RMBS

  • Market supports benchmark change

    A majority of US ABS and CMBS market participants would support switching the pricing benchmark from the swaps curve to US Treasuries, according to a JPMorgan survey. Of the respondents, 61% favour a switch, while 28% advocate sticking with swaps.

    The survey was fairly representative of the ABS investor base, with money managers accounting for 47% of respondents (compared to .......

    News 15 December 2015

  • Ranieri recruits RMBS pro

    Ranieri Strategies has added two new partners, including Eric Kaplan to focus on structured finance. His duties will include working on housing, mortgage and RMBS reform endeavours with regulators and industry colleagues.

    Kaplan joins from Shellpoint Partners, where he was md and head of mortgage finance. In this role, he was primarily involved in the building of its non-agency RMBS and .......

    Job Swaps 15 December 2015

  • Euro secondary hangs on

    European securitisation secondary spreads are mostly hanging on despite increasing broader market volatility but there are some signs of softening.

    In the end, a handful of BWICs emerged yesterday and provided the main focus. However, the highlight, a double-B CLO list, for the most part did not trade. The covers released indicated spread widening in the sector, though the trend .......

    SCIWire 15 December 2015

  • LatAm outlook 'mixed'

    Fitch's outlook for Latin American structured finance in 2016 is mixed across sectors. Stable and positive rating outlooks for the region have dropped to 81% from 90% last year.

    The agency says that consumer ABS continues to be a better performing asset class, as adequate levels of credit enhancement and structural features continue to protect against deteriorating macro conditions. Delinquencies are expected to .......

    News Round-up 14 December 2015

  • SF practice strengthened

    DLA Piper continues to build its financial markets practice with the appointments of Vincent Keaveny, formerly head of structured capital markets and a partner at Baker & McKenzie, and Mark Dwyer, formerly a partner at Slaughter and May. The firm has made other significant hires across Europe this year including Okko Behrends, who joined the team in Germany from Latham .......

    Job Swaps 14 December 2015

  • CMHC limits upped

    Canada Mortgage and Housing Corporation (CMHC) has announced a change to the guarantee fees it charges issuers, as well as the annual limits for new guarantees for 2016 for both National Housing Act Mortgage-Backed Securities (NHA MBS) and Canada Mortgage Bonds (CMB). The revised fee structure aims to encourage the development of private market funding alternatives by narrowing the funding .......

    News Round-up 14 December 2015

  • Euro secondary stays slow

    It was, as anticipated, another quiet day in the European securitisation secondary market on Friday and today looks likely to be little different.

    Year-end liquidity thinning continues to hold sway across all sectors. However, market tone remains positive despite broader credit weakness and secondary spreads are generally holding up.

    There are currently no BWICs on the European schedule for today.

    .......

    SCIWire 14 December 2015

  • Positive outlook for Canadian securitisations

    Moody's expects Canadian ABS and RMBS to continue performing well in 2016. The agency notes that assets backing the securitisations are mainly consumer receivables, whose performance is aligned with that of the wider economy.

    Slow but steady economic growth supports Moody's positive outlook for Canadian ABS and RMBS. In particular, issuers' strong credit ratings and well-seasoned collateral pools will ensure .......

    News Round-up 11 December 2015

  • NCUA settlement signed

    The NCUA has announced a US$225m settlement with Morgan Stanley to resolve claims arising from losses related to corporate credit unions' purchases of faulty RMBS. The settlement covers claims asserted in 2013 by the NCUA Board on behalf of US Central Federal Credit Union, Western Corporate Federal Credit Union, Members United Corporate Federal Credit Union and Southwest Corporate Federal Credit .......

    Job Swaps 11 December 2015

  • Amherst leadership bolstered

    Amherst Pierpont Securities has expanded its senior leadership team with the addition of mds Michael Burke and Chris Helwig. Based in New York, they will report to senior md and head of sales Ryan Mullaney.

    Helwig will be responsible for developing an extensive MBS strategy at Amherst, with special emphasis on supporting investors whose needs include asset-liability management. Previously, he was director .......

    Job Swaps 11 December 2015

  • Euro secondary slowdown

    The end of year slowdown in the European securitisation secondary market looks to be increasing.

    Flows were generally light again yesterday as year-end liquidity thinning becomes increasingly evident. Consequently, spreads moved very little. CLO BWICs once again dominated the day with most bonds trading flat to slightly lower than recent prints.

