Securitization

Latest News

• Ocwen looks 'too big to fail'

  Ocwen Financial announced on Monday that it had made some progress in offloading mortgage servicing rights, but market participants remain concerned over a lack of liquidity for MSRs.

  • 03 Mar 2015

• Issuers grab Freddie NPL books

  Two RMBS sponsors have agreed to purchase $392m in non-performing loans from Freddie Mac, the government sponsored enterprise announced on Tuesday.

  • 03 Mar 2015

• Cembra feeds starving Swiss with rare auto lease trade

  Cembra Money Bank is set to print the first Swiss ABS to hit the market since the Swiss National Bank abandoned its franc-euro peg, having increased the revolving period for its third securitization of auto lease receivables.

  • 03 Mar 2015

• Macquarie goes double dollar for first auto deal of 2015

  Macquarie Leasing will be chasing US demand for its first SMART auto transaction of the year, which will be denominated primarily in dollars.

  • 03 Mar 2015

• Aspiring marketplace lender hires new risk officer

  Small US business lender RetailCapital, which plans to eventually securitize its loans, has hired a new risk officer to help develop its underwriting processes.

  • 03 Mar 2015

• Fannie Mae opts for CAS over private deals

  Banks want to work with Fannie Mae to bring more private risk-sharing transactions, but Fannie has opted instead to bring deals off its own platform.

  • 02 Mar 2015

• Altisource grabs more rental properties

  US investor-landlord Altisource Residential announced on Monday that it acquired and rented an increased number of real-estate owned properties last quarter.

  • 02 Mar 2015

• Paragon pushes back into Scottish mortgages

  UK buy-to-let RMBS issuer Paragon has restarted lending to landlords in Scotland’s private rental sector for the first time since the financial crisis, saying the market has doubled in 12 years.

  • 03 Mar 2015

• NewDay leads strong pipeline of European ABS

  Bankers’ predictions of a deep and varied pipeline of European ABS to be priced in March are starting to come good, with NewDay Cards’ second securitization at the head of the queue this month.

  • 02 Mar 2015

• Fifth Street preps second middle market CLO

  US middle market lender Fifth Street Asset Management, which priced its first ever CLO in February, is ramping its second, which should price in the second quarter.

  • 02 Mar 2015

• European ABS outperforms ‘most others’ but risks evolve

  Strong underwriting has helped European securitizations outperform most structured finance products, but new risks are emerging as markets evolve and the economic outlook improves, says Fitch.

  • 02 Mar 2015

• Race to the bottom: docs suffer amid CLO demand surge

  From Tokyo to Toronto to Tel Aviv, new buyers across the globe are piling into the senior tranches of US CLOs — and more experienced triple-A investors aren’t happy about it.

  • 26 Feb 2015

• Cerberus & Five Ten: the first multi-borrower rental deal?

  Two new suppliers of single family rental ABS could be coming to market if Cerberus Capital Management acquires Five Ten Capital.

  • 26 Feb 2015

• Flagship subprime auto ABS to benefit from merger

  Flagship Credit Acceptance, which merged with another US subprime ABS issuer, CarFinance, earlier this year, is marketing its first subprime auto ABS of 2015.

  • 26 Feb 2015

• RBS sheds 34% of securitization exposure

  The dismantling of Royal Bank of Scotland’s global investment bank has had a heavy impact on its securitization activity, with its long positions in the sector falling 34% last year.

  • 26 Feb 2015

• Resimac joins rush of RMBS as Suncorp tops A$1bn

  Suncorp Bank increased the size of its Apollo 2015-1 RMBS to A$1.25bn by pricing, and there is plenty more Australian RMBS on the way with Resimac adding its itself to the pipeline on Thursday.

  • 26 Feb 2015

• Barclays gets its big CLO break with new US mandate

  Barclays has bagged a mandate for one of New York’s largest CLO managers, its first deal for a top-tier stateside CLO issuer since entering the market in 2012.

  • 25 Feb 2015

• Investors primed for new SFR ABS structure

  American Homes 4 Rent’s first single-family rental securitization of the year was priced at 140bp over swaps on Thursday.

  • 25 Feb 2015

• Precise mid-tier flies as investors jump on non-con RMBS

  Renewed appetite for UK non-conforming RMBS has driven Precise 2015-1 to multiple subscription levels, though guidance on the top stack of notes has been set at the wide end of initial price thoughts.

