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GC Asia
Securitization - Article Archive
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JPM RMBS deal prone to payment shock, say market participants
JP Morgan Mortgage Trust’s planned $483.56m jumbo RMBS issue is backed entirely by adjustable rate mortgages. The deal has raised concerns over the potential for payment shock to cause defaults in the loans.
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MBS issuers are limiting their Reg AB II liabilities
Loan level disclosure requirements under the recently finalised Reg AB II rules have encouraged more indemnification provisions to be standardised, meaning MBS issuers will be less prone to standoffs with originators over representations and warranties.
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Don't be afraid of accountability: Make bank complaints public
The Consumer Financial Protection Bureau wants to make written complaints public on its online consumer complaints database. Unsurprisingly, the Mortgage Bankers Association objects. But when online customer reviews have empowered consumers in other sectors, why should the banking industry get special treatment?
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Big week for CMBS as Westfield relaunch follows Tulip pricing
Crédit Agricole and Deutsche Bank on Tuesday relaunched the £750m Westfield CMBS they were forced to pull in the summer amid poor demand and regulatory concerns, the morning after Deutsche Bank priced the first multi-loan and multi-sponsor Dutch CMBS since the crisis.
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Irish property recovery buoys RBS
Recovering Irish residential property prices will yield Royal Bank of Scotland’s Ulster Bank division £300m of net impairment provision releases in the third quarter of 2014, the UK banking group said in a trading performance update to the market on Tuesday.
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Turbo takes PCS through €100bn
FirstRand Bank’s Turbo Finance 5 UK auto ABS priced this month has become the 67th transaction to acquire the Prime Collateralised Securities label, taking the quality initiative beyond €100bn of labelled securitizations since its launch in 2012.
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Marriott timeshare guidance comes amid declining yields
Pricing guidance for Marriott Ownership Resort’s $240m timeshare ABS was announced between 95bp and 100bp over interpolated swaps on Monday. Yields for new timeshare deals have declined as ABS markets have picked up, meaning some buyers are no longer interested in the sector.
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PineBridge hires structured credit expert
PineBridge Investments, a global asset manager overseeing around $73bn, has hired a veteran structured credit trader and investor with a background in CLOs as a portfolio manager in its New York office.
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Aegon looks to repeat Storm success as Dutch spreads squeezed
Dutch insurer and mortgage lender Aegon will looking to emulate the success of compatriot Obvion in the RMBS market next week after mandating banks for a roadshow. Obvion set a post-crisis record tight with its latest Storm RMBS last week as investors pile in to European ABS in anticipation of buying from the ECB, which could be launched as early as next week.
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Analysts at odds over size of the ECB’s wallet
Europe’s ABS research teams have given a neat indication of the uncertainty that still surrounds the potential effect of the European Central Bank’s ABS purchase programme ahead of the central bank’s policy meeting this week, releasing a wide range of size predictions even as investors bid up prices to post-crisis records.
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Securitization and the real economy: will the ECB’s plan succeed?
With the European Central Bank due to provide more details for its ABS purchase programme this week, GlobalCapital invited market participants to discuss with the ECB how it is hoping the purchases will benefit the market and the real economy, how they should be implemented and what may be left behind when the ECB exits as a buyer.
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MBS down despite home sales boom
The Commerce Department announced on Wednesday that new home sales hit a six year high in August, but the increase is not thought to have had a material impact on MBS issuance, which continues to drag.
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CircleBack and Jefferies deal heats up banks vs P2P debate
Fledgling US peer-to-peer lender CircleBack Lending has teamed up with Jefferies, under a $500m agreement that will see the investment bank acquire and securitize CircleBack’s loans for sale to institutional investors. The deal signals the start of CircleBack’s expansion and raises questions about banks’ future involvement in the nascent peer-to-peer market.
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ABS stalwarts go big and tight as ECB effect drives up the bid
Two of the most regular issuers in the European securitization market proved the European Central Bank’s ABS purchases were no simple compression trade this week, printing large trades that reset the tight end of the market.
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AIF securitizations rise amid regs, low rates
Scope Ratings will publish a report next week that will show insurance investors are turning to alternative investment fund securitizations to escape low yields and regulatory constraints. The trend could intensify further in the next few months as the European Central Bank pushes down yields in traditional ABS products with its purchase programme.