    Then at 14:30 is an eight line 47.25m mixed .......

    SCIWire 11 December 2015

  • BlackBox data, analytics acquired

    Moody's Corporation has acquired the RMBS data and analytics assets of BlackBox Logic. The loan-level data and technologies will be integrated into Moody's structured analytics and valuations unit.

    The enhanced residential mortgage loan data will be available through Moody's Analytics' bulk data feeds and structured finance portal. The products feature extensive loan- and pool-level data for global securitised assets, as .......

    Job Swaps 10 December 2015

  • Japanese credit outlook 'strong'

    The credit quality and performance of Japanese ABS, RMBS and CMBS should remain strong in 2016, says Moody's. A supportive job market will be key in underpinning high credit quality.

    The credit quality of collateral in new consumer-related Japanese ABS - such as auto loan, instalment sales and credit card ABS - will remain strong next year, reflecting supportive labour market conditions, .......

    News Round-up 10 December 2015

  • US outlook stable with caveats

    The outlook for US structured finance is stable to positive overall next year, says Fitch. However, the rating agency notes that certain subsectors bear watching for signs of trouble.

    Over 87% of Fitch's rating outlooks remain either stable or positive heading into 2016 as collateral quality remains excellent, with solid performance metrics and robust structural protections. "That said, it is .......

    News Round-up 10 December 2015

  • Euro secondary mixed

    It's turning into a typically quiet December across most of the European securitisation secondary market, but there is some healthy activity in a couple of sectors.

    "The secondary market is still holding up quite well despite broader credit concerns," says one trader. "Flows in general are very quiet, but we are continuing to see strong activity in some sectors via BWICs."

    SCIWire 10 December 2015

  • TRID violations prompt concern

    US mortgage lenders could face a tough time complying with the US CFPB's recently enacted TILA-RESPA Integrated Disclosure Rules (TRID), according to Moody's latest credit outlook publication. Several third-party review (TPR) firms have revealed to the agency that over 90% of the first pipeline of residential mortgage loans subject to TRID that they reviewed had TRID compliance violations, albeit many of them were .......

    News Round-up 10 December 2015

  • Latest SPO sale completed

    Freddie Mac has sold via auction 5,311 deeply delinquent non-performing loans (NPLs) serviced by Wells Fargo from its mortgage investment portfolio as part of its standard pool offerings (SCI 10 November). The transaction is expected to settle in February, after which servicing will be transferred.

    The loans have been delinquent for around three years and have an aggregate loan-to-value ratio .......

    News Round-up 9 December 2015

  • ABS, RMBS improvements expected

    Improving credit quality in 2016 will benefit European RMBS and ABS, says Moody's. However, a divide is likely to emerge, as collateral performance in northern European deals outperform their southern counterparts.

    Moody's notes that jurisdictions such as the UK, Germany and the Netherlands will likely be supported by better borrower affordability, low underemployment and house price growth. In Spain, France .......

    News Round-up 9 December 2015

  • Euro ABS/MBS stable

    The European ABS/MBS secondary market remains stable amid wider market volatility.

    "Overall our market is generally OK," says one trader. "ABS/MBS is still well insulated from the weakness in broader markets."

    The trader continues: "We're continuing to see a strong bid for UK non-conforming and buy-to-let. Meanwhile, the rest of the market appears to be well supported and spreads are .......

    SCIWire 9 December 2015

  • Space for rent

    Multi-borrower SFR segment set for growth

    Of the 26 single-family rental securitisations issued since the market's inception - totalling US$14bn - only three have been multi-borrower deals. However, a significant shift in issuance is underway.

    Invitation Homes 2013-SFR1 was the first-ever SFR deal, debuting two years ago (SCI 1 November 2013). One consequence of the strides the sector has made since then is that the established .......

    News Analysis 9 December 2015

  • GSE vet moves on

    Jay Kirsch has joined Greystone as md, focusing on production of small balance loans across the Freddie Mac and Fannie Mae platforms. He reports to Rick Wolf, senior md and head of production for Greystone's small loan operations.

    Kirsch arrives from Freddie Mac's multifamily group, where he most recently served as asset management and operations client relationship manager for the .......

    Job Swaps 8 December 2015
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