RMBS - All Articles

  • Funding from Congress can replace GSE refi fee, Calabria says

    The adverse market refinance fee came under fire in a hearing this week, during which House policy makers characterised it as last-minute and poorly explained. Federal Housing Finance Agency (FHFA) Director Mark Calabria emphasized that the fee is necessary, and the only alternative would be to receive funding from Congress before the December implementation date.

    • 17 Sep 2020
  • China reforms NPL ABS as bad loans rise

    The People’s Bank of China has started to allow banks seeking quotas to sell non-performing loan securitizations to shift from the old approval-based system to a registration-based system, onshore bankers told GlobalCapital China this week. The reform is set to speed up the pre-issuance phase and ease banks’ increasing pressure to dispose of bad loans.

    • 17 Sep 2020
  • BlackRock ABS boss hits out at pre-placed deal trend

    Janet Oram, head of BlackRock’s European ABS investment group, has criticised the securitization market’s recent reliance on pre-placed transactions and private book building, arguing that it hurts market transparency and price discovery.

    • 17 Sep 2020
  • Payments climb back but new Italian NPL wave looms

    Debtors are paying off their mortgages in Italy at the same rate as they were before the pandemic, according to Banca IFIS, after the country suffered one of the worst declines in collections following the coronavirus lockdowns.

    • 16 Sep 2020
  • Pimco takes benchmark Warwick private in new RMBS

    Pimco has done another private pre-placed RMBS under the Avon Finance brand, with Citi acting as risk retainer and sponsor. The deal refinances Warwick Finance One, one of the largest UK non-conforming deals ever done and whose senior notes formed a de-facto market benchmark for the asset class.

    • 16 Sep 2020
  • UK non-banks consider corporate ratings to win Covid support

    Non-banks lenders may seek corporate ratings in order to receive support from the UK government after finding it difficult to access financial aid during the Covid crisis, said RMBS players speaking during Global ABS 2020.

    • 15 Sep 2020
  • New NPL rules could open up dealflow but still penalise banks

    The European Commission’s proposed new approach to non-performing loan securitization may encourage more deals to come out in fully placed format, accelerating development of the market. But the revised rules still hurt banks which hold part of the structures, and which form the vast majority of the market today, as the Commission took its lead from the Basel Committee rather than its own regulators.

    • 14 Sep 2020
  • Optimum Credit joins flourishing autumn ABS pipeline

    Optimum Credit, a subsidiary of Pepper Money mandated Citi and NatWest Markets for Castell 2020-1, a UK second lien RMBS placing a full capital structure. It joins deals from Finance Ireland and RNHB in a growing pipeline of European securitization, with bankers hoping to make up for a disappointing second quarter.

    • 10 Sep 2020
  • Primary pricing leads secondary as Cartesian prints tight

    Cartesian 5, the Dutch prime RMBS from Venn Partners, saw its senior tranche five times covered on Tuesday, driving a print through secondary levels and a possible move tighter across secondary markets for prime assets.

    • 09 Sep 2020
  • Placed European ABS volumes dip to 2011 levels

    Data from the Association for Financial Markets in Europe (Afme) shows placed securitization volumes in Europe at the lowest level since 2011, when the market was still recovering from the global financial crisis.

    • 08 Sep 2020
  • Securitization data repositories get Commission go-ahead

    Securitization data repositories proposed by Dutch MEP Paul Tang back in 2016 will begin their application process on September 23 this year, requiring both EU and UK ABS issuers to report data to the new entities.

    • 04 Sep 2020
  • UK, Netherlands float tax hike for rental properties

    The governments of the UK and the Netherlands are considering tax changes that will impact buy-to-let (BTL) mortgage origination in each country, hitting the two largest markets for BTL RMBS.

    • 02 Sep 2020