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Meanwhile, ADMT has set guidance for its $602m non-prime deal
Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
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Clydesdale Bank priced its Lanark 2018–2 RMBS deal on Thursday in a busy spell for the European primary market, with the offering highlighting strong demand for short-dated dollar paper. -
Freddie Mac auctioned off a pool of residential mortgage insurance contracts from its ACIS shelf late on Monday, which will cover up to $300m of losses on $19.1bn of 15 and 20-year mortgages purchased by the agency between May 2017 and February 2018.
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Angel Oak announced on Monday that it had completed its largest RMBS deal to date, AOMT 2018-2, backed by 1,096 mortgages with an average loan size of $366,797. Deutsche Bank and Nomura were joint bookrunners on the deal.
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In its mid-year outlook on structured finance, JP Morgan analysts said that while valuations of MBS are attractive in an evolving macro context, evolving dynamics in mortgage bond supply and a rising CRE CLO market could create some degree of spread widening across the market.
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The White House has floated proposals to end the duopoly of Fannie Mae and Freddie Mac in mortgage finance and scale back the government’s footprint in the housing market, as part of a broader plan to reform and downsize the US federal government.
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The private label RMBS market in the US is buzzing with activity as the first half of 2018 comes to an end, with issuers lining up a number of deals to be priced through the end of this week and early next week.
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The European primary ABS market has kicked into high gear in the weeks since the Global ABS conference in Barcelona, which ended on June 7. RMBS is particularly in focus as banks return to the market, with the tide of cheap central bank money ebbing away.
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Janus Henderson filed documents with the Securities and Exchange Commission on Wednesday announcing the launch of an actively managed exchange-traded fund (ETF) set to outperform the Bloomberg Barclays US mortgage-backed securities Index, which are tracked by several MBS ETFs.
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The Federal Housing Finance Agency has published new guidelines that would require Fannie Mae and Freddie Mac, the two government sponsored enterprises (GSEs) at the heart of the US RMBS market, to increase their loss reserves from $3bn to $180bn, worth roughly 325bp of their assets and off-balance sheet guarantees.
