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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Bayview Mortgage Capital is tapping the private-label residential mortgage securitization market this week with its Bayview Opportunity Master Fund IIa Trust 2012-4NPL, securitizing $112 million of non-performing residential loans.
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Investec is gauging investor appetite for a new sterling denominated deal from its Residential Mortgage Securities shelf.
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Dutch mortgage lender Obvion completed the first public ABS deal of the autumn on Thursday, pricing its Storm 2012-4 RMBS at levels that offered generous premiums for investors and suggested that issuers may be reluctant to print too close to secondary levels.
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Obvion will nearly triple the size of its Storm RMBS, following rapacious demand for the ABS market’s first post-summer public deal.
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Obvion’s STORM 2012-IV Dutch residential mortgage securitization is set to launch and price Thursday, with initial guidance confirming strong demand from an investor pool starved of recent euro-denominated issuance and new Dutch paper in particular.
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A bids-wanted-in-competition list comprising U.K. commercial mortgage-backed paper and some rarer German small-to-medium enterprise collateralized debt obligations saw four of its five bonds trade late on Tuesday.
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Obvion’s Storm 2012-4 RMBS attracted around €1.6bn of orders on Wednesday morning, leaving the deal well oversubscribed and allowing leads to tighten price indications on the A2 tranche.
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Several second tier U.K. lenders are said to have put on hold plans to roll out residential mortgage-backed issues as a result of the Bank of England’s Funding for Lending Scheme, again raising concerns about the impact the program will have on securitization volumes.
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Stateside, investors were seen clamoring for one lone ABS deal, a farm and construction equipment transaction from John Deere Capital, that priced tight amid the otherwise barren ABS primary landscape.