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RCI Banque and Créd Ag to lift French ABS off the floor
Renault’s financing arm RCI Banque and Crédit Agricole’s consumer finance division will be roadshowing new deals next week, to the delight of French flow ABS buyers that have had just €927m of RMBS to go at so far this year.
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ECB under German fire as ABS details emerge
No sooner had European Central Bank president Mario Draghi outlined more details of the ECB’s proposed ABS purchases this week, limiting senior bond purchases to those eligible for repo, than German finance minister Wolfgang Schäuble was making doubly clear his country’s opposition to the plan.
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Abengoa prices HY green bond wide, driven by HY investors
Abengoa issued €500m-equivalent of five year green bonds on Wednesday, pricing them wider than expected, with a lead banker blaming a weak market.
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Good performance but wider spreads for NPLs, RPLs
Issuance of ABS backed by non-performing (NPL) and re-performing (RPL) loan collateral has literally increased exponentially since 2011, but spreads could widen to the point that it makes more sense to keep delinquent loans in a warehouse facility.
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Aire Valley restructuring prompts review
UK Asset Resolution’s restructuring of the Aire Valley RMBS master trust has prompted a possible Moody’s upgrade for the bonds, since it will strip out poor quality loans making up around 50% of the pool.
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CLO flow unabated with no ECB tailwind
European CLOs are coming thick and fast, with deals pricing this week from GSO Capital, Carlyle and Alcentra, plus rumoured mandates from ICG and Avoca.
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Kensington up for review on PE acquisition
Fitch has put specialist UK mortgage lender Kensington Mortgages’ special servicer rating on its "evolving" list, pointing to uncertainties created by Investec’s recent sale of the business to Blackstone and TPG Capital.
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Books up, spreads down for Obvion’s Storm
Both tranches of Obvion’s Storm 2014-III Dutch RMBS transaction were set to be priced well inside initial guidance on Thursday, showing it is not just the wider end of the ABS market benefitting from the European Central Bank’s backing.
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Exclusive: Scope sees AIF securitizations on rise amid low rates
Scope Ratings will publish a report next week that shows insurance investors are turning to alternative investment fund securitizations to escape low yields and regulatory constraints. The trend could intensify further in the next few months as the European Central Bank pushes down yields in traditional ABS products with its purchase programme.
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Morningstar says ratings shopping 'alive and well', joins ABS market
Morningstar Credit Ratings is set to join the ABS rating market after publishing its methodologies this week, but it remains to be seen whether more competition among agencies will improve the rating system.
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Fannie operations head to step down
The chief operating officer of Fannie Mae, the government-sponsored entity which provides the largest source of funding for US mortgages, is stepping down. Joy Cianci will take over some of his responsibilities.
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JPM continues to buck jumbo mortgage trend
JP Morgan intends to issue a new non-agency jumbo RMBS deal, according to a Kroll Bond Rating Agency presale released on Tuesday. Despite this being JP Morgan's third such deal this year, banks are generally opting to keep jumbo non-agency mortgages on their books, however.
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CLO flow unabated but no ECB tailwind
European CLOs are coming thick and fast, with deals pricing this week from GSO Capital, Carlyle, and Alcentra, plus rumoured mandates from ICG and Avoca.
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RCI mandates for new French ABS
Renault financing arm RCI Banque has mandated for another trade from its Cars Alliance shelf. The new deal features a €600m class A and a €44m class B, and is backed by 146,520 French auto loans.
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Bank bid takes Storm tighter
Five year notes in Obvion’s Storm 2014-III Dutch RMBS could be priced at 35bp tomorrow, after lead managers Rabobank and Citi issued guidance of 25bp-30bp on the class A1 notes and 35bp-40bp on the class A2 notes, from initial price thoughts which were 5bp wider.
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FIG kicks into gear, but obstacles to issuance remain
A previously sleepy FIG market awoke with a start on Wednesday morning, with ASR Nederland, Credit Suisse and Westpac New Zealand all mandating for new issues. While a burst of supply on Wednesday is an encouraging sign, syndicate bankers have cautioned against expecting a sustained rush of supply, with the upcoming asset quality review and releases of third quarter results likely to constrain further issuance.
