RMBS

  • Euro secondary solid

    The European securitisation secondary market remained solid into last week's close.

    Reasonable flows across the board on Friday once again evidenced the slow rise in secondary liquidity and spreads remained stable. Activity was once again strongest in UK non-conforming and Dutch prime. UK prime was relatively quiet following the news on Granite and Portuguese paper continues to suffer from political concerns.

    SCIWire 16 November 2015

  • Cerberus set to buy Granite

    UKAR will sell £13bn of loans previously held on Northern Rock's legacy book to Cerberus Capital Management, £12bn of which lies in the Granite securitisation vehicle. The sale ends months of speculation regarding the winning bidder and the potential scenarios the portfolio could face (SCI passim).

    "The sale, which raises £13bn for the British taxpayer, is the largest ever sale of financial assets .......

    News Round-up 13 November 2015

  • Israeli securitisation plan set out

    A joint report has been published by a number of Israeli government organisations which calls for the promotion of securitisation in Israel, albeit in a 'cautious' and 'measured fashion'. It concentrates on obstacles in areas such as taxation, regulation and accounting, and cites various recommendations to remove them.

    The report was released by the Bank of Israel, the Israel Securities Authority, .......

    News Round-up 13 November 2015

  • DMS names SF chief

    DMS Offshore Investment Services has appointed Murray McGregor as global head of structured finance. He brings over 15 years of structured finance and asset finance experience and will also serve DMS as an independent director on the boards of structured finance vehicles, other special purpose entities and hedge funds.

    McGregor was previously structured finance and asset finance md at Citco .......

    Job Swaps 13 November 2015

  • Calpers sells off property funds

    Strategic Partners Fund Solutions, the secondary and private market fund solutions business of Blackstone, has agreed to acquire approximately US$3bn of global real estate funds interests from California Public Employees' Retirement System (Calpers). The sale is the largest to date by Calpers, representing 43 international and domestic funds from its non-strategic real estate portfolio.

    .......

    News Round-up 13 November 2015

  • Euro ABS/MBS holds up

    Spreads are holding up in the European ABS/MBS secondary market despite broader market weakness.

    Riding off the back of reasonably strong performance in the primary market, secondary activity picked up a little yesterday and spreads held firm in most sectors. The return of appetite for Dutch prime continued and saw select names edge in.

    Meanwhile, Spanish and Italian paper continued .......

    SCIWire 13 November 2015

  • US RMBS eases

    Volumes and market sentiment are easing in the US non-agency RMBS secondary market as the week progresses.

    "It feels like a Monday following on from yesterday's holiday and certainly volumes are down for a Thursday," says one trader. "There's less than $300m in for the bid today, but we did have higher volume on Tuesday with over $800m on auction as .......

    SCIWire 12 November 2015

  • Amicus builds commercial group

    Amicus Finance is launching a commercial finance business dedicated to serving the small business and professional services communities. Amicus Commercial Finance will be led by John Wilde and David Hogg.

    Wilde and Hogg previously founded SME Invoice Finance, which was sold to Metro Bank two years ago. Amicus Commercial Finance aims to begin operating in January 2016 and will provide .......

    Job Swaps 12 November 2015

  • Credit assessment standards proposed

    The EBA, EIOPA and ESMA have jointly published two draft implementing technical standards (ITS) on credit assessments by external credit assessment institutions (ECAIs). The standards are intended to ensure sound credit assessments and thus contribute to financial stability in the EU.

    The standards are part of the EU Single Rulebook for banking and insurance. The supervisory bodies aim to ensure .......

    News Round-up 12 November 2015

  • Euro secondary slow

    As expected, yesterday was a slow day in the European securitisation secondary market and today has begun quietly.

    With the US and parts of Europe out yesterday liquidity thinned further across the secondary market and only patchy trading was seen. Nevertheless, tone remains broadly constructive and spreads were unchanged to slightly tighter into the close.

    Appetite for selected names across .......

    SCIWire 12 November 2015

  • New moniker for investment manager

    Pramerica Investment Management will change its name to PGIM from 4 January 2016. It is also launching PGIM Funds, a UCITS platform serving the UK and Europe.

