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Meanwhile, BNP Paribas hires in structured finance
Aspire's first deal is a $391.28m non-prime securitization
Two lenders entering administration should signal to others: simplify the industry
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Europe’s securitization market has enjoyed strong new deal flow during May, and market officials now expect issuance volumes to overtake those of covered bonds by the end of the month, as continuing problems in the eurozone, along with bank downgrades, weigh more heavily on covered bonds than mortgage-backed securities in the region. -
Dutch RMBS issuer Obvion on Wednesday announced price thoughts for its Storm 2012-3 RMBS.
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Subprime residential mortgage-backed securities issued from 2005 to 2007 have returned 11.2% so far this year, compared with 1.4% for agency RMBS, according to Barclays.
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The volume of investment in agency mortgage-backed securities by real estate investment trusts have kept yields higher over the past year, according to JPMorgan Chase analysts.
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The U.S. Financial Industry Regulatory Authority has fined Citigroup Global Markets $3.5 million for providing “inaccurate mortgage performance information, supervisory failures and other violations” in connection with subprime residential mortgage-backed securitizations.
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Bonds tied to Dutch and U.K. residential mortgage loans have consistently provided better performing—and more stable—spreads than debt backed by the credit of European banks and sovereign states, according to London-based researchers.
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The revival of the RMBS market could soon face an important test if recent losses in JP Morgan's Chief Investment Office (CIO) have affected the unit's willingness to continue the bulk buying of Dutch and UK RMBS seen in the past.
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The Bank of England and the U.K.’s Financial Services Authority are working with the U.S. Federal Deposit Insurance Corp. to develop resolution plans in the event that any of top seven cross-border banks fail.
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Distressed debt funds have raised roughly EUR60 billion ($76.33 billion) to acquire loans from European banks looking to unload a total of nearly EUR2.5 trillion ($3.18 trillion) in non-core assets, according to PricewaterhouseCoopers.