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We are responsible for stopping next bubble, say investors
The asset-backed securities investor community is responsible for preventing a new bubble in the sector by holding issuers to higher underwriting standards, a group of buyers told an audience on the final day of the ABS East conference in Miami.
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Jefferies and CircleBack announce $500m P2P securitization agreement
US peer-to-peer lender CircleBack Lending has announced a $500m securitization facility with Jefferies. The agreement, believed to be the largest deal in the peer-to-peer market to date, could help foster broader capital markets interest in the nascent asset class.
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Aire Valley restructure prompts upgrade review
UK Asset Resolution’s restructuring of the Aire Valley RMBS master trust has prompted a possible upgrade for the bonds from Moody’s, since it will strip out poor quality loans making up around 50% of the pool.
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ABS stalwarts circulate price thoughts
ABS market stalwarts Obvion and Volkswagen Financial, the most regular issuers in the European market, both have updates out for new deals this week.
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Draghi outlines further details of ABS programme
The European Central Bank chairman Mario Draghi explained further details of the ECB’s proposed ABS purchase programme, during remarks to the European Parliament’s Economic and Monetary Affairs Committee.
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Regs to drive down volumes and underwriting standards, say issuers
Incoming regulations will penalise smaller issuers and pull down volumes, intensifying a search for yield from investors that is already leading to weaker underwriting practices, a trio of US asset backed securities issuers told an audience at ABS East in Miami on Monday.
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Colony among originators looking at multi-borrower SFR ABS
Originators including Colony American Finance are looking to structure the first multi-borrower single-family rental securitizations, but ratings agencies have voiced concern over a lack of data on renters and property managers.
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Regulation not hurting ABS liquidity – yet
Liquidity in many parts of the US asset-backed securities market are better now than they were pre-crisis thanks to cash-rich investors becoming more comfortable with more complex products. But there are fears that incoming regulations could force issuers into the private markets and disrupt prices in secondary trading.
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Treasury plans standard PLS model
The US Treasury is partnering with ratings agencies to design the parameters of a benchmark private label RMBS issuance in the hope of resurrecting the moribund PLS market.
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FSOC wants ‘consistent’ servicer oversight, says gov won’t bail out non-banks
The deputy assistant secretary of the Treasury Department’s Financial Stability Oversight Council (FSOC), called for more ‘consistent’ regulatory oversight of the mortgage servicing industry during his keynote address at the ABS East conference in Miami on Monday.
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Italian SME ABS performance softens
The delinquency levels of Italian SME and lease ABS increased in July, according to a report from Moody's published the same week UniCredit reopened the market for Italian SME transactions with the help of three European credit agencies.
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Asset managers snatch all Banif mezz, and most of senior
Asset managers from the UK and mainland Europe took a huge proportion of Banco Internacional do Funchal’s (Banif) recent dual tranche SME CLO, snapping up all the mezzanine and leaving bank treasury accounts scrapping for what was left of the senior bonds.
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ABS issuers to test banker nerves on primary market as Créd Ag mandates
Crédit Agricole has decided to roadshow its latest consumer ABS right up until two days before more details are due on European Central Bank ABS purchases. At least four more trades may be announced before the end of September, testing bankers’ nerves over a relatively dry spell in the primary market until uncertainty lifts.
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Obvion mandates year’s third Storm
Obvion has mandated Citi and Rabobank for the third Storm RMBS of the year, Storm 2014-III.
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Enterprise Inns to cut froth on loans and issue bonds
UK pub group Enterprise Inns plans to shake up its debt structure by refinancing loans at a tighter margin and issuing a new bond.
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UBS loses credit structuring head
UBS has lost a long-serving senior official from its credit structuring business.
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SEC zones in on MBS trustees for enforcement actions
The Securities & Exchange Commission is looking into the viability of enforcement action against trustees, as other targets of litigation related to the 2008 mortgage-backed securities crisis dry up.
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Kensington under review after private equity sale
Fitch has put specialist UK mortgage lender Kensington Mortgages’ special servicer rating on its "evolving" list, ;pointing to uncertainties created by Investec’s recent sale of the business to Blackstone and TPG Capital.
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Irish RMBS breaks back into top rating tier
A Fastnet shelf transaction backed by loans originated by Permanent TSB has become one of the first Irish RMBS to benefit from Fitch Ratings’ decision to move the cap on the asset class’s rating back to triple-A.
