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Morgan's deal recalls Redwood's doctor-only pool in March
Select group of triple-A buyers hold significant pricing power
Cerberus buys Lendco, Advanzia's German credit cards, and CLO resets pause
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This year’s European ABS issuance volumes have only just crept above those of 2013, but there has been a greater variety of deals encouraged by tighter spreads and the resurgence of certain asset classes. Banca Popolare dell’Alto Adige’s resale of RMBS notes this week exemplifies a trend that is set to strengthen in 2015 as deal economics improve.
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An Italian public holiday could keep Banca Popolare dell’Alto Adige from pricing its secondary reoffering of RMBS notes until the middle of this week, with accounts also taking time to do credit work on the rare name. -
Paragon Mortgages is set to add £23.4m of prefunded loans to the portfolio backing its 21st residential mortgage backed transaction this week, though the move will not affect the deal’s ratings.
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The Bank of England has warned that raising interest rates from their record low of 0.5% could increase the number of UK mortgage borrowers at risk of falling into arrears by a third, as stagnant incomes remain a key concern for the UK economy.
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Clydesdale Bank’s Lanark 2014-2 RMBS transaction was priced this week with a euro portion €250m larger than the issuer’s previous offering, reflecting a large bid for euro denominated UK RMBS as investors snapped up some of the last supply of the year.
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Price guidance for the senior tranche of Starwood Waypoint’s first single family rental securitization was released on Thursday, and it was 10bp higher than bank syndicates’ initial price thoughts. Widening for the senior tranche was offset by tighter than expected guidance at the bottom of the deal’s waterfall.
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Jumbo RMBS issuance has picked up with new and repeat issuers coming to market with deals backed by strong collateral. However, while regular pre-crisis issuers are beginning to come back, the same cannot be said on the demand side where institutional investors are still wary of representations and warranties for new deals.
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Clydesdale Bank’s Lanark 2014-2 RMBS transaction was priced on Wednesday afternoon with €250m more euro denominated notes than the issuer’s previous offering, while the sterling portion was £75m lower.
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Prime jumbo RMBS is at risk of payment disruptions caused by borrower defaults on adjustable rate mortgages originated before the financial crisis, according to Fitch.
