RMBS

  • Euro secondary keeps positive

    Tone across the European securitisation secondary market continues to be positive.

    After a quiet start to the week, yesterday saw a flurry of BWICs from a range of sectors driving activity, most of which were easily absorbed and traded in line with expectations. Consequently, the bulk of secondary spreads remain unmoved.

    Today sees more supply from a variety of sectors, .......

    SCIWire 8 December 2016

  • Mortgage-linked ABS prepped

    The £292.4m Towd Point Mortgage Funding 2016-Granite 3 has hit the market. The transaction represents the term take-out of the warehouses that were put in place to finance the acquisition of the assets by Cerberus.

    The portfolio comprises 27,212 unsecured personal loans to borrowers in the UK, which were initially originated by Landmark Mortgages (formerly Northern Rock) under the 'Together' .......

    News Round-up 7 December 2016

  • RMBS 'to perform well' in 2017

    US RMBS will continue to perform well in 2017, with several trends from 2016 continuing into next year, according to Moody's. The agency believes there will be more diversified collateral and some structural changes in new deals, while existing deals will remain strong or improve.

    The rating agency says that the GSEs will encourage broader access to credit and so the credit quality .......

    News Round-up 7 December 2016

  • Arrow enters Italian market

    Arrow Global Group is entering the Italian market with the acquisition of Zenith Service. It will purchase the servicing business for €17m, subject to regulatory approval by the Bank of Italy.

    Zenith is a leading master servicer in the €168bn Italian structured finance market and also services salary assignment loans (CQS). As of June 2016, the estimated stock of the .......

    Job Swaps 6 December 2016

  • North American outlook 'stable'

    Stability will likely remain for structured finance ratings in the US and Canada next year, although some modest asset-level deterioration is likely as performance in many sectors has peaked, says Fitch. The rating agency adds that annualised net losses for subprime auto ABS could reach 12% in 2017, particularly for less established sub-prime issuers Fitch does not rate.

    The rating agency .......

    News Round-up 6 December 2016

  • CAS listings heading east

    Fannie Mae has listed all of its previously-issued Connecticut Avenue Securities on the Singapore Exchange. It expects that all future CAS offerings will also be listed in Singapore.

    Fannie Mae is also delisting from the Irish Stock Exchange, as fellow GSE Freddie Mac has announced it will do with its STACR transactions (SCI 1 December). Fannie Mae has not given .......

    News Round-up 6 December 2016

  • LatAm outlook 'stable'

    Latin American structured finance transactions should enjoy a stable credit environment next year, despite subdued economic growth, says Fitch. Around 86% of the agency's rating outlooks for the sector are stable or positive, compared to 80% at the end of last year.

    Fitch's sector outlook is stable for consumer ABS, where adequate credit enhancement and structural features continue to protect .......

    News Round-up 6 December 2016

  • Euro secondary quiet

    The European securitisation secondary market has had another quiet start to the week.

    Italy was unsurprisingly the main focus yesterday, but as with broader markets securitisation secondary was little moved and flows were light. Italian paper has edged out a few basis points and there was some softening of tone in other peripherals, but for the most part ABS/MBS secondary .......

    SCIWire 6 December 2016

  • Chinese CLO outlook 'negative'

    The performance of assets backing Chinese auto loan ABS and RMBS will be stable throughout 2017, but negative for CLOs, according to Moody's. The rating agency adds that future deals with high exposures to China's lower-tier cities or industries facing overcapacity issues will underperform.

    Chinese auto ABS collateral is expected to be of good credit quality, so delinquencies will remain .......

    News Round-up 5 December 2016

  • New entrants to boost issuance

    Moody's anticipates a slight increase in issuance of European ABS and RMBS next year. The agency expects new entrants to take a larger share of the market, amid increasing appetite for non-performing loan transactions and marketplace lending ABS.

    "Our key credit considerations would focus on differing origination criteria from traditional banks and the lack of historical data. Auto ABS will .......

    News Round-up 2 December 2016

  • STACR listings to be pulled

    Freddie Mac will request that its STACR debt notes, as well as debt securities and mortgage securities, no longer be admitted to trading on the relevant markets in Luxembourg and Ireland. It expects to formally initiate the delisting process with the Luxembourg and Irish stock exchanges by 1Q17.