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Lawsky stopping special servicers from doing a ‘better job’ with mortgages
New York financial regulator Ben Lawsky is stopping special servicers from doing a ‘much better job’ with problem mortgages originated before the crisis, said a panellist at the ABS East conference in Miami on Sunday.
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Moody’s Analytics adds ABS to expanding structured finance portal
Moody’s Analytics is expanding its structured finance portal, a loan-level data analytics platform initially focused just on collateralised loan obligations, to include certain forms of ABS.
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Correction to conference agenda: Track C, 4.45pm
IMN would like to inform delegates of the ABS East conference in Miami of an error on the printed agendas for Sunday's sessions.
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Green covered bonds will be big
Münchener Hypothekenbank’s €300m ESG Pfandbrief will be remembered as one of the most important milestones in the development of the socially responsible investment (SRI) bond market.
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Fed holds community banks hostage in TruPS CDOs
Small US banks, along with insurers that issued trust preferred securities that were subsequently bundled into murky collateralised debt obligations before the crisis, are stuck between a rock and a hard place. Having deferred coupon payments for as long as they can, they’re under pressure from CDO holders to cough up — but even though they want to, the Fed won’t let them.
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Oversight proposal could increase costs for auto lenders
Non-bank auto lenders are expected to see the costs business spike in response to federal oversight proposed by the Consumer Financial Protection Bureau (CFPB). The rule could dampen non-bank auto ABS markets as a result.
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Euro CLO senior spreads creeping tighter
The spreads paid on senior European CLO notes by managers in the next couple of weeks could be some way inside the average for the year, despite as many as four transactions being ready to price after a lengthy quiet period for the primary market.
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CFPB sharpens knives for subprime auto hunt
The Consumer Financial Protection Bureau (CFPB) proposed federal oversight of non-bank auto finance companies on Wednesday. The rule, expected to be finalised with only minor tweaks, opens the floodgates for enforcement actions and private litigation against auto lenders and ABS issuers.
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Banif’s Portuguese SME trade flies but ECB effect still hidden
ABS bankers believe the success of Banco Internacional do Funchal’s (Banif) dual tranche SME CLO this week is not indicative of a fresh bid for periphery names in anticipation of the European Central Bank’s ABS purchase programme, but rather confirmation that there is already a great degree of comfort with higher risk ABS among investors.
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FirstRand knocks quarter off spreads as VW returns
FirstRand Bank shaved almost a quarter off the spread it pays on senior auto ABS notes with its fifth Turbo Finance deal this week, demonstrating an already strong bid for paper in a European market about to be further buoyed by the intervention of the European Central Bank.
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ECB purchases may help draw ABS regulation
ECB executive board member Yves Mersch has said the ECB’s chosen eligibility criteria for its upcoming ABS purchase programme could be a “good starting point” for future regulation of the sector, as the central bank’s top brass keep up pressure on regulators to help them revive securitization in Europe.
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House price risk to Spain RMBS, SME ABS
A gradually improving Spanish economy will not stop the house price decline continuing over at least the next year, according to Moody’s, which increases the potential severity of defaults within RMBS and SME ABS pools.
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UniCredit ups SME ABS with agency help
A €1.3bn transaction from UniCredit’s leasing business has kept Europe’s spotlight firmly on SME ABS as the market awaits further details of the European Central Bank’s purchase programme, with the bank saying the proceeds will go towards financing more Italian companies.
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ECB boost unclear in Banif’s popular Atlantes SME ABS
ABS bankers believe the success of Banco Internacional do Funchal’s (Banif) dual tranche SME CLO this week is not indicative of a fresh bid for periphery names in anticipation of the European Central Bank’s ABS purchase programme, but rather confirmation that there is already a great degree of comfort with higher risk ABS among investors.
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Cheers! Punch bondholders finally vote yes
The value of the distressed Punch whole business securitizations is set to rally after both shareholders and bondholders voted in favour of the latest in a series of restructuring efforts.
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Regearing lowers Dignity Finance ratings
UK funeral service provider Dignity is to extend the maturities of some secured notes through an exchange that will leave the newly issued tranches with a lower rating from Fitch.
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CLO relief bill awaits shot at Senate
The House of Representatives has shown strong support for a bill from Kentucky Republican Andy Barr, aimed at protecting the CLO market by extending the deadline for banks to comply with the Volcker rule. The Senate is its next challenge, but market participants are sceptical about the bill’s chances.
