RMBS

  • 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

  • Job swaps round-up - 22 December

    CDS options clearing

    LCH's CDSClear has become the first platform to clear credit index options, with post-trade services for both dealer-to-dealer and dealer-to-client flows provided by MarkitSERV. The service is expected to benefit members and clients in a number of ways, including full cross-margining of options with indices and single-name CDS, multilateral netting from facing a single counterparty (LCH) and .......

    Job Swaps 22 December 2017

  • Embracing a tactical approach

    David Moffitt, head of tactical investment opportunities at LibreMax Capital, answers SCI's questions

    Q: How and when did LibreMax Capital become involved in the securitisation market?
    A: LibreMax Capital was established in October 2010 by founding cio Greg Lippmann and founding president Fred Brettschneider, who previously worked at Deutsche Bank and Credit Suisse together. The firm - which focuses exclusively on .......

    The Structured Credit Interview 22 December 2017

  • Broad-based recovery underlined

    The global securitisation markets continued their broad-based recovery in 2017, with total issuance reaching about US$850bn-equivalent through November, an increase of 27% over the approximately US$667bn-equivalent recorded in full-year 2016. Volumes have been supported by economic growth and more market participants embracing securitised products in order to diversify funding sources and add yield.

    The US recorded US$478bn in new issue securitisation volume .......

    News Analysis 20 December 2017

  • Debut Russian RMBS 'just the start'

    VTB Capital has closed an inaugural RMBS under the Russian government-backed AHML programme, which the bank suggests could be one of many securitisations to come, across a range of asset classes. The RUB48.2bn transaction is a securitisation of the mortgage portfolio of the bank's retail arm, VTB24, is secured by privately-owned apartments and features a single-tranche pass-through structure, offering a fixed annual coupon of .......

    News Analysis 15 December 2017

  • Freddie innovation continues

    Freddie Mac continues to expand its credit risk transfer remit, pricing two innovative securitisations last week. The first deal references relief refinance loans, while the second is backed by affordable single-family rental (SFR) properties.

    Dubbed FRESR 2017-SR01, Freddie Mac's inaugural US$161.12m SFR transaction is backed by 59 loans originated primarily by CoreVest American Finance (see SCI's primary issuance database). .......

    News 11 December 2017

  • Job swaps round-up - 8 December

    EMEA

    Clayton Euro Risk has announced that Tony Ward, ceo and president, and Simon Collingridge, client solutions and strategic delivery director, are leaving the company to pursue other business opportunities.

    CMS has hired Neil Hamilton as partner to its capital markets and derivatives team in London. He joins from Jones Day where he was also partner and boosts the team to .......

    Job Swaps 8 December 2017

  • Job swaps round-up - 1 December

    EMEA

    CBRE has hired Paul Coates as executive director and head of debt and structured finance EMEA. He will report to Richard Dakin, md of CBRE Capital Advisors. Coates was previously md, head of UK real estate finance at RBS.

    North America

    THL Credit co-ceo Christopher Flynn has been named sole ceo of the firm, following the resignation of co-ceo .......

    Job Swaps 1 December 2017

  • Repo RMBS changes tack

    LoanDepot is in the market with a US$300m repo RMBS transaction, marking the first issuance under the Station Place programme (SCI 5 February 2016) in which the non-bank lender is acting as repo seller, as well as sponsor and servicer. Dubbed LoanDepot Station Place Agency Securitization Trust 2017-1, the deal comprises a revolving warehouse facility collateralised by newly originated first-lien, .......

    News 30 November 2017

  • Euro ABS/MBS stable

    The European ABS/MBS secondary market continues to remain stable.

    "It's been a sporadically active month - our total volumes and flows indicate November is the busiest since July," says one trader. "However, market tone is still strong and we're not seeing any areas of weakness."

    As a result, the trader says: "Secondary spreads remain well-supported, so we continue to steadily .......

    SCIWire 30 November 2017

  • BTL RMBS risk profile eyed

    The UK buy-to-let (BTL) market could see a drop in lending volumes and RMBS issuance, following the introduction of new regulations by the PRA. New energy requirements coming into force in April may also strain the sector, although they could lead to the emergence of a green UK RMBS asset class.

    From April 2018, rental properties in England and Wales .......

