RMBS

  • Mortgage modelling

    Agency MBS could 'exacerbate' financial crises

    Conventional wisdom holds that by fostering diversification and creating a ‘safe’ asset in the form of MBS, securitisation will reduce risk and enhance liquidity, thereby mitigating financial crises. A new Federal Reserve Finance and Economics Discussion Series paper suggests, however, that government-sponsored securitisation - somewhat counterintuitively - is more likely to exacerbate the severity and frequency of financial crises. .......

    News 1 February 2024

  • B note bonanza

    GSE CRT benefitting from 'bullish technical'

    The GSE credit risk transfer market posted one of the highest daily trading volumes on record last Thursday (25 January) at US$910m, exceeding the prior daily trading record of US$895m reached in March 2020. While the latter was driven primarily by the unwinding of levered positions, the former followed Fannie Mae’s strong CAS 24-R01 print (SCI 26 January).

    News 29 January 2024

  • Job swaps weekly: Dechert rings the changes in US securitisation group

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Dechert make two appointments to its US asset finance and securitisation team, including the appointment of a new head. Elsewhere, Fried Frank has appointed a structured finance expert as a London-based partner, while TCW Group has appointed a former Brigade Capital Management partner to lead its newly formed asset-backed finance (ABF) .......

    Market Moves 26 January 2024

  • Inside job

    Internal ESG assessments and SPOs favoured

    Second-party opinions (SPOs) are growing in importance as climate credit risks and sustainable impact efforts continue to converge. At the same time, although rating agency ESG criteria have developed extensively alongside regulation, many securitisation market participants still rely on internal ESG performance assessments and scoring.

    “We treat a second-party opinion how we’d treat an opinion from any other .......

    News Analysis 26 January 2024

  • TCW launches ABF business

    Market updates and sector developments

    The TCW Group has launched a dedicated asset-backed finance (ABF) business that will be anchored with over US$1bn in capital commitments from TCW, partners and affiliates. Dylan Ross has joined the firm as md and portfolio manager to lead the asset-backed finance investment efforts.

    Ross brings to TCW almost 20 years of experience in alternative credit investing with .......

    Market Moves 26 January 2024

  • GSEs get set for social MBS

    Market updates and sector developments

    Fannie Mae and Freddie Mac have unveiled a new iteration of their social scores, rebranding them as ‘Mission Index Scores’, which will serve as the basis for future social-labeled agency MBS. As part of the move, the GSEs have launched Single-Family Social Bond Frameworks and intend to begin disclosing new impact reporting metrics for investors.

    Compared to the .......

    Market Moves 24 January 2024

  • Building momentum

    Chinese consumer ABS market tipped for growth

    Chinese securitisation issuance posted a 7% decline in volumes last year. However, backed by solid mortgage originations, vehicle sales and foreign investor interest, China could well be on its way to long-term growth if its structured finance market can stay afloat.

    After seeing the market’s first triple-A rated consumer ABS last year, the consumer segment is likely to .......

    News 24 January 2024

  • Job swaps weekly: Permira Credit promotes pair to lead expansion

    People moves and key promotions in securitisation

    This week’s round-up of securitisation job swaps sees Permira Credit appoint two new co-heads to lead the firm’s expansion. Elsewhere, Hildene Capital Management has snapped up a Jefferies executive as head of capital markets, while Axonic Capital has promoted its head of credit to the newly created role of co-cio. 

    David Hirschmann and Ariadna Stefanescu have been appointed .......

    Market Moves 19 January 2024

  • IFC, SG team up on sustainable finance

    Market updates and sector developments

    Societe Generale and IFC have signed a Collaboration Framework Agreement to accelerate efforts on sustainable finance in developing countries, as part of both institutions' shared ambition to contribute to the UN Sustainable Development Goals (SDGs) and a strong commitment to the environmental transition and sustainability.

    As part of this agreement, the two institutions aim to further develop wide-ranging .......

    Market Moves 19 January 2024

  • Hanging in the balance

    UK green securitisation market falling behind

    The outlook for the UK’s green securitisation market appears bleak this year, following government backtracking on green policies. In contrast, green originations are anticipated to play a crucial role in driving continental European issuance volumes in 2024.

    Last year alone, the UK government took a U-turn on new EPC rules for landlords - despite support for the rules .......

    News 17 January 2024

  • SCI In Conversation podcast: Andrew South and Alastair Bigley, S&P Global Ratings

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, SCI's deputy editor Kenny Wastell speaks to S&P Global Ratings’ md and head of EMEA structured finance research Andrew South and Alastair Bigley, md and sector lead for European RMBS, about the year ahead. The ratings agency recently published its European Structured Finance Outlook for 2024, forecasting that issuance in Europe could .......