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Progress set to exploit bullish SFR demand
Pricing guidance for Progress Residential’s first single-family rental (SFR) securitization was released on Tuesday amidst growing criticism of the new asset class, but secondary market trading levels in the first SFR suggest investors are still bullish on the product.
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Slew of auto and credit card deals set to hit markets
Steady supply of auto and credit card backed ABS is expected to continue as new issues in the sectors were priced this week. Pricing guidance was released for a number of other issues expect to hit markets soon, including the latest single-family rental securitization.
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Euro CLO spreads creeping tighter despite new run of supply
The spreads paid on senior European CLO notes by managers in the next couple of weeks could be some way inside the average for the year, despite as many as four transactions being ready to price after a lengthy quiet period for the primary market.
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ABS purchases could shape future regulation, says ECB’s Mersch
ECB executive board member Yves Mersch has said that the ECB’s chosen eligibility criteria for its upcoming ABS purchase programme could be a “good starting point” for future regulation of the sector, as the central bank’s top brass keep up pressure on regulators to help them revive securitization in Europe.
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Rental securitizations: the next ratings blunder?
The nascent market for single-family rental (SFR) securitizations has given investors nearly $5bn of issuance so far, and yet another new issuer, Progress Residential, brought its first deal this month. Many of these real-estate owned (REO) properties were bundled into triple-A products in the run-up to the 2008 financial crisis — and investors could be left holding the bag again if history repeats itself.
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Non-bank servicer boom to disrupt RMBS
Investors in non-agency mortgage bond securitizations could see payments on their notes disrupted due to servicer turnover, according to a Fitch Ratings report released on Tuesday.
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Credit Acceptance brings subprime deal as CFPB flexes muscles
Fitch Ratings cautioned investors in securitizations backed by subprime auto loans on Tuesday, just as the agency's competitors assigned preliminary triple-A ratings to yet another subprime deal and the Consumer Financial Protection Bureau (CFPB) turned up the heat on the sector.
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Calfornia clean energy groups prep new ABS
Two California-based clean energy financing companies affiliated with the Property Assessed Clean Energy (PACE) programme are preparing asset back securities to be issued before the end of the year, one securitizing unsecured residential energy financing loans and the other backed by PACE assessments.
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FirstRand knocks quarter off senior auto ABS spreads
FirstRand Bank has shaved almost a quarter off the spread it pays on senior auto ABS notes with its fifth Turbo Finance deal, demonstrating the already strong bid for paper in a European market about to be further buoyed by the intervention of the European Central Bank.
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CLO lawyer returns to Cadwalader in London
A top securitization lawyer has rejoined Cadwalader, Wickersham & Taft to expand the firm’s structured finance practice in London.
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House prices present risk to Spanish RMBS, SME ABS
A gradually improving Spanish economy will not stop the house price decline continuing over at least the next year, according to Moody’s, which increases the potential severity of defaults within RMBS and SME ABS pools.
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Grant Thornton hires director for securitization valuation
Grant Thornton has hired a former DTCC securitization valuation specialist for its forensic and valuation services practices in New York.
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Springleaf $2.62bn ABS follows servicing divestment
Springleaf Finance, along with New Residential Investment Corp. and Blackstone Tactical Opportunities Advisors, intends to issue $2.62bn worth of personal loan ABS from a joint venture entity called SpringCastle. The issue comes just a month after Springleaf announced plans to unwind its mortgage servicing operations.
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Private student loan providers readying securtization platforms
With government-backed student loan collateral diminishing, decreasing ABS issuance in the sector could be boosted as private lenders such as Citizens Bank look to consolidate loans into securitization-ready pools.
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Take two for CLO Volcker relief bill
A bill that would exempt certain collateralised loan obligations from the Volcker rule is up for consideration in the House of Representatives today. If it gets through Congress, it could ease fractious negotiations between bank investors in triple-A notes, CLO managers and holders of other tranches over whether or not to Volckerise legacy transactions.
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Volkswagen set for swift return to busy auto market
Volkswagen has gained provisional ratings for its second auto lease securitization of the year, just days after printing a large sterling auto ABS. The deal extends a busy post-summer period for a European auto ABS market whose investors are already casting their eyes over FirstRand Bank’s latest offering this week.
