RMBS - All Articles

  • Barclays pre-places Irish RMBS from Pimco

    Barclays has won its second consecutive mandate in two months with the Pacific Investment Management Company (Pimco), pre-placing a reperforming Irish RMBS backed by a legacy portfolio. The deal is a refinancing of notes from Jepson Residential 2019-1, a deal which Pimco decided not to call at the height of the Covid-19 pandemic in April 2020.

    • 22 Jul 2021
  • Mortgage refi fee removal backed to boost RMBS market

    ABS market professionals welcomed the elimination of the Federal Housing Finance Agency's adverse market refinancing fee, which will enable borrowers to refinance mortgages more cheaply. The elimination is expected to provide a boost to the housing market and, by extension, RMBS supply, sources said.

    • 19 Jul 2021
  • Cerberus resurrects reverse mortgage securitization market

    Cerberus Capital Management has mandated Citibank for the first public securitization of equity release mortgages since before the global financial crisis. The deal, which priced on Thursday, was made of a portfolio of loans acquired from the defaulted Northern Rock and the Legal & General Group. The majority of interest paid in the coupon will come from underlying mortgage borrowers dying or entering care homes.

    • 15 Jul 2021
  • Court backlogs will distort mortgage performance for months

    The build-up of court cases during the pandemic has rendered the investment profile of mortgage performance — a key metric for structured finance investors — ever more difficult to predict.

    • 13 Jul 2021
  • Pepper releases guidance for non-conforming UK RMBS

    Pepper Money has released initial price thoughts for its latest non-conforming UK RMBS deal, called Polaris 2021-1. Citi, National Australia Bank and NatWest Markets were guiding the £425m deal on Tuesday at around 80bp or in the low-80bp for the senior tranche.

    • 13 Jul 2021
  • 'Big deal' for RMBS as Biden gets grip on FHFA

    The Federal Housing Finance Agency is set to take a different direction under the the presidency of Joe Biden from the one it took under Donald Trump, with a laser-like focus on affordable housing. To further the affordable housing agenda, the US's government-sponsored enterprises are expected to ramp up their volumes of RMBS issuance to boost the availability of mortgages.

    • 08 Jul 2021
  • Lehman Brothers securitizations at risk of missing Libor deadline

    Tough legacy mortgage securitizations are resisting the switch away from Libor, as the Financial Conduct Authority calls on issuers to contact investors before the six month deadline hits. A group of mortgage securitizations issued by defaulted Lehman Brothers pre-2008 are seen as particularly high risk.

    • 08 Jul 2021
  • Pepper steps up public offering with UK non-conforming RMBS

    Pepper Money has mandated Citi, National Australia Bank and NatWest Markets for a £425m non-conforming UK RMBS. The issuer pre-placed its 2020 transaction but is fully syndicating its latest offering.

    • 07 Jul 2021
  • UK government turns new page on securitization regulation

    The UK government is launching a complete review of its securitization regulations in parallel with the European Union’s ambitions to reform the market. Sustainability, the 'simple, transparent and standardised' label, SME funding and risk retention are all under the microscope.

    • 01 Jul 2021