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A swift response is tempting, but lenders should avoid kneejerk reaction
Mortgage securitizers Annaly Capital Management, Invictus Capital, Redwood Trust and others are expected to send marketing materials this week for non-prime deals
Barclays prices private deal from its Pavillion Mortgages shelf
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Deal is UK buy-to-let sector’s first STS RMBS -
Deal is UK lender’s fifth public RMBS and first to feature first lien assets
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Starling Bank, a UK online bank, has acquired regular securitization issuer Fleet Mortgages in a move which will see all of Fleet’s funding moved on to Starling’s balance sheet.
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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.
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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.
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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.
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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.
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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.
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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.
