RMBS

  • Due diligence firm promotes pair

    Clayton Euro Risk has promoted two directors to its board. Michael Chadwick and David Avent both take seats on the UK boards of the due diligence firm and of Clayton Holdings UK.

    Chadwick is md of operations. He joined Clayton in 2008, having previously held senior underwriting roles at Deutsche Bank, Lehman Brothers and the London Mortgage Company. He is .......

    Job Swaps 24 May 2016

  • Debut green RMBS prepped

    Obvion is in the market with what is believed to be the first-ever green RMBS. Dubbed Green Storm 2016, the €279m deal is collateralised by Dutch prime mortgage loans secured by energy-efficient residential houses.

    Arranger Rabobank notes that the pool comprises properties with the highest energy-efficiency labels ('A' and 'B') and is further constrained by the construction year of the .......

    News Round-up 24 May 2016

  • Euro secondary patchy

    Activity in the European securitisation secondary market remains very patchy.

    Despite a positive end to last week that saw spreads tick in and a continuing strong tone in to this, ABS/MBS continues to see highly selective trading. While there is little BWIC activity, what flows there are have so far this week been focused on prime assets.

    Similarly, tone remain .......

    SCIWire 24 May 2016

  • Risk retention class debuts

    Colony Starwood Homes is in the market with its first single-family rental securitisation - the US$535.9m Colony Starwood Homes 2016-1 - following the merger of Colony American Homes and Starwood Waypoint Residential Trust in January. The transaction is also notable for including a risk retention class, representing a subordinate 5% horizontal strip designed to comply with risk retention rules.

    Provisionally .......

    News 20 May 2016

  • Countrywide pay-outs 'positive'

    A New York Supreme Court decision last week ordering trustee BNY Mellon to make US$7.9bn worth in cash payments to Countrywide bondholders will benefit RMBS investors, says Moody's in its latest Credit Outlook. The court's order set out payments to be made to 512 trusts for their June distribution dates, but proceedings are ongoing on the 18 remaining trusts (SCI .......

    News Round-up 19 May 2016

  • Upgrades boost Spanish RMBS

    The Spanish RMBS sector continues its recovery, with Moody's last week upgrading 200 classes of Spanish RMBS across 91 deals. JPMorgan European securitisation analysts expect this to provide positive technical support for secondary market pricing, although capital requirement benefits will be mixed.

    As well as the 200 upgrades, a further 108 classes were affirmed and only five were put on .......

    News 19 May 2016

  • Euro secondary strong but slow

    Sentiment remains strong across the bulk of the European securitisation secondary market but away from CLOs activity remains very slow.

    ABS/MBS secondary continues to be hampered by lack of supply as BWICs have remained thin on the ground this week. Meanwhile, flows are highly selective and almost exclusively dealer-driven.

    There is more activity being seen in the CLO space, however. .......

    SCIWire 19 May 2016

  • MBS trading, sales teams boosted

    KeyBanc Capital Markets has expanded it fixed income sales and trading platform with the appointment of a seven-person team in New York to focus on MBS. This includes Joe Vaccaro, who joins from RBC Capital Markets to serve as md and head of mortgage trading for KeyBanc.

    Vaccaro will be responsible for developing and managing the secondary trading desk, while partnering .......

    Job Swaps 18 May 2016

  • ITB RMBS resilient

    Investment Trade Bank's (ITB) fall into temporary administration has not had a substantial effect on the performance of its Russian RMBS, Moody's reports. The transactions have not experienced any significant change regarding servicer disruption, commingling issues or note payment disruption.

    A servicing transfer was initiated for two of ITB's three transactions after it went into administration, resulting in the two deals successfully transferring to DeltaCredit Bank .......

    News Round-up 18 May 2016

  • SFIG adds advocacy leader

    SFIG has named Thomas McCrocklin as director of advocacy. He will report directly to executive director Richard Johns and will lead the group's interactions with regulators and legislators.

    McCrocklin was most recently vp and head of federal affairs at Zurich North America. He has also served as senior counsel on the US House of Representatives Committee on Financial Services and was .......

    Job Swaps 18 May 2016

  • Fund targets new structured opportunities

    Semper Capital Management is prepping a new alternative asset strategy to seize new opportunities in structured credit resulting from a combination of post-crisis regulatory changes and disruptive technology. The firm has begun making investments in target assets and will officially launch the fund on 1 June.