    As a result of the listings on the European stock exchanges, Freddie .......

    News Round-up 1 December 2016

  • CIRT pricing detail provided

    Fannie Mae is now making additional disclosures for its Credit Insurance Risk Transfer (CIRT) programme. Effective immediately, the GSE is disclosing pricing information for all of its deals dating back to 2014, when the CIRT programme began.

    The additional information complements the disclosures that Fannie Mae has already been providing on its website, including copies of final insurance documents and .......

    News Round-up 1 December 2016

  • RPL RMBS characteristics surveyed

    Re-performing loan (RPL) RMBS issuance has remained steady since the launch of the first transaction, Towd Point Mortgage Trust 2015-1, last year. Moody's expects volumes in the sector to increase, given the steady supply of non-performing loans and RPLs from ongoing sales by the US Department of Housing and Urban Development (HUD), the GSEs and various banks.

    As of 30 .......

    News Round-up 1 December 2016

  • Euro ABS/MBS distracted

    New deals are continuing to keep focus way from the European ABS/MBS secondary market.

    "Primary is still distracting most players, with a couple of new deals in particular drawing most attention right now," says one trader. "The Red & Black autos deal is pretty straightforward, but the next Towd Point issue is more complex and it's taking a bit of .......

    SCIWire 1 December 2016

  • Recovery analysis RFC issued

    S&P is requesting feedback on its structured finance recovery analysis of US RMBS, US and Canadian CMBS and global CLOs. The rating agency's intention is to provide information that looks beyond its first-dollar-of-loss credit ratings in cases where its credit ratings are limited because of timeliness of payments, and to facilitate greater credit differentiation within its existing credit rating categories.

    News Round-up 30 November 2016

  • Dynamic RMBS model introduced

    DBRS has launched the UK RMBS Insight Model, which aims to offer a different way to forecast expected defaults and losses of UK residential mortgages. The tool combines a loan scoring approach and dynamic delinquency migration matrices to calculate loan-level defaults and losses.

    The loan scoring model and dynamic delinquency migration matrices were developed using historical UK data for loan, .......

    News Round-up 30 November 2016

  • SFR portfolio values on the rise

    KBRA has affirmed each of the 151 ratings it has outstanding in the single-family rental securitisation sector, as part of a broader overview. The ratings are assigned to 26 single-borrower transactions - each of which is collateralised by a single loan - with the underlying loans having an aggregate balance of US$15.6bn, secured by 105,310 SFR properties.

    The rating agency finds that property .......

    News Round-up 29 November 2016

  • Mortgage originations 'have peaked'

    The FHFA's decision to raise conforming loan limits for the first time in a decade has been welcomed by the mortgage industry, but Kroll Bond Rating Agency does not believe it will be a meaningfully positive factor for future residential mortgage loan originations. Rather, KBRA believes 2016 may have been the peak for lending volumes for the next several years.

    News Round-up 29 November 2016

  • Strong performance spurs SFR upgrades

    The class B, C and D notes of Invitation Homes 2013-SFR1 have been upgraded by Moody's as a result of the steady build-up in equity in the properties backing the securitisation. IH 2013-SFR1 was the first-ever single-family rental securitisation (SCI 1 November 2013) and the move marks the first-ever upgrade for the segment.

    Moody's has upgraded the class B notes .......

    News Round-up 29 November 2016

  • Rare Irish RMBS priced

    Lone Star has privately placed a rare Irish non-conforming RMBS. Dubbed European Residential Loan Securitisation 2016-1, the €536.6m transaction is backed by both performing (representing 32.58% of gross book value) and non-performing (63.81%) mortgages originated by Irish Nationwide Building Society.

    The loans were extended primarily to borrowers in Ireland, although there are £2.07m of loans secured over residential properties located .......

    News 29 November 2016

  • Euro secondary surge

    There is a surge in activity throughout the European securitisation secondary market.

    Activity has picked up across the board following the US holiday last Thursday and this week is seeing a notable pick-up in BWICs either side of month-end. Until now the buying bias remains and spreads have held up in the majority of sectors. However, continuing concern around the .......

    SCIWire 29 November 2016
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