    The firm's name-change coincides with the expansion of the business around the world and reflects its position as one of the world's largest asset managers, says the firm. Pramerica's businesses operate in 16 .......

    Job Swaps 11 November 2015

  • RMBS comparison tool updated

    Moody's has released an updated RMBS tool which compares the key characteristics of 19 different RMBS markets, including the UK, Spain, Italy, the Netherlands, Japan, Australia and the US. The update introduces a new interactive map to compare key indicators across European markets.  

    The tool now also includes a number of new markets, such as Austria, Canada, Mexico, South Africa, South Korea and Sweden. RMBS markets .......

    News Round-up 11 November 2015

  • Euro secondary stabilises

    The European securitisation secondary market continues to stabilise.

    Yesterday saw another stable if sluggish day across secondary flows. BWICs took the lead and most lists saw reasonable execution.

    Fast and real money continue to look to add in the UK non-conforming space both on- and off-BWIC, though spreads across the sector remain broadly unchanged to very slightly tighter. Prime assets .......

    SCIWire 11 November 2015

  • Freddie auctions more NPLs

    Freddie Mac is marketing its latest NPL offering - US$1.2bn in deeply delinquent loans from the GSE's mortgage investment portfolio. The latest auction is the eighth to be held by Freddie Mac.

    The NPLs are being marketed via seven pools: five geographically diversified standard pool offerings (SPO) and two geographically concentrated extended timeline pool offerings (EXPO). The latter offerings target participation by smaller investors, including non-profits .......

    News Round-up 10 November 2015

  • Pricing source to expand

    Barclays is set to incorporate third-party pool-level prices into the pricing for MBS index generics in its US MBS Index, as part of several changes announced after concluding its annual index review and governance process in October. The firm says its decision reflects the evolving fixed income landscape and stakeholder feedback from a diverse set of global investors who use .......

    News Round-up 10 November 2015

  • Euro secondary stays positive

    Market tone remains broadly positive in the European securitisation secondary market.

    "Tone remains pretty good despite a weaker day yesterday in broader credit markets," says one trader. "Overall, secondary spreads aren't gapping in but continue to grind tighter in many sectors."

    The trader continues: "We saw quite a bit of activity in UK non-conforming yesterday and senior buy-to-let in particular .......

    SCIWire 10 November 2015

  • Invitation chooses to extend

    Invitation Homes has decided to exercise its one-year optional term extension on the single loan backing Invitation Homes 2013-1, a move that Moody's has labelled credit neutral. The deal, which was the first-ever single-family rental securitisation, still has a number of technical conditions to be settled before the extension takes effect.

    The decision to extend the loan resolves the uncertainty surrounding the deal, which led to Kroll Bond Rating .......

    News Round-up 9 November 2015

  • Slovak RMBS rating approach published

    Moody's has published its approach to rating Slovakian RMBS, using its MILAN framework. The rating agency will use this approach in conjunction with existing methodologies to rate both RMBS and covered bonds in Slovakia.

    Moody's issued a request for comment six weeks ago (SCI 23 September) and its rating approach implements the proposals from that RFC. The Slovakian residential real .......

    News Round-up 9 November 2015

  • Mexican RMBS approach published

    Moody's has published its transitioned approach for rating Mexican RMBS using its MILAN framework. The agency recently proposed the change from its previous rating approach in a request for comment to the market (SCI 18 September).

    Under the MILAN framework, Moody's begins with a portfolio analysis of the securitised collateral pool. The results of this analysis are the portfolio's expected losses .......

    News Round-up 9 November 2015

  • Euro secondary quiet

    The European securitisation secondary market closed last week quietly and looks set to start today in the same vein.

    Secondary volumes dropped again on Friday as the primary market drew investor attention and secondary spreads for the most part were unchanged despite continued broader market positivity. A few sectors did however see some uptick in prices - notably CMBS and .......

    SCIWire 9 November 2015

  • Amherst welcomes mortgage team

    Standish Mellon Asset Management has strengthened ties with subsidiary Amherst Capital Management by moving its mortgage team over to the firm. The team will remain in Boston and continue to utilise the same investment processes for Standish clients.

    However, it will gain access to Amherst Capital's real estate data set and analytical tools to provide additional advantages to its work .......

    Job Swaps 6 November 2015
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