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UniCredit steps up SME ABS with agency help
A €1.3bn transaction from UniCredit’s leasing business has kept Europe’s spotlight firmly on SME ABS as the market awaits further details of the European Central Bank’s purchase programme, with the bank saying the proceeds will go towards financing more Italian companies.
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Market correction for latest agency risk-sharing RMBS
Freddie Mac's seventh risk-sharing RMBS, which priced on Wednesday, is expected to settle in a more stable market than earlier issues under the program, which widened drastically last month.
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New York CLO manager moves to Volckerise deal
One of the largest CLO managers in the US has sent out a proposal to make a legacy deal from 2012 complaint with the Volcker rule, according to people familiar with the situation.
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Risk retention could halt CLO issuance 'overnight' but benefit investors
Upcoming risk-retention rules for securitization in the US could lead CLO issuance, which hit almost $80bn this week, to grind to a halt almost overnight, according to several market participants who took part in a roundtable organised by GlobalCapital this week.
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P2P lenders amass for securitization pitch
Lending.com, a peer-to-peer lender that launched earlier this year, expects the first securitization of its single-family property rehab loans to hit markets in eight months. The company is one of many peer-to-peer lenders flocking to the ABS East Conference later this month to plan issuance in the high-yielding asset class.
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GM drives inside VW as sterling goes Turbo
GMAC UK has guided investors in the senior notes of its E-Carat 4 sterling auto ABS to a price level 1bp inside a similar transaction done last week by Volkswagen, which normally represents the very tight end of the European auto ABS market.
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No more size anxiety about the ECB
Some market commentators seem to think the European Central Bank's ABS purchase programme is not the real deal, because it will be limited in size by the low volume of placed securitizations and the difficulty of pricing off-market deals. One research team estimates the ECB might buy €40bn over three years. But this seriously underestimates the potency of the ECB’s move.
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The ECB must buy mezz
The European Central Bank has finally put its money where its mouth has been for some time on reviving European securitization. But if it doesn’t help banks shift the riskiest tranches off their books, it will have changed absolutely nothing.
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The ECB effect: Banif SME deal to test new bid for periphery ABS
Portuguese lender Banco Internacional do Funchal (Banif) has launched a securitization of Portuguese SME loans that will include a sale of triple-B rated debt, in an immediate test of whether the European Central Bank has managed to stimulate a new wave of appetite for periphery ABS with last week’s promise to buy up bonds.
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ECB lack of detail clouds pipeline in European ABS
A strong September pipeline of European ABS transactions could face delays as issuers wait for more detail from the European Central Bank on its impending asset purchases, though those that do decide to pull the trigger should have no problem with execution, bankers said this week.
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Covered investors could shift to ABS on ECB backing
Covered bond investors that have long shunned the European ABS market may be among the first buyside participants to be drawn back into securitization as yields in their market are squeezed even tighter by the European Central Bank’s impending purchases, bankers told GlobalCapital this week.
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ECB could swell ABS fee wallet
The ECB’s ABS purchase programme could mean a huge stream of new fee income for investment banks with strong securitization divisions in Europe, writes Owen Sanderson
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ECB purchases put Italian RMBS resales on hold
Some Italian mortgage originators preparing to re-market retained RMBS transactions in the next few months have put their plans on hold, waiting to see if they can trim costs by selling them to the European Central Bank rather than on the open market.
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GMAC drives sterling auto ABS inside VW
GMAC UK has guided investors in the senior notes of its E-Carat 4 sterling auto ABS to a price level 1bp inside a similar transaction done last week by Volkswagen, which normally represents the very tight end of the European auto ABS market.
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Italian RMBS re-sales put on hold by ECB
Some Italian mortgage originators issuers preparing to re-market previously retained RMBS transactions in the next few months have put their plans temporarily on hold, preferring to wait and see if they can trim costs by selling them to the European Central Bank rather than the open market.
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RBC hires from RBS for agency MBS
Royal Bank of Canada has added to its growing securitization team, hiring a CLO trader from Royal Bank of Scotland’s shrinking securitization team.
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Santander and GM auto ABS rolls on amid investigation
Auto ABS originators priced a slew of deals this week, as the industry continued to grapple with negative sentiment amid a regulatory probe into lending standards.
