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.
ABS investors are flush with new deal documents ahead of what investors describe as a busier than usual pipeline for next week, but some higher-yield investors have not been satisfied with recent supply.
The four largest US banks have been rebalancing their portfolios of mortgage-backed securities to comply with new bank liquidity rules, but regional banks have not followed suit. At least fourteen banks with assets ranging from $57bn to $361bn are still lobbying for special treatment, but regulators’ exemptions will most likely be limited, meaning the bid for Ginnie Mae securities will likely strengthen, experts say.
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.
Aegon may price its Saecure 14 RMBS trade as early as Monday afternoon, kicking off a week that could see the market for prime RMBS tested for the first time this year with three trades.
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
+44 (0)207 779 7334
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 $m||No of issues||Share %|
|1||Bank of America Merrill Lynch||12,777.33||31||12.14%|
Financing Record (MBS)
|Issuer||Price||Total Amount ($ Millions)|
|VFET 2014-1 Equipment||99.98||16.10|
|Nationwide Building Society||1000|