Securitization

Latest News

• 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.

  • 12:00 PM

• 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

• Eurozone scrap fails to floor AT1 market

  The failure of Monday’s Eurogroup meeting to reach agreement with Greece did nothing to derail FIG markets, though supply has been limited compared to recent weeks.

  • 18 Feb 2015

• Ginnie RMBS safe from FHA refinancings, so far

  Ginnie Mae RMBS investors' returns could soon be hit by accelerated payments from a large upswing in FHA refinancings.

  • 17 Feb 2015

• Springleaf back to market with consumer ABS

  Springleaf Finance Corporation priced its first securitization of the year on Wednesday, following recent efforts by the company to lower its debt burden.

  • 17 Feb 2015

• Venn to ramp up Cartesian issuance amid resurgent Dutch mortgage market

  UK-based asset manager and lender Venn Partners is to set up a new residential mortgage platform and servicing business in the Netherlands, with plans to originate €500m annually and print at least one RMBS transaction a year from its fledgling Cartesian shelf.

  • 16 Feb 2015

• Four tranches to be Precise

  Charter Court Financial Services will offer investors four tranches of notes down to a triple-B rating, in the latest UK non-conforming RMBS transaction from its “near prime” Precise Mortgage Funding shelf.

  • 16 Feb 2015

• Santander leads auto ABS pipeline amid strong sentiment

  New issuance stalled at the start of this week with syndicates and investors away from their desks at the annual ABS Vegas conference which concluded on Wednesday. It did not take long for issuers to get back to work with three new auto ABS deals in the pipeline.

  • 12 Feb 2015

• Solar stretches wings as ABS offers solution for Japanese energy

  The securitization market could offer a financing solution for the energy market in Japan, where the government is pushing rooftop solar panel facilities as an alternative to nuclear power following the closure of nearly all the country’s nuclear plants in the aftermath of the 2011 tsunami and earthquake and the ensuing Fukishima accident.

  • 11 Feb 2015