  • 25 Feb 2015

• VW to print auto ABS in third currency this year

  Volkswagen Financial Services has set out to add Australian dollars to its growing list of currencies for auto ABS prints already this year, after issuing guidance on its second securitization of Australian auto loan receivables.

  • 25 Feb 2015

• Delinquencies up but auto ABS still full throttle

  Despite rising delinquencies the US auto ABS pipeline continues unabated, and analysts are not significantly revising their performance expectations.

  • 24 Feb 2015

• AH4R launches rental ABS with new structure

  American Homes 4 Rent is drawing on a CMBS tactic in a first of its kind single-family rental (SFR) securitization which addresses refinance risk.

  • 24 Feb 2015

• New-look Apollo RMBS covered in line with Puma

  Investors have shown their liking for newly introduced features in the structure of Suncorp Bank’s latest Apollo RMBS, with all five tranches covered by orders on Tuesday.

  • 24 Feb 2015

• RMBS demand solid but Italian house prices heading lower

  Italian RMBS may be on investors’ wish lists but the country’s housing market is still struggling to show similar strength, with Fitch predicting low demand will depress prices further this year.

  • 24 Feb 2015

• S&P ratings error puts RMBS on negative watch

  Standard & Poor’s announced late on Friday that it placed the ratings for 338 classes of legacy RMBS on credit watch negative due to an analytical error.

  • 23 Feb 2015

• HLSS escapes Ocwen handcuffs

  Home Loan Servicing Solutions has found a potential escape from its dependence on loans serviced by Ocwen Financial, but RMBS and ABS investors might not be so lucky.

  • 23 Feb 2015

• US investors demand more from Santander with sterling funding favoured

  Santander Consumer UK showed a clear bias towards cheaper sterling funding in pricing its dual tranche auto ABS last week, but GlobalCapital understands US investors are pushing the issuer for more dollar paper.

  • 23 Feb 2015

• Ocwen and Nationstar keep quiet on MSR pricing

  Ocwen Financial announced an agreement to sell a $9.8bn portfolio of mortgage servicing rights to Nationstar Mortgage on Monday, but a lack of detail means the impact of the deal is unclear.

  • 23 Feb 2015

• Timely pick-up in Spanish mortgage performance

  Moody’s has revealed an improved performance in mortgage pools backing Spanish RMBS transactions in the fourth quarter, just as Spanish securitizations are predicted to resume.

  • 23 Feb 2015

• CBA doubles up on Medallion return

  Commonwealth Bank of Australia doubled the size of its latest RMBS placing before pricing on Friday, though the A$2bn deal still fell well short of its last effort.

  • 23 Feb 2015

• Coming soon: a new structure for non-agency RMBS

  RMBS issuers are considering a new type of deal structure which appoints a transaction manager with a fiduciary obligation to investors, GlobalCapital understands.

  • 19 Feb 2015

• S&P error could mean "between 300 and 400" RMBS downgrades

  Standard & Poor’s left markets guessing about its legacy RMBS ratings following its announcement Thursday night that a departure from its methodology could result in widespread downgrades.

  • 19 Feb 2015

• Investors revel in ECB’s impact on ABS market

  Despite investor anger over the European Central Bank’s entry into the European ABS market as a buyer in November, and widespread disappointment over its pace of intervention, they are now enjoying what some claim are the best opportunities in years.

  • 19 Feb 2015

• Subprime auto deals 'snapped right up'

  Investors were quick to purchase small subprime auto ABS issues by DriveTime and CarFinance that were priced on Wednesday.

  • 18 Feb 2015

• Navient and Nelnet chase hungry student loan buyers

  Low issuance of securitizations of federally guaranteed student loans has left investors hungry, an appetite that could be sated by private student loan providers such as Sofi.

  • 18 Feb 2015

• EU takes aim at retention and ratings for ‘high quality’ ABS

  The European ABS industry is inching closer to the new comprehensive approach to regulation it has been craving since the financial crisis, after the European Commission on Wednesday launched a consultation on securitization that appears heavily informed by market participants’ long held concerns.

  • 18 Feb 2015

• Commission publishes Capital Markets Union plan

  The European Commission has published its Green Paper on Capital Markets Union, alongside consultations on securitization and prospectus regulations.

  • 18 Feb 2015