Latest RMBS news
The US housing market saw a slowdown in construction as new build starts fell for a second straight month in September.
Private equity firms and asset managers have jumped on a recent spread rally in ABS to lock down lucrative deals at attractive rates. The introduction of new, more aggressive structural features is a sign of the changing issuer base, but investors are starting to push back, writes David Bell.
Dynamic Credit, the Dutch fixed income asset management firm, has stepped into the RMBS market for the first time with a debut €275m Dutch mortgage deal that sold the full capital structure.
GE Money Bank in France, bought by US private equity firm Cerberus Capital Management in June, will tap the French RMBS market for a second time this year.
Issuers have come to market with only a handful of single family rental (SFR) securitizations in 2016, but a spate of recent deals shows that issuance should continue in fits and starts as aggregators of rental homes use ABS for balance sheet relief.
Union De Créditos Inmobiliarios (UCI) expanded the investor base for its Prado Spanish RMBS shelf in its latest deal despite taking a bullish stance on pricing. However, not all investors are convinced the peripheral rally will last.
Union de Creditos Immobiliarios (UCI) has mandated leads for a third Spanish RMBS deal, after Blackstone landed €212m of notes backed by a portion of its portfolio of Spanish reperforming mortgages.
Guidance on UK RMBS Hawksmoor Mortgages 2016-2 was released on Thursday, and though it was much tighter than the first Hawksmoor deal, bankers were confident of a strong reception, partly due to the fact this will be the last collateral acquired from GE Capital portfolio.
A debut RMBS deal from Dutch lender Dynamic Credit has surfaced, with Goldman Sachs arranging the transaction after warehousing the assets for more than a year.
After a quiet summer and with reduced UK RMBS supply expected, investors took advantage of a small spread concession to pile into Cerberus’s latest UK RMBS deal, Towd Point Mortgage Funding-Auburn 10, on Tuesday.
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.
Latest securitization people & markets news
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|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|2||Bank of America Merrill Lynch (BAML)||6,703||19||10.45|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|1||Wells Fargo Securities||67,591.81||167||11.54%|
|2||Bank of America Merrill Lynch||57,568.62||162||9.83%|