RMBS

  • Spanish re-performing deal prepped

    Blackstone affiliate Spain Residential Finance is in the market with the €265m SRF 2016-1 RMBS. The transaction is believed to represent the first refinancing of a Spanish legacy mortgage portfolio.

    The securitisation is largely backed by seasoned re-performing loans originated by Caixa Catalunya, CaixaTarragona and Caixa Manresa, which were merged to form Caixa d'Estalvis de Catalunya, Tarragona i Manresa and .......

    News Round-up 4 October 2016

  • Real estate team poached

    Sidley Austin has added a trio of partners to its real estate practice in New York. Steven Koppel, Aviva Yakren and Adam Verstandig have both national and global experience advising clients in all aspects of real estate private equity and real estate finance, including capital markets lending, community development finance, low-income housing and new market tax credit products, renewable energy .......

    Job Swaps 30 September 2016

  • Indian MBS PTCs surge

    The surge in securitisation activity in India last year has continued into 1Q16, boosted by renewed interest in MBS PTCs, according to a report from Crisil. The agency adds that the general securitisation growth is due to clarity on distribution tax and because of banks shifting to quarterly, rather than annual, assessment of priority sector lending targets.

    Of total issuance .......

    News Round-up 29 September 2016

  • STACR liquidity boost

    Fitch recently assigned ratings to seven previously unrated notes from seven Freddie Mac STACR RMBS issued between 2013 and 2014, after its similar action last month in respect of seasoned CAS transactions (SCI 31 August). The market is expected to respond favourably to the move, as the newly rated STACR bonds are now eligible to investors that are mandated to .......

    News 29 September 2016

  • Euro ABS/MBS keeps steady

    It continues to be a steady week in the European ABS/MBS secondary market.

    The run in to month end continues to be a steady if unspectacular one in terms of volumes on- and off-BWIC. Nevertheless, ever-improving macro sentiment this week and a growing new issue pipeline continue to ensure secondary spreads remain firm across the board.

    There are currently three .......

    SCIWire 29 September 2016

  • Ex-RMBS trader suspended

    The US SEC has instituted public administrative and cease-and-desist proceedings against Nicholas Bonacci, due to misleading conduct while working as an RMBS trader at Morgan Stanley. He has agreed to pay a civil money penalty of US$100,000 to the general fund of the US Treasury.

    The Commission alleges that on certain occasions in 2012, Bonacci misled Morgan Stanley's customers with .......

    Job Swaps 28 September 2016

  • RMBS downgraded on weak performance

    Fitch has downgraded 14 tranches and affirmed 16 tranches across four TDA RMBS and Santander Hipotecario 3. The move reflects the weak performance of the affected transactions.

    The underlying pools of the TDA transactions are partially backed by loans originated by Credifimo, a specialised lender targeting mainly non-prime low income borrowers. As of the latest reporting dates, cumulative gross defaults .......

    News Round-up 28 September 2016

  • Japan RMBS performance 'strong'

    Japanese RMBS performance remained strong in 2Q16 and was unaffected by the Kumamoto earthquake, reports Moody's. Deals rated by the agency continued to exhibit low delinquency and default rates, while the prepayment rate hit a record high.

    Moody's-rated Japanese RMBS has limited exposure to mortgages on properties in the Kumamoto prefecture and Kyushu region. Performance is expected to remain stable .......

    News Round-up 28 September 2016

  • NCUA suits resolved

    RBS has reached a final settlement with the NCUA to resolve two outstanding civil lawsuits for US$1.1bn. The settlements relate to two RMBS cases that assert claims on behalf of US Central Federal Credit Union and Western Corporate Federal Credit Union.

    The bank says the settlement amount is substantially covered by existing provisions, as of 30 June 2016, and will .......

    Job Swaps 28 September 2016

  • Fifth community impact NPL pool sold

    Fannie Mae has successfully sold its fifth community impact pool of NPLs. The winning bidder on the pool was The Community Loan Fund of New Jersey, which is an affiliate of New Jersey Community Capital.

    The transaction is expected to close on 22 November and includes 120 loans secured by properties located in the Miami, Florida area with an unpaid .......

