Top Securitization Stories
A legislative proposal to prevent banks’ divestiture of collateralised loan obligations is gaining new traction that could lead to a vote in Congress, as the five regulatory agencies enforcing the Volcker Rule remain silent.
Paragon has received a boost in its bid to issue up to three RMBS transactions this year, with healthy demand for the mezzanine tranches of Paragon 19 bringing more than 30 investors into the trade.
Aegon was able to price its latest Saecure prime RMBS transaction at the tight end of final guidance on Tuesday, despite surprising some rival syndicators with the size of the deal.
Standard & Poor’s is anticipating a “steady stream” of CLO portfolio loan defaults through the remainder of this year as pre-crisis vintages exit their reinvestment periods, even as improving economies and investor appetite for corporate debt boosts credit quality.
Latest Securitization News
Regional banks and private equity firms smell blood in the air amid negative headwinds for non-bank mortgage servicers, and they are muscling into the mortgage servicing space to compete for lucrative mortgage servicing rights sold by the largest banks.
Clydesdale Bank will sell the first UK prime RMBS of the year, after mandating leads for a euro and sterling denominated Lanark trade that will be offered in Reg-S and 144A format to attract a bid from US investors.
Legal & General Investment Management bought the whole of the £210m bond that finances the sale of Opal Group’s eight UK student halls of residence out of administration.
Intermediate Capital Group’s first European CLO of the year was priced at levels broadly in line with other European deals this year. Arranger Deutsche Bank increased the overall size of the deal by €75m to accommodate fervent investor demand.
Heritage Bank is the latest Australian mortgage lender to turn to the RMBS market for funding. The deal comes shortly after Fitch Ratings said Australian RMBS were seeing the lowest level of short term arrears since 2009.
Santander Consumer Bank AG will meet investors early next week to showcase a new €600m German auto loan securitization.
The California Democrat who in January requested congressional hearings into home rental securitizations is moving beyond Capitol Hill with fresh calls to federal regulators, requesting them to investigate large property investors’ packaging of bonds backed by home rental payments.
Asset-backed securities from PHH Corporation, Nelnet and Discover Financial Services neared final pricing on Tuesday with a minimum of two other deals still marketing, but year-to-date issuance of $33.51m still lags behind the $36.56m that was priced in the first two months last year.
The flow of RMBS new issues from Australia is set to continue with a transaction from AMP Bank’s Progress Trust platform. In terms of volumes, the Australian securitization market is comfortably ahead of both the UK and Dutch markets this year to date.
Top ABS Stories
Top CLO Stories
Top RMBS Stories
- US: Home rental investors turn bearish as rating agencies highlight risks
- Non-agency DNTs hit month high as market continues to soften
- House Republicans Target Capital Requirements For Non-Bank Servicers
- Invitation Homes Vacancy Rate Exceeds Issuer’s Expectations—Morningstar
Comments? Questions? Tips?Will Caiger-Smith
+44 (0)207 779 7323
New York Reporter
+1 212 224-3243
European Securitization Editor
+44 (0)207 779 7324
Top CMBS Stories
- Intu increases Trafford CMBS debt to £825.9m
- CMBS loan repayments down in Q4, says Moody’s
- Chiswick Park sale will not trigger CMBS prepayment
- Cantor Sees CMBS Mart Topping $125B In 2014
- CMBS Maturity Wave Rolls In Softly—Trepp
+44 (0)207 779 8605
+44 (0)207 779 8274
+1 212 224-3445
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|Anchorage Capital, Anchorage 2014-3A||Bank of America||517.75|
|Napier Park Global Capital LLC., Regatta III||Citigroup||492.33|
|Invesco Senior Secured Management, Limerock CLO II||Credit Suisse||669.75|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||Bank of America Merrill Lynch||13,344.58||32||12.55%|
Financing Record (MBS)
|Issuer||Price||Total Amount ($ Millions)|
|HERO Funding Trust 2014-1||100.00||103.80|
|Chesapeake Funding 2014-1||100.00||12.20|
|Banque Federative du Credit Mutuel||18-Mar-24||1500|