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Opportunities for investors in primary and secondary residential mortgage-backed securities markets have started to dwindle because of declining liquidity in legacy RMBS, but other yieldy products might fill the gap in 2015, market participants say.
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AK BARS Bank has completed a securitization of mortgages through VTB Capital, which GlobalCapital understands will not be the last RMBS of 2014 for Russia’s domestic market even as international investors fear the country will suffer bank and corporate defaults next year. -
Five Oaks has partnered with Credit Suisse to issue a $272m RMBS deal backed by prime jumbo mortgages. The real estate investment trust partnered with JP Morgan to bring previous deals.
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Santander UK has restructured the Holmes master trust to make sure its bonds meet the standards for the European Banking Authority’s Liquidity Coverage Ratio, so that banks will be able use Holmes RMBS notes in category “2B” of their liquidity buffers.
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The European Securities and Markets Authority has criticised the rating process for European mortgage securitizations after a study of the four largest rating agencies that it began in October 2013.
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The resignation of Starwood Waypoint’s chief accounting officer (CAO) just after the pricing of the issuer’s first single family rental (SFR) securitization has been seen as a red flag by some market participants, but secondary market trading has not suggested a negative reaction to his departure.
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Despite the turmoil in the wider Russian markets, the Russian domestic asset-backed market may still have a bright long term future — but the asset class will need heavy support from state institutions.
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The European Investment Bank and Société Générale’s asset backed commercial paper conduit are buying parts of a new residential mortgage backed security for a group of Italian cooperative banks, according to a prospectus filed with the Central Bank of Ireland.
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Starwood Waypoint Residential Trust filed an SEC notice on Friday stating that the company’s chief accounting officer John Farias resigned from his post on Monday. His resignation comes as Starwood Waypoint seeks to finalise its first single-family rental securitization.
