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ABS issuers are less constricted following pre-funding surge
Deutsche Bank predicts $155bn of private sector CMBS
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Trading in the commercial mortgage-backed securities secondary market was steady last week, even as nearly $6 billion of new paper was offered in the primary market.
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London-based officials say conditions are ripe for new commercial mortgage-backed securities issuance in Europe, but no one portfolio has yet emerged as a deal candidate—despite the recent spread-tightening making deal economics attractive for prospective issuers.
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Mill Valley-Calif.-based Redwood Trust has hit the market with its second residential mortgage-backed securities deal in one month in what industry insiders called an aggressive move for the private-label market’s most frequent issuer.
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NIBC Bank issued price guidance on its EUR526.5 million ($699.1 million) Dutch MBS XVIII residential mortgage trade Wednesday afternoon, with the initial levels indicating solid demand for Dutch RMBS amongst investors ahead of the expected launch and pricing Thursday morning.
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The way rating agencies rate structured finance transactions will come under greater scrutiny from the European Securities and Markets Authority this year, amidst sustained concerns over high outstanding securitization volumes and continued ratings volatility in the region.
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Conduit loan payoffs exceeded expectations in 2012, with about 72% of all loans paying off at maturity, according to data from Trepp, LLC.
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Recently proposed changes to capital requirements from the Basel Committee on Banking Supervision could cause asset-backed securities-related regulatory capital held by banks to increase more than twice over and sharply raise the spread level at which banks break even when investing in ABS, according to Royal Bank of Scotland researchers.
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Rabobank mortgage subsidiary Obvion priced its Dutch residential mortgage-backed securities deal, STORM 2013-I, tight of original guidance on Tuesday, with the EUR150 million ($199.77 million) senior three-year tranche yielding 45 basis points over three-month EURIBOR.
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Initial price thoughts on Obvion’s Dutch residential mortgage-backed trade, STORM 2013-I, surfaced this morning, with the senior class whispered at three-month EURIBOR plus 50-55 basis points.