RMBS

  • Virus crash grips private label mortgage markets

    Virus crash grips private label mortgage markets

    The private label mortgage market fell into the grip of the Covid-19 crisis this week as shocks to commercial property assets and an end to a decade of US job growth put non-agency CMBS and RMBS in jeopardy.

  • Post-coronavirus comeback expected after most Q2 ABS to be retained

    Post-coronavirus comeback expected after most Q2 ABS to be retained

    The Bank of England’s Term Funding Scheme for small and medium-sized enterprises (TFSME) is encouraging retained issuance in European ABS planned for the second quarter, but publicly syndicated deals are expected to rebound once the Covid-19 crisis subides.

  • Intrum tumbles as Muddy Waters takes aim

    Intrum tumbles as Muddy Waters takes aim

    Intrum’s share price dropped sharply this week after short seller Muddy Waters disclosed it was betting against the firm’s stock price. The debt purchasing sector has been a popular target for short sellers for years, but the impact of coronavirus and associated measures is a further heavy blow.

  • Warehouse terms offer hard choice for ABS issuers

    Warehouse terms offer hard choice for ABS issuers

    Warehouse terms are looking increasingly challenging for European securitization issuers as the Covid-19 shocks continue, with some less-established issuers feeling pressure to come to market while spreads are pushed wider and warehouse extensions become less economical.

  • European securitization looks to US bank