RMBS

  • Market moves - 9 March

    North America
    Anthony Orso has joined NKF Capital Markets as president of capital markets strategies. Orso will support the integration of Berkeley Point Capital with ARA, two companies recently acquired by NKF Capital Markets, an affiliate of the Newmark Group. He will work closely with Jeff Day, ceo of Berkeley Point Capital and Blake Okland, vice chairman and head of US multifamily. .......

    Market Moves 9 March 2018

  • Innovative RMBS pair prepped

    Two innovative US RMBS transactions are marketing from both sides of the agency/non-agency divide. AIG has brought its debut self-sponsored deal to the market, while Fannie Mae is preparing a US$1.007bn CAS transaction, with notable departures from previous offerings.

    AIG's US$446.17m non-agency RMBS, dubbed Pearl Street Mortgage Company (PSMC) 2018-1 Trust, is backed by 726 prime fixed-rate mortgages, acquired by AIG .......

    News 7 March 2018

  • Landmark sukuk could be first of many

    The inaugural UK sharia-compliant RMBS recently closed, marking the start of a new asset class in the jurisdiction. Al Rayan Bank's £250m Tolkien Funding Sukuk No.1 (SCI 29 January) signals a high point for the growth and acceptance of Islamic finance in the UK and could be the first of many such securitisations, across a range of assets.

    Moody's .......

    News Analysis 2 March 2018

  • Market moves - 2 March

    North America

    Cowen and Company has named Philip Cushman as head of global institutional sales which includes managing both the institutional equity and credit sales teams and Burton Welly has been named head of special situations and distressed credit trading, Cowen and Company, increasing his responsibilities to include all distressed credit trading initiatives. Prior to joining Cowen, Cushman served as md and .......

    Market Moves 2 March 2018

  • Synthetic exposure expanded

    Bank of Ireland has released its Pillar Three report, which indicates an expansion of its synthetic securitisation exposure. It also provides insight into the lender's counterparty exposures.
    According to the report, the total outstanding amount of synthetic securitisation exposure originated by the Bank of Ireland group increased by nearly a third in 2017 to €4.3bn. This comprises the bulk of .......

    News 2 March 2018

  • Euro secondary slows

    January's optimism has faded throughout February as activity across the European securitisation secondary market has slowed.

    "There's not a great deal going on with a combination of factors such as a busy primary, holidays, Vegas and some bad weather keeping things pretty quiet," says one trader. "However, we have seen a couple of bid lists recently, which appear to have .......

    SCIWire 1 March 2018

  • Stop advance application diverging

    The incorporation of 'stop-advance' provisions in US RMBS 2.0 deals appears to be becoming more prevalent. However, sponsors are implementing this mechanism in different ways, as they seek to mitigate losses and advance timeline ambiguity while maintaining liquidity for high investment grade securities.

    Stop-advance mechanisms do not allow servicers to advance interest on delinquent loans after a predetermined time, typically .......

    News 28 February 2018

  • LCR amendments could be STS 'game-changer'

    The European Commission's recent draft regulation on the LCR does not ensure STS securitisations are eligible as level 2A assets. Along with other factors, this could result in securitisation remaining a less attractive option compared to other financial instruments.

    Ian Bell, director of the PCS, commented on the draft regulation as part of the consultation. He suggests that "leaving this .......

    News 28 February 2018

  • NPL platform incentives weighed

    As part of efforts to facilitate a non-performing loan secondary market, the European Commission is considering a private sector-led platform to handle data warehousing and potentially trade execution. Such an initiative could eliminate information asymmetry and lower barriers to entry, but its success hinges on incentivising both buyers and sellers to use it.

    The major driver behind the proposed NPL .......

    News Analysis 26 February 2018

  • Market moves - 23 February

    North America

    David Sykes has rejoined Chapman and Cutler as a partner, expanding the firm's San Francisco office and asset securitisation department. Prior to rejoining, he was most recently at Renew Financial where he served as general counsel.

    Onex has appointed Tate Abols to its investor relations and fund development team as md. Abols was most recently a principal on .......

