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Mezz and certificates go on offer, testing new execution strategy
Morgan's deal recalls Redwood's doctor-only pool in March
Select group of triple-A buyers hold significant pricing power
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The riskiest portion of Fannie Mae’s $2.05bn risk-sharing RMBS is on target to sell on Wednesday at a wider spread than previous deals, which could be due to waning novelty in the sector. -
US housing giant Fannie Mae will soon announce its fourth and largest residential mortgage risk-sharing deal, two months after the chief US housing regulator ordered the agencies to triple their issuances into the private market.
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American Homes 4 Rent, which this month jump-started talk of consolidation among smaller North American investor-landlords, is entering a broader competitive market to acquire an even more distressed kind of residential asset than it originally sought.
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UK non-prime RMBS issuers Precise Mortgages and Paragon Mortgages realised an impressive tightening of higher beta paper with their latest deals this week, with the latter shrugging off a slowing in demand compared to its previous effort this year.
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Redwood Trust was this week the first issuer to test investors’ risk appetite for high-quality mortgages that fall outside the US government’s new lending guidelines, but at least two more firms may securitize other forms of non-QM by end of the year, including Fenway Summer.
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Paragon Mortgages’ latest buy-to-let RMBS deal was priced tight to its outstanding paper on Wednesday afternoon, despite attracting only half the number of investors as its previous effort this year.
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Precise Mortgages priced the senior notes of its latest UK RMBS at the tight end of revised guidance on Wednesday, while interest for Paragon Mortgages was also said to be building strongly with a Wednesday pricing possible.
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Precise Mortgages’ book build for its second near prime RMBS was progressing well on Tuesday at initial price guidance some 30bp inside its debut effort, demonstrating an appetite for risk in ABS accentuated by the European Central Bank’s preparation of asset purchases.
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Redwood Trust will this week be the first to test investors’ risk appetite for high-quality mortgages that fall outside the government’s new lending guidelines, but at least two more firms may securitize other forms of non-QM by end of the year, including Raj Date’s Fenway Summer.
