquire 100% of Beach & Associates equity from the firm's existing shareholders, which include Aquiline Capital Partners and Beach management. Under new ownership, Beach will retain its name and continue to operate as an independent advisory and transactional broking business within Acrisure. The existing Beach management team will remain following the transaction and have elected to become .......

    Market Moves 12 January 2018

  • Tracker examination impact assessed

    A review of the mismanagement of Irish mortgage payment calculations is likely to result in substantial compensation payments. Although implications for the RMBS market are expected to be limited, they could include the reduction of outstanding balances from pay-outs and a rise in prepayment rates, as sponsors repurchase loans that are granted rate rectifications.

    The Central Bank of Ireland (CBI) .......

    News 9 January 2018

  • Market moves - 5 January

    Acquisitions/Investments
    SoftBank Group Corp     has acquired Fortress Investment Group for US$3.3bn in cash and now – along with its subsidiaries – owns all outstanding Fortress shares. Fortress shareholders approved the transaction last summer and all necessary regulatory approvals have now also been received. As a result of the acquisition, each outstanding Fortress class A share has been converted into the right to .......

    Market Moves 5 January 2018

  • CSP testing delay 'minor issue'

    Testing of the Common Securitization Platform (CSP) (SCI passim) has carried on into the New Year, slipping past the FHFA's original deadline. This is the second significant delay of the last 12 months, after the announcement in 1Q17 that Release 2 of the CSP was being pushed back to 2Q19 to allow extra time for testing.

    The CSP will allow .......

    News Analysis 2 January 2018
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