RMBS

  • Bear-flattener trades advocated

    The Fed announced last week that it would unwind the System Open Market Account (SOMA) balance sheet, starting next month. This is part of a range of measures suggesting a tightening of monetary policy, in which case investors may wish to prepare for a flattening in the US yield curve, with several trade options available.

    US$4bn of MBS will be .......

    News 26 September 2017

  • Merger to impact SFR volumes

    Starwood Waypoint Homes and Invitation Homes recently announced plans to merge, creating the largest single-family rental company in the US (SCI 11 August). The firms have also stated their intention to go public, a move that is likely to impact their securitisation strategy and potentially curtail issuance in the broader SFR RMBS market.

    The merger will create the largest REIT .......

    News Analysis 21 September 2017

  • 'Substantial' green ABS volumes eyed

    Vehicle and housing loans have the potential to produce substantial flows of large-scale green ABS transactions over the next five years, according to a new SCI research report produced in conjunction with TMF Group and Ygrene Energy Fund. However, the report - entitled 'Impact investing and green ABS: creating a market of the future' - finds that would-be .......

    News Analysis 18 September 2017

  • Job swaps round-up - 15 September

    EMEA

    Golden Tree Asset Management has opened an office in Sydney, hiring Russell Taylor as md to lead the office. Taylor was most recently md at JPMorgan where he was head of institutional sales for Australia and New Zealand. He worked at the bank for 30 years in a number of roles, including across credit derivatives, structured credit, securitisation, loans .......

    Job Swaps 15 September 2017

  • UK lender markets debut public RMBS

    Together Financial Services is marketing its first public securitisation. Dubbed Together Asset Backed Securitisation 1 (see SCI's deal pipeline), it has a current mortgage portfolio balance of £301m and comprises 4,535 first- and second-lien UK owner-occupied and BTL residential properties.

    The loans in the transaction were originated by Blemain Finance, Together Personal Finance and Together Commercial Finance, which .......

    News 15 September 2017

  • Job swaps round-up - 8 September

    EMEA

    Tiger Risk UK has hired Michael Wade as a non-executive chair of TigerRisk Capital Markets and Advisory UK. He is also the Crown representative for insurance at the UK cabinet office and advisor to the Chancellor of the Exchequer on issues relating to Insurance Linked Securities (ILS).

    Beechbrook Capital has hired Jon Petty to the role of associate director .......

    Job Swaps 8 September 2017

  • Euro secondary returns

    The European securitisation secondary market is beginning to return to life after the summer.

    August saw the usual seasonal lull in terms of trading volumes in ABS/MBS, but the buying bias remained across the board. Consequently, secondary spreads were flat to slightly tighter month on month.

    CLO volumes saw less of a dip and from time to time, especially around .......

    SCIWire 7 September 2017

  • Job swaps round-up - 1 September

    EMEA

    Credit Suisse has hired Constantin Hulst as a CLO structurer to its European CLO origination team in London, reporting to Michael Malek, head of European CLO structuring. Hulst was previously at BNP Paribas, where he was an analyst and structurer in the CLO team.

    North America

    Allianz Global Investors has hired Mona Mahajan as its new US investment strategist. She .......

    Job Swaps 1 September 2017

  • Hurricane Harvey impact weighed

    While the picture is not yet clear in terms of the total damage inflicted by Hurricane Harvey, it looks set to impact several sectors across securitisation. RMBS and CMBS appear likely to be most affected, along with credit risk transfer transactions and potentially auto ABS.

    CMBS 2.0 transactions are set to be most affected, with Morgan Stanley estimating that 241 .......

    News 1 September 2017

  • Job swaps round-up - 25 August

    EMEA

    Fitch has appointed Marjan van der Weijden as global group head of structured finance and covered bonds, based in London. She has been with Fitch for 18 years and most recently served as head of EMEA structured finance since 2010. The agency has also appointed Kevin Duignan as global group head for financial institutions, based in New York. He .......

    Job Swaps 25 August 2017

  • Dutch deal breaks BTL ground

    RNHB last month priced a Dutch buy-to-let (BTL) RMBS dubbed Dutch Property Finance 2017-1 (see SCI's primary issuance database), marking the first of its kind from the jurisdiction and including several unusual features (SCI 17 July). However, only €824.5m of bonds were placed with investors, despite the deal originally being marketed at €1.5bn.