    "New, previously impossible products are being created as a result of big data and .......

    Job Swaps 18 May 2016

  • Small-value sales due

    The New York Fed's open market trading desk intends to conduct two small-value agency MBS sales operations on 25 May and 1 June, beginning at around 2pm ET and ending at 2:30pm ET. The total current face value of sales across the two operations will not exceed US$150m.

    The desk has published an operating schedule, detailing the date, time, operation .......

    News Round-up 18 May 2016

  • SFR expenses weighed

    Actual net cashflow in single-family rental securitisations has been in line with expectations at new issuance. However, Morningstar Credit Ratings reports that the expense components have been hurt by higher-than-expected actual capital expenditures and helped by lower-than-expected vacancy.

    In a recent study of 17 single-borrower SFR transactions, the agency highlights that gross potential rent and other income make up revenue. .......

    News Round-up 17 May 2016

  • Freddie debuts latest risk transfer offering

    Freddie Mac has a new way to transfer multifamily mortgage credit risk. It has now settled its first offering of Freddie Mac Multifamily Structured Credit Risk (SCR) Notes.

    The US$52m SCR Notes Series 2016-MDN1 deal transfers a portion of the credit risk on certain multifamily mortgage loans backing targeted affordable rental housing tax-exempt bonds guaranteed by the GSE. While the .......

    News Round-up 17 May 2016

  • Euro secondary slumbers again

    Yesterday saw another sleepy start to the week for the European securitisation secondary market.

    After a flurry of activity on Friday, the public holiday in Europe yesterday saw the whole market revert to the quieter pattern seen at the start of last week. Indeed, with many investors absent a CLO equity BWIC was postponed until Wednesday and flows across the .......

    SCIWire 17 May 2016

  • FNMA NPLs scooped up

    Goldman Sachs is the latest winning bidder in Fannie Mae's ongoing process of selling off NPLs. The latest auction, the fifth to be held by the GSE, will see 7,900 loans worth US$1.48bn sold to the bank across four pools.

    The loans were marketed from 12 April, with Fannie Mae assisted by Bank of America Merrill Lynch, First Financial Network and CastleOak Securities. .......

    News Round-up 16 May 2016

  • Countrywide partial judgement approved

    The severance order and partial final judgement for 512 of the 530 trusts subject to the US$8.5bn Countrywide RMBS settlement has been approved (SCI 12 May). The severance order provides for the pay-out for the 512 initial release trusts to be resolved, while proceedings on the 18 remaining trusts continue, according to Wells Fargo RMBS analysts. The partial final judgement .......

    Job Swaps 16 May 2016

  • Loss criteria updated

    Fitch has updated its criteria for estimating losses on US RMBS mortgage pools, following the release of an exposure draft in February (SCI 9 February). The update reflects the changes proposed in the exposure draft, as well as additional changes resulting from market feedback and additional research by the agency.

    The core principle of the framework remains the interaction between .......

    News Round-up 13 May 2016

  • Excess rent impact analysed

    Single-family rental (SFR) investor loans where the property income exceeds 1.2 times the debt service have generally experienced a better-than-average default rate, according to a new Morningstar Credit Ratings study. The agency expects these loans to be a driver of SFR market growth.

    A new type of investor property loan has emerged from SFR originators - such as B2R Finance, .......

    News Round-up 12 May 2016

  • Countrywide pay-out nears

    The New York Supreme Court last week received a proposed severance order and partial final judgement from BNY Mellon as trustee for 512 of the 530 RMBS trusts subject to the US$8.5bn Countrywide Settlement. A group of investors, who have been actively involved in the determination of the proper procedures for handling the payout, have filed a motion consenting to .......

    Job Swaps 12 May 2016

  • Euro secondary still sluggish

    Activity continues to be sluggish in the European securitisation secondary market despite the tone remaining firm across the board.

    In ABS/MBS, Tuesday saw a flurry of BWICs that traded well, but yesterday auction activity slowed once more. Flows continue to be generally light even though sentiment is positive with prime RMBS and autos, along with select peripheral names attracting the .......

    SCIWire 12 May 2016
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