    Market Moves 23 February 2018

  • Busy start for UK RMBS

    UK RMBS has come flying out of the blocks in 2018, with the end of the Term Funding Scheme (TFS) and Funding for Lending Scheme (FLS) only partly explaining the new-found enthusiasm for issuance. Recent JPMorgan figures put UK RMBS issuance at over £3bn for 2018 already, with US dollar tranches and Islamic finance techniques both seen, and even the possibility .......

    News Analysis 21 February 2018

  • Market moves - 16 February

    EMEA

    Fulcrum Asset Management has recruited Mark Horne as a director within the newly created Fulcrum Alternative Strategies team, reporting to partner Matthew Roberts. Horne previously worked as an independent asset management consultant in London and Paris. Prior to that, he was a senior credit manager researcher at Willis Towers Watson and was director of client services at Natixis Global .......

    Market Moves 16 February 2018

  • Longer WAL RMBS preplaced

    Obvion has preplaced a static RMBS that does not feature a time call option. Dubbed FORDless Storm 2018, the €1.41bn securitisation is backed by mortgages on residential properties located in the Netherlands extended to 6,863 prime borrowers.

    The transaction is similar to other funding deals from the Storm programme, but has no step-up language and the underlying pool is not .......

    News 16 February 2018

  • 'Test case' mortgage deal disclosed

    Permanent TSB unveiled this week its Project Glas portfolio of distressed mortgages, as the Irish lender seeks to offload approximately €4bn of non-performing loans. The portfolio is understood to comprise a mix of buy-to-let and home loan assets and is being seen as a test case for further Irish NPL issuance.

    "This is the first jumbo mortgage NPL deal in .......

    News Analysis 16 February 2018

  • French ABS to benefit from new regime

    The creation of a new SPV regime in France (SCI 11 October 2017) will boost the country's ABS sector by simplifying the existing investment framework and streamlining the origination of loans and structuring of transactions. It is also hoped that the new vehicle will enable France to compete with other jurisdictions in attracting foreign capital for a range of .......

    News Analysis 14 February 2018

  • GNMA aims to stop churn

    In a move which should be a net benefit to RMBS, Ginnie Mae has taken steps to address churning in its RMBS programme, both to keep mortgage rates affordable and to preserve liquidity in the security. To that end it has notified a "small number" of issuers who are outliers among market participants in the Ginnie Mae multi-issuer MBS on .......

    News 9 February 2018

  • Gearing up for green

    Two pilots funded by Horizon 2020 - the EU programme for research and innovation - are set to launch next month that should boost the development of green securitisation in Europe. One is a project to develop PACE ABS across the region and the other aims to create a standardised energy efficient mortgage.

    The project to develop PACE securitisations - .......

    News Analysis 6 February 2018

  • Call for transparency underlined

    A push for transparency is a common thread among European initiatives to reinvigorate the securitisation markets. Communication and standardisation are expected to play significant roles in facilitating this effort.

    Christian Thun, ceo at European DataWarehouse, agrees, in principal, that better communication is required to improve transparency in the European securitisation market. "Reading through the STS regulation, communication is only mentioned .......

    News Analysis 2 February 2018

  • Interest shortfall risk spied for VOLT deals

    Many 2017 VOLT deals did not receive principal payments in the January 2018 remittance cycle, as the pace of liquidations has slowed dramatically. This appears to be connected to an increase in REO-to-rental activity, which is increasing upward pressure on the expected average lives of senior notes and is increasing risk of interest shortfalls.

    Reduced liquidation principal coupled with the absence .......

    News 31 January 2018

  • Euro secondary picking up

    Activity in the European securitisation secondary market is gradually picking up, albeit from a low starting point.

    December saw a significant drop in volumes and left secondary spreads unchanged on the month. Since the start of 2018 trading activity has slowly increased week on week, but still remains intermittent and a pick-up in BWIC supply has only been evident over the .......

    SCIWire 31 January 2018

  • UK sukuk 'RMBS' first

    Al Rayan Bank is marketing its first £250m sharia-compliant UK securitisation. Dubbed Tolkien Funding Sukuk No.1, the deal is a static securitisation backed by first lien Home Purchase Plans (HPPs) extended to 1,672 customers and secured by residential properties in the UK.

    Moody's and S&P have assigned provisional ratings of Aaa/AAA to the £250m class A note, which represents the only offered tranche, .......

    News 29 January 2018
×