RMBS

  • Ratings expansion outlined

    KBRA has named Jim Nadler ceo, with co-founder Jules Kroll stepping down from the position. The move coincides with the rating agency's plans to expand into rating European securitisations and CLOs.

    Nadler will retain the title of president, which he has held since KBRA was established in 2010, while Kroll will remain chairman. Kroll intends to spend more time on .......

    News 22 February 2017

  • Job swaps round-up - 17 February

    Europe
    Wells Fargo     has hired Steve Hulett as head of credit and ABS sales EMEA. He was previously co-head of mortgages and ABS for Jefferies, Europe.

    North America
    Gramercy Funds Management has appointed Bradshaw McKee to the role of md, capital solutions and distressed portfolio manager. He was previously co-head of emerging markets, structured credit trading at Deutsche Bank.

    Houlihan Capital has .......

    Job Swaps 17 February 2017

  • Shift in NPL asset mix anticipated

    Loan disposals totalling €103.3bn were completed in Europe last year, with the number of ongoing transactions at end-2016 representing €69.5bn across 56 deals, according to Deloitte's latest 'Deleveraging Europe' publication. The firm expects the deal rate to rise in 2017, as new markets open up and the asset mix shifts to more performing, sub-performing and complex portfolio structures.

    More complex .......

    News 16 February 2017

  • Euro RMBS volume builds

    Crédit Agricole has priced a rare publicly placed French prime RMBS named FCT Crédit Agricole Habitat 2017. Elsewhere, Fortress subsidiary Paratus AMC is in the market with the £233.23m Stanlington No. 1, a UK non-conforming RMBS.

    The final book for FCT Crédit Agricole Habitat 2017 was seen at around €2bn, out of which the seller raised €1bn. The offered senior .......

    News 16 February 2017

  • Euro ABS/MBS drifts

    The European ABS/MBS secondary market appears to be drifting along this week.

    Trading activity continues to be patchy with overall volumes very light and supply remains limited across all ABS/MBS sectors. Market tone is still strong and as a result secondary spreads are broadly unmoved over the past three sessions. Any major change is unlikely over the next few trading .......

    SCIWire 16 February 2017

  • Call for clarity around GSE reform guidelines

    Following US Treasury Secretary Mnuchin's commitment to reform the GSEs, the Mortgage Bankers Association (MBA) has published proposals as to how this can be best executed. While the recommendations - entitled 'GSE Reform Principles and Guardrails' - may improve on the current system, further clarity on certain areas may be needed if they are to be successful.

    The MBA's proposals .......

    News 14 February 2017

  • Euro secondary unchanged

    Activity in the European securitisation secondary market is little changed from that seen in recent weeks.

    Flows remain light across all sectors as sellers remain largely absent amid continuing positive market sentiment. The few BWICs that do crop up are still met with very strong demand and secondary spreads are consequently holding tight.

    There is currently one BWIC on the .......

    SCIWire 14 February 2017

  • Positive start for Aussie issuance

    Bank of Queensland last week priced its upsized A$1bn Series 2017-1 REDS Trust prime RMBS, the first Australian securitisation to hit the market in 2017, with the senior tranche seeing significant demand. Four transactions from the jurisdiction remain in the pipeline, including a non-conforming RMBS and a consumer ABS (see SCI's pipeline).

    Rated by Fitch and S&P, the .......

    News 13 February 2017

  • High-balance RMBS marketing

    JPMorgan is tapping the RMBS market with a US$1.02bn transaction. Dubbed JPMorgan Mortgage Trust 2017-1, the deal is backed by 1,645 30-year fully-amortising fixed-rate mortgage loans with different origination characteristics to previous JPMMT RMBS.

    JPMMT 2017-1 differs from previous RMBS issued by JPMorgan because the pool consists of a large percentage (36.3% across 724 loans) of high-balance conforming fixed-rate mortgages .......

    News 13 February 2017

  • Second shelf brings non-prime deal

    Invictus Residential Pooler is in the market with its debut securitisation (see SCI's pipeline). Following preliminary ratings from S&P, Kroll Bond Rating Agency and Morningstar Credit Ratings, it is the second shelf to issue a rated transaction backed by non-prime mortgages since the financial crisis.

    The other shelf to have issued rated transactions backed by non-prime mortgages since .......