    Ruben van Leeuwen, head of .......

    News Analysis 21 August 2017

  • Job swaps round-up - 18 August

    North America

    Redwood Trust has appointed Dashiell Robinson to the newly formed position of evp, overseeing the firm's financial and portfolio investment functions, as well as working with its ceo Marty Hughes and president Chris Abate in advancing its long-term business strategies. Robinson will begin at the firm in October, reporting to Abate, having previously served as head of mortgage .......

    Job Swaps 18 August 2017

  • Streamlined refi programmes near

    The US FHFA has extended HARP through to the end of 2018 and announced that the new GSE streamlined refinance programme for high LTV borrowers will be effective from 1 October. Given that the eligibility criteria considerably limit the population that can take advantage of the new programme, it appears to be geared towards having an efficient refinancing construct in .......

    News 18 August 2017

  • Self-cert extension risk eyed

    The self-certified mortgage loan ban included in a recent amendment to European legislation (SCI 27 July) could lead to extension risk for securitisation investors, according to DBRS. The rating agency also suggests that the sale and price of distressed or reperforming mortgage portfolios could be negatively affected, which would in turn be detrimental to issuance volumes.

    In a recent commentary, .......

    News 16 August 2017

  • Chinese NPL collections surveyed

    Collections for most Chinese non-performing loan securitisations have outpaced originators' initial projections, as of June 2017, according to a Moody's analysis of trustee report data. The study suggests that while originators of unsecured consumer NPL deals are the most optimistic about collections, the expense ratio for these transactions is the highest.

    For the purposes of the analysis, Moody's classified 15 .......

    News 15 August 2017

  • RMBS reaping RPL benefits

    Freddie Mac last week settled its largest SCRT deal to date. The RPL RMBS market is growing and investors are enthusiastic about its prospects.

    Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-2 has issued approximately US$2bn in guaranteed senior certificates and US$421m in unguaranteed mezzanine and subordinate certificates. It is backed by 9,939 fixed- and step-rate modified seasoned loans .......

    News Analysis 15 August 2017

  • Hedging changes a boon for MBS

    FASB recently announced plans to finalise new accounting rules for financial instruments used for hedging (SCI 24 July). Within the securitisation industry, MBS are likely to be most affected by the move, with the changes largely acting as a supportive measure by potentially boosting liquidity in the sector.

    In terms of how liquidity might be boosted, Wells Fargo structured product .......

    News Analysis 15 August 2017

  • Registered, Rule 144A issuance compared

    The US SEC's division of economic and risk analysis (DERA) has published a report assessing how trends in primary securities issuance and secondary market liquidity relate to post-crisis regulatory reforms, in line with a Congress request under the 2016 appropriations process. The analysis - which spans 2005-2016 - shows that overall ABS (excluding RMBS) issuance has recovered since the trough .......

    News 9 August 2017

  • Peripheral ABS playing catch-up

    Structured finance issuance in the European core has held up well over the summer, with spreads continuing to grind tighter. Although peripheral ABS spreads remain wide of the core, the periphery appears to be catching up.

    "Spreads throughout Europe - in both the core and periphery - have been going in the same direction for a while now, albeit at .......

    News Analysis 4 August 2017

  • Job swaps round-up - 4 August

    North America

    Hunton & Williams has promoted a pair of litigation lawyers with securitisation experience to counsel, based in New York. Michael Kruse focuses his practice on complex commercial litigation relating to financial services and structured finance. Robert Rich focuses primarily on representing corporate debtors, secured and unsecured creditors, indenture and securitisation trustees, lessors and other parties in interest in .......

    Job Swaps 4 August 2017

  • Regulatory call exercised for Calico

    The Co-operative Bank last week announced a regulatory call of its Calico Finance Number One capital relief trade. The call was executed, after UK PRA approval, as part of the bank's plans to improve its capital position.

    The Co-operative Bank received confirmation from the PRA that the Calico transaction no longer achieves significant risk transfer (SRT) to third parties within .......

    News Analysis 1 August 2017
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