    News 29 November 2017

  • Job swaps round-up - 24 November

    EMEA

    Alvin Wong has been hired as director at United Overseas Bank (UOB). Previously he was svp at DBS bank where he was involved in structured finance and securitisation transactions.

    North America

    Ally Financial has hired Josh Wilsusen as md for public policy and government affairs. Wilsusen was previously at Morgan Stanley where he was executive director of government relations and .......

    Job Swaps 24 November 2017

  • Thinking outside the box

    Investor demand is driving an expansion of the US prime RMBS credit box. Following years of issuance focused on what could be termed 'super prime' mortgage securitisations, the market has now moved on to what may instead be classified as 'expanded prime'.

    The US prime RMBS market has been dominated by super prime from the crisis right up to 2016. .......

    News Analysis 24 November 2017

  • AOFM RMBS bids successful

    The Australian Office of Financial Management has completed its latest RMBS auction. The programme was relaunched this month (SCI 8 November), having been put on hold since 2015.

    The AOFM auction received bids of A$62.22m amortised face value of Firstmac 2-2011 A3 and accepted A$62.22m. The range of clean price bids was 100.71 to 100.8 and the lowest accepted clean .......

    News 24 November 2017

  • Job swaps round-up - 17 November

    EMEA

    CSC has hired Jonathan Hanly as md to its Ireland office, Hinnerk Koch as md to its Luxembourg office and Aline Sternberg as head of transaction services in the UK. Hanly has previous executive leadership roles with the Intertrust Group, SFM Europe and RBS. Koch has significant experience in the alternative finance and securitisation markets in Luxembourg, having spent .......

    Job Swaps 17 November 2017

  • Mortgage ILS breaks new ground

    Arch Capital Group recently closed its first public rated mortgage ILS (SCI 18 October). Dubbed Bellemeade Re 2017-1, the US$368.11m transaction features structural departures from previous deals in the programme, while Morningstar Credit Rating's rating facilitated wider interest and broadened investor participation.

    James Bennison, svp at Arch Capital Group, comments that as well as being the first rated transaction from .......

    News Analysis 14 November 2017

  • Job swaps round-up - 10 November

    EMEA

    Ares Management has hired Rory McHugh as md. McHugh was previously md, head of alternative finance, specialist lenders and fintech at RBS. Prior to that he was head of structured finance derivatives and automated treasury solutions also at RBS.

    Scope has founded Scope Investor Services to support institutional investors in the selection of fund managers and investment vehicles across .......

    Job Swaps 10 November 2017

  • RMBS divestments resumed

    The Australian Office of Financial Management has resumed its RMBS divestment programme, after putting it on hold two years ago, having failed to sell any assets in its fifth auction (SCI 5 November 2015). The Treasurer has determined that RMBS market conditions have improved sufficiently to warrant restarting the regular auction process.

    Consequently, the next auction will be held on .......

    News 8 November 2017

  • Investment property RMBS prepped

    An unusual US RMBS transaction is being marketed (see SCI's deal pipeline). The US$127.332m RCO 2017-INV1 RMBS is collateralised by residential rental mortgage loans.

    Morningstar Credit Ratings has assigned a preliminary rating of triple-A to the US$75.827m class A notes. It has also rated the US$25.594m M1, US$8.34m M2, US$7.13m B1, and US$4.393m B2 classes single-A, triple-B, double-B .......

    News 6 November 2017

  • Job swaps round-up - 3 November

    EMEA

    The Carlyle Group is set to reorganise its executive leadership, effective from 1 January 2018. Deputy cio Kewsong Lee and president/coo Glenn Youngkin will replace David Rubenstein and William Conway as co-ceos of the firm, while deputy cio Peter Clare will become co-cio alongside current cio Conway, with the trio also joining the board of directors. Rubenstein and Conway .......

    Job Swaps 3 November 2017

  • Secured warehouse use broadens

    Be-Spoke Loan Funding (SCI 3 October), a direct lending warehouse facility set up as a cashflow securitisation, exemplifies one of the ways in which secured warehouse financing continues to evolve. While the sector has already demonstrated adaptability, rising interest rates could pose a significant challenge.

    Warehouse funding is mainly used as either an acquisition bridge facility, a private facility for .......

    News Analysis 1 November 2017
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