    News 10 February 2017

  • Risk retention trends emerging

    Different retention strategies have emerged for US CLOs and CMBS leading up to and since the implementation of risk retention rules on 24 December 2016, with varying benefits also arising, such as a perception of increased quality in such deals. For the broader ABS market, however, approaches are still taking shape.

    There are five main strategies for risk retention: a .......

    News Analysis 9 February 2017

  • Euro ABS/MBS lighter

    Volumes in the European ABS/MBS secondary market are lighter than last week.

    "Secondary activity has slowed down again this week thanks mainly to there being a few relatively complicated new deals marketing and occupying a lot of attention," says one trader. "At the same time, the latest Towd Point priced tight for what it was, so there's plenty of appetite .......

    SCIWire 9 February 2017

  • Euro secondary patchy

    Activity in the European securitisation secondary market continues to be patchy.

    Friday saw a relatively quiet session after a pick-up over the previous two days, but yesterday saw a flurry of activity and a couple of BWICs that traded strongly. Focus in ABS/MBS continues to surround peripheral paper, while CLOs remain most interested in lower mezz. Overall, sentiment is still .......

    SCIWire 7 February 2017

  • Boosting liquidity

    First post-crisis Irish NPL RMBS profiled

    Lone Star's Irish non-conforming RMBS, which it privately-placed in November (SCI 29 November 2016), was notable for its mixed pool of performing and non-performing mortgages. The €536.5m European Residential Loan Securitisation 2016-1 - Ireland's first post-crisis NPL RMBS - is expected to pave the way for further such mixed-pool issuances.

    The collateral comprises a rare mix of performing (accounting for .......

    News Analysis 3 February 2017

  • SFR operators change tack

    Single-family rental (SFR) transactions are benefitting from an improvement in sponsors' business models and strategies, says Moody's. Sponsors have moved away from the bulk purchases in depressed markets that started their businesses to strategies which improve the quality of the properties backing their transactions.

    "With the US housing market recovering from the financial crisis and the inventory of distressed homes .......

    News Round-up 2 February 2017

  • Securitisation prospects polled

    Fiscal policy uncertainty is the top concern cited by respondents to Morgan Stanley's 1Q17 global securitised products investor survey, accounting for 28% of the responses. Nevertheless, half of those polled expect their allocation to securitised products to stay in line with their current allocation, while 36% expect to increase their allocation, compared with 37% in 3Q16.

    The Morgan Stanley survey .......

    News 2 February 2017

  • Euro ABS/MBS rising

    Volumes and pricing levels are rising in the European ABS/MBS secondary market this week.

    "In the first few weeks of the year there was very little client selling, but that's changing and it's been getting busier this week," says one trader. "We saw some Italian auctions Monday and Tuesday, Spanish yesterday and it's primarily Spanish and Portuguese today."

    Nevertheless, the .......

    SCIWire 2 February 2017

  • Split B tranches placed

    Freddie Mac has priced the US$802m STACR Series 2017-DNA1, its first low-LTV risk-sharing RMBS of the year. The GSE has followed Fannie Mae's recent structural enhancement to its CAS programme in issuing a split B tranche (SCI 26 January).

    However, unlike Fannie - which retained the subordinate B tranche issued by CAS 2017-C01 - Freddie's class B2 notes were publicly .......

    News Round-up 1 February 2017

  • Repurchase plan

    Italian bridge banks complete resolution process

    Nuova Banca delle Marche has completed the NPL repurchases from its securitisations in accordance with the Italian state's resolution plan. The €74.3m sale proceeds from this latest repurchase will be used to repay the Marche Mutui 4 RMBS notes on the next interest payment date in February.

    Four small lenders were placed under special administration with the Bank of Italy, .......

    News Analysis 31 January 2017

  • More MSRs for New Residential

    New Residential Investment Corp is set to acquire US$97bn unpaid principal balance of mortgage servicing rights and related servicer advances from CitiMortgage, for approximately US$950m and US$32m respectively, through its subsidiary New Residential Mortgage. The acquisition of the MSRs is expected to close in 1Q17 and Citi will continue to subservice the portfolio on behalf of New Residential.

    New Residential .......

    News Round-up 31 January 2017

  • FNMA loan to pay down SFR deals

    Invitation Homes last week filed a preliminary prospectus with the US SEC in which it notes that it has secured a US$1bn 10-year loan commitment from Fannie Mae and Wells Fargo and that it will use these proceeds to pay down all or a portion of the loans backing a pair of single-family rental securitisations. Moody's says this loan commitment .......

    News Round-up 31 January 2017
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