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In March Lone Star closed its fourth residential mortgage fund at over $1bn
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The US securitization market has shrugged off macroeconomic turmoil in recent weeks and months, but investors that think sector operates in a vacuum may be due a shock before the end of the summer, according to analysts, writes David Bell. -
Once dominated by the ‘big three’ agencies, the RMBS ratings industry has welcomed new entrants into the market after the financial crisis tarnished incumbents’ reputations. But Fitch Ratings told investors this week to be wary of the competition.
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Securitization bankers are expecting a strong issuance pipeline following the summer lull, with issuers said to be looking further ahead and planning their funding and capital structures more carefully than in the past. Issuers said to be scoping the market include Virgin Money, and NewDay credit cards.
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A number of non-agency RMBS deals were priced at the end of last week, including private label deals from Starwood and Redwood and a seasoned credit risk transfer (CRT) deal from Freddie Mac.
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Bank of America Merrill Lynch analysts turned bearish on securitization markets this week, saying that the growing US-China trade war and a flatter US Treasury curve were strong reasons to start taking risk off the table.
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Fannie Mae and Freddie Mac, the government-sponsored enterprises at the heart of US housing finance, are less than a year away from launching a common securitization platform that will rebalance the market to make a more level playing field for their respective securities.
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Volkswagen (VW) took advantage of the positive tone in a quiet corporate bond market to build huge order books for both euro and sterling transactions on consecutive days. The strength of the bid from UK investors was behind the overall success of those transactions, while the borrower also found a pool of demand in Russian roubles.
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In a quiet spell for the European primary ABS market last week, three Italian NPL securitization transactions were announced, all with state guaranteed senior tranches.
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UBI Banca, the Italian bank with a €97bn loan book, announced on Wednesday the securitization of a €2.75bn non-performing loan (NPL) book, and plans to apply for a state guarantee on the senior tranche which will be retained.
