Latest RMBS news
Frequent Dutch RMBS originator, Elan Woninghypotheken (EW), is back with its second deal of the year, with risk retention provided by a Goldman Sachs-controlled private financing vehicle based in Luxembourg.
Following the successful debut issuance of £250m senior preferred bonds last week, NIBC's latest transaction, Dutch MBS XIX, brings them back to the securitization market for the first time since January 2013.
Looking at the broad-based volatility battering financial markets this autumn, analysts at Wells Fargo have spotted similarities between "red October" and the 2013 taper tantrum, with one notable exception — the absence of a major investor to help reduce volatility and absorb new supply.
New issue euro ABS announcements have slowed to a trickle in November. Deals still making their way through the pipeline include two CMBS deals – Arrow 2018 and Oranje ELOC 32 – a UK credit card ABS, a Spanish SME CLO and a student loan ABS deal. On Monday, Northview Group added to those deals with a £327m non-conforming RMBS transaction.
In a week with just one new issue euro ABS announcement — a Spanish small and medium-enterprise (SME) CLO — investors piled into specialist lender Dilosk’s Irish retail mortgage backed security (RMBS). Pricing of the deal at the tight end of guidance will open the door for the lender to step into the buy-to-let RMBS market in 2019, executives say.
Tucked away in Wells Fargo’s third quarter filings with the Securities and Exchange Commision was news that the bank incorrectly denied 870 loan modifications and wrongly foreclosed on 545 agency borrowers between 2010 and 2015. The news is yet another blemish on Wells Fargo's customer service record.
Chris Woolard, executive director of strategy and competition at the UK’s Financial Conduct Authority, has warned mortgage bankers about the explosive grow in the lifetime mortgage section of the market — a move driven partly by regulatory changes for the UK’s life insurers.
The Federal Reserve unveiled changes to US bank regulatory standards last week that would reduce or eliminate liquidity coverage ratios at mid-size financial firms. Many in the agency MBS market expect the move to weigh on demand for tier one Ginnie Mae bonds.
Alternative investment management firm Ellington, founded in 1994 and based in Connecticut, has teamed up with London-based Trium Capital to launch a long/short credit UCITS fund later this quarter.
Fannie Mae on Wednesday priced a $922m note offering from its Connecticut Avenue Securities (CAS) programme, using a REMIC structure for the first time to allow more investors to participate in the burgeoning credit risk transfer (CRT) market.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
Latest securitization people & markets news
- Goldman Special Situations Group issues loan-backed notes
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- European Parliament pushes for tougher impact disclosures
- FCA warns on equity release mortgage boom
- Sudden stop for conduits could drain €130bn from Europe’s banks
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Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|2||Bank of America Merrill Lynch (BAML)||8,264||27||10.34|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||94,721.79||272||8.85%|
|4||Wells Fargo Securities||82,597.19||239||7.72%|