    News Round-up 28 September 2016

  • Flow-basis deal debuts

    Freddie Mac is rolling out a new front-end credit risk transfer offering dubbed Freddie Mac Deep MI CRT. Through a forward credit insurance policy provided by a panel of mortgage insurance company affiliates, this pilot structured transaction provides additional coverage beyond the primary mortgage insurance on 30-year fixed-rate mortgages with 80%-95% LTVs, which is placed immediately upon their sale to .......

    News Round-up 27 September 2016

  • Treasure hunt

    Investors seek other assets as UK RMBS shrinks

    The UK RMBS universe is set to shrink throughout 2016, exacerbated by limited supply and the redemption of the €4.4bn Aire Valley master trust. Against this backdrop, other sectors could benefit from excess investor cash.

    Paragon Group, for one, recently announced that it will not be issuing further RMBS this year. Clayton Euro Risk strategic projects head Simon Collingridge notes .......

    News Analysis 27 September 2016

  • Euro ABS/MBS starts slowly

    The European ABS/MBS secondary market has started the week slowly.

    Softer broader markets meant a dip in activity across ABS/MBS sectors yesterday. However, they remain insulated from the weaker sentiment elsewhere and secondary spreads generally held firm.

    In contrast, the previous few sessions saw robust activity boosted by a positive response to comments from the Fed. Decent two-way flows, with .......

    SCIWire 27 September 2016

  • Chinese NPL trio prepped

    Three Chinese issuers are in the market with NPL securitisations (see SCI pipeline). One of them - China Construction Bank - only made its debut in the asset class last week.

    China Construction Bank is joined by China Merchants Bank and the Industrial and Commercial Bank of China (ICBC). China Construction Bank's next offering is sized at CNY1.56bn. The ICBC .......

    News Round-up 26 September 2016

  • Mexican RMBS ratings amended

    Moody's has changed the ratings on several Mexican RMBS transactions to reflect a correction to its cash flow modelling.

    The upgrades consist of certificates from METROCB 06U, from Caa3 to Caa2. This primarily results from a correction to the cash flow waterfall model used to rate this transaction. This led to an increase in the available excess spread to make .......

    News Round-up 23 September 2016

  • Bank shuffles SF pros

    Credit Suisse has made a series of changes to its asset finance team, with a number of structured finance pros changing roles. Among the changes, Jay Kim has been promoted to global head of structured products.

    Kim's promotion follows the appointment of Brian Chan, former co-head of credit and securitised products, to the firm's board with the new role of .......

    Job Swaps 23 September 2016

  • Settlement talks watched closely

    Final settlements reached by European banks with the US Department of Justice (DoJ) for the issuance and underwriting of RMBS are likely to be far lower than the DoJ's US$14bn opening position in relation to Deutsche Bank (SCI 16 September), says Fitch. Deutsche Bank has already made the point that US peer banks settled for far lower sums than the .......

    News Round-up 22 September 2016

  • Record involvement for new CIRTs

    Fannie Mae has completed two more credit insurance risk transfer (CIRT) transactions, worth US$14.4bn. The company has now transferred a portion of the credit risk on US$759bn in single-family mortgages, with its latest deals attracting a record number of reinsurers.

    CIRT 2016-7 and CIRT 2016-8 shift a portion of the credit risk on pools of single-family loans to insurers and .......

    News Round-up 22 September 2016

  • GS meeting settlement requirements

    Goldman Sachs is meeting its consumer relief requirements as part of its US$5bn RMBS settlement, says the settlement's monitor. A report from monitor Eric Green shows that Goldman Sachs passed its first round of compliance testing for the consumer relief portion of its settlement, which was reached earlier this year (SCI 12 April).

    In addition to a US$2.385bn civil monetary .......

    News Round-up 21 September 2016

  • South African RMBS 'robust'

    South African RMBS will remain robust despite subdued growth expected for the country's economy, according to Moody's. The rating agency adds that the credit risk of borrowers in the collateral pools is minimal relative to borrowers in the wider population.

    Greg Davies, avp at Moody's, states: "While consumer indebtedness is high, RMBS borrowers have lower debt levels compared to their .......

    News Round-up 20 September 2016

  • RFC on RMBS methodology

    DRBS has issued a request for comment on the proposed UK addendum to its European RMBS methodology, which is considered to be a material change. Comments are published on the rating agency's website and should be received on or before 19 October 2016.

    The UK addendum introduces a new proprietary default model to forecast expected defaults and losses on European .......

    News Round-up 20 September 2016
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