Latest RMBS news
A decade after the shutdown of the US RMBS market, private label issuance is picking up steam again, with a growing number of both prime and non-prime lenders tapping hot capital markets for funding away from the government sponsored enterprises (GSEs).
“What were they thinking?” cried the European ABS market this week as the full impact of what originally seemed like an innocuous ban on an already illegal mortgage product became clear.
European authorities' last minute change to regulatory proposals for European securitizations has the potential to cripple the supply of MBS backed by legacy mortgages by banning any European transaction that contains what regulators classify as self-certified loans. Sam Kerr reports.
UK mortgage lender Charter Court Financial Services has priced its latest RMBS deal to strong investor demand and tight spreads.
A Dutch buy-to-let RMBS offering from RNHB, which is expected to be priced next week, is piquing the interest of investors with commercial real estate exposure on top of the residential collateral pooled in the deal.
The European Commission laid out a plan this week to shrink Europe’s mountain of toxic debt, but sources with an eye on the non-performing loans market say that a solution will be harder to come by than the Commission’s proposal suggests.
RBS has settled with the Federal Housing Finance Agency over its underwriting of US RMBS, paying $5.5bn for the agency to withdraw its litigation, though it will receive $754m back under an indemnity. Much of the charge was already provisioned, meaning the bank will record an extra charge of only $196m in its second-quarter numbers.
Legal wrangling over crisis-era US RMBS took another turn this week, following trustee Wells Fargo’s decision to hold on to $94m of investor proceeds from $540m of called bonds to fund legal costs relating to RMBS lawsuits. The move has shocked the market and prompted Fitch Ratings to put $2.2bn of similar bonds on rating watch negative, writes David Bell.
RNHB Hypotheekbank has mandated HSBC and ABN Amro to arrange its first RMBS offering of the year.
Northview Group is looking to sell its second RMBS deal of the month, coming to market soon after its non-conforming RMS 30 offering was sold last week.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
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Most Viewed: Securitization
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||4,759||19||12.03|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||Bank of America Merrill Lynch||57,210.26||177||12.39%|
|3||Wells Fargo Securities||47,551.45||149||10.30%|