Bayview markets yieldy RPL with long-dated notes

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, which pay pro-rata — even as the US non-agency RMBS market suffers from low issuance volumes.