    News Analysis 16 January 2024

  • Job swaps weekly: All change at Voya as new ceo announced

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Voya Investment Management announce a successor to retiring ceo Christine Hurtsellers. Elsewhere, Greystone has snapped up an industry veteran as senior md for structured finance, while Slate Asset Management has promoted two executives to md in Chicago and Frankfurt.

    Matt Toms is to take over as ceo at Voya Investment .......

    Market Moves 12 January 2024

  • First-mover advantage

    SCI recently asked Georgi Stoev, head of Northern Europe &am...

    The EIF invested over €3bn in the securitisation market last year, of which €2.8bn was executed in a synthetic format. In terms of jurisdictions, the fund continues to strengthen its engagement across Central and Eastern Europe (CEE), with Romania (accounting for over €700m of investments), Bulgaria (close to €500m) and Poland (€450m) topping the investment list.

    Q: Is .......

    The Structured Credit Interview 10 January 2024

  • Competitive spirit

    'Structural evolution' drives Oceanic auto ABS volumes

    Australian securitisation volumes are this year expected to surpass 2023’s record-breaking highs of A$52.3bn across 77 transactions, primarily due to the country’s budding ABS sector, as well as improved macro conditions for prime non-bank lenders and the likelihood of ADI issuers returning to the market in order to maintain relevance. However, competition with covered bond programmes, changing operating conditions .......

    News Analysis 8 January 2024

  • Job swaps weekly: Greenberg Traurig appoints three new partners from Seward & Kissel

    People moves and key promotions in securitisation

    The first weekly roundup of securitisation job swaps of 2024 sees Greenberg Traurig appointing a trio of structured finance specialists as partners. Elsewhere, Obra Capital has hired two senior investment executives from AllianceBernstein and RiverRock Funds, while Stout’s md and co-lead of structured credit leaves the firm for a new project.

    Kalyan Das has joined Greenberg Traurig, along .......

    Market Moves 5 January 2024

  • Risk transfer round-up - 21 December

    The week's CRT developments and deal news

    Deal news
    The EIB Group has provided a €163m unfunded guarantee to Santander’s latest synthetic securitisation, supporting energy efficiency and climate action projects in the Spanish residential property market. The transaction will facilitate new green and sustainable mortgages, enabling individuals to invest in building renovations or new construction with high energy-efficiency standards, in compliance with the eligibility conditions defined by .......

    News 21 December 2023

  • Basel banks

    Banks forced away from loans and into low RWA assets in 2024

    An unintended consequence of the implementation of Basel III endgame rules in the US is that banks will be forced into more capital efficient agency MBS at the expense of loans, according to Mohib Karzai, head of agency MBS trading at JP Morgan.

    Talking Point 20 December 2023

  • Job swaps weekly: Reed Smith poaches Linklaters' Drury

    People moves and key promotions in securitisation

    This final weekly roundup of securitisation job swaps of 2023 sees Reed Smith snapping up a Linklaters partner and structured finance specialist. Elsewhere, ARIA Commodities has lured a Deutsche Bank veteran as head of structured trade finance, while CBRE has made two senior promotions in its European team.

    Linklaters veteran Mark Drury has joined Reed Smith as a .......

    Market Moves 18 December 2023

  • Basel 3 'roadmap', reporting ITS published

    Market updates and sector developments

    The EBA has published its roadmap on the so-called Banking Package, which implements the final Basel 3 reforms in the EU. The roadmap aims to strengthen the prudential framework, as well as ensure an international level playing field. It also seeks to provide clarity on how it will develop the mandates implementing the legislation and finalise the most significant .......

    Market Moves 14 December 2023

  • Job swaps weekly: EU finance ministers choose Calviño for EIB

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Nadia Calviño chosen to become head of the European Investment Bank (EIB). Elsewhere, the Structured Finance Association welcomes seven industry leaders to its new board of directors, while a Mayer Brown partner and structured finance specialist has joined Jones Day as partner in its London office.

    Spain’s deputy prime minister .......

    Market Moves 8 December 2023

  • Fix-and-flip fund debuts

    Market updates and sector developments

    Faes & Co, an investment firm led by LendInvest founder Christian Faes, has launched its maiden private credit fund focused on the US real estate bridging finance market. The Faes & Co Income Fund intends to capitalise on the firm’s domain knowledge of the short-term mortgage market to provide investors with consistent, superior risk-adjusted returns.

    The fund will .......

    Market Moves 5 December 2023
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