Latest news
Latest news
Some deals resemble the bank SRT market but there is room for independent sponsors to put trades together
Market participants gathering in Stavanger will focus on market growth
Mezz and certificates go on offer, testing new execution strategy
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The Dutch government is considering creating a centralised Dutch mortgage bank that would issue government-wrapped multi-issuer mortgage bonds, backed by securitisations of government-insured (NHG) mortgages. The double-wrapping would bring benefits for both issuers, existing investors and the housing market, according to JP Morgan analysts, though Dutch RMBS issuance is likely to fall.
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Piper Jaffray & Co. is said to be picking up two executives from Gleacher & Co.’s mortgage-backed securities and rates division.
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Market players are buzzing that a $417.3 million American Money Management Corp. collateralized loan obligation is the final CLO contract for arranging bank UBS.
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Dutch residential mortgage-backed issuance is expected to outstrip the historically larger U.K. prime RMBS market this year, London-based securitization bankers said.
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Spanish lender Cajamar Caja Rural is preparing the first securitization tender offer of the year, with a plan to repurchase nine residential mortgage-backed bonds and one tranche of a small-to-medium enterprise collateralized loan obligations from bondholders.
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U.K. non-conforming residential mortgage-backed securities could see a sharp divergence between stronger credits in securitized paper and less well-bid names.
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UK non-conforming RMBS could see a sharp divergence between stronger credits in securitised paper and less well-bid names because investors are eschewing indiscriminate buying in secondary markets and are instead becoming more selective about what securitised paper they load up on, according to market officials trading UK non-conforming paper.
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Price talk on Redwood Trust’s latest residential mortgage-backed securities deal is said to have widened out from previous transactions this year, but market players say they don’t expect to see the Mill Valley, Calif.-based real estate investment trust retreat from its big issuance plans for 2013.
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In an effort to eliminate the infamous abuses of repurchase agreement sale accounting illustrated by the demises of Lehman Brothers and MF Global, the Financial Accounting Standards Board reached a decision on Oct. 13, 2012 to restrict collateral providers in repo agreements from treating such transactions as sales. But FASB’s proposed accounting change threatens to make the Federal Reserve’s eventual exit of the latest round of quantitative easing much riskier.
