Latest news
Latest news
Together added to the sterling market with a small ticket CRE CMBS
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
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Leads Rabobank and Société Générale are set to complete Obvion’s third RMBS this year from its Storm programme on Friday.
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Rabobank and Société Générale have revised guidance for both tranches of Obvion’s Storm 2012-3 RMBS. Books closed on Friday morning and the deal will be priced in the afternoon.
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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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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.
