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Latest news
Investors able to cherry pick deals from wide variety
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
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Benchmark ABS issuers took another breather this week, but a handful of esoteric and off-the-run deals filled the gap. Fannie Mae, meanwhile, laid out details for its latest risk-sharing issuance.
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The biggest obstacle holding back new issuance in private-label RMBS, aside from regulation, is a lack of standard investor protections, said a group of high-profile market participants on Tuesday. The comments came as US senators delayed consideration of the latest proposal to reform the government-sponsored enterprises that dominate the US housing market. -
Bayview Financial will have four times more ‘skin in the game’ in its latest re-performing mortgage loan securitization than credit risk retention rules would require, holding a nearly 20% stake in the $215m deal. But some firms aren’t sure if the higher yield the deal offers is worth the call risk on the unusually long-dated notes, even as the US non-agency RMBS market suffers from low issuance volumes.
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ABS syndicates trying to speed up the revival of Italian RMBS issuance since Veneto Banca’s breakthrough transaction this month have received a boost after Moody’s said its main performance indicators for the sector showed signs of stabilising.
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Two big residential mortgage deals are piquing investors' attention this week, as the ABS pipeline continues to be subdued with only a handful of transactions scheduled to hit the market.
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Bayview Financial, which issued eight deals last year, is preparing to sell an unusually long-dated securitization of re-performing residential loans, the market's first issuance with that kind of collateral since July 2013. The deal comes as market participants anticipate a surge in RPL and non-performing loan securitizations later this year.
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Some ABS bankers are adamant that a new Spanish prime RMBS transaction would be received with as much enthusiasm as Italy’s recent comeback, despite an increase in mortgage loan defaults.
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RMBS continues to buck a sharp downward trend in Russian debt issuance this year, with Credit Bank of Moscow prepping its debut transaction.
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Barclays Bank agreed on Thursday to settle claims against the bank alleging violations involving private label mortgage-backed securities purchased by Fannie Mae and Freddie Mac leading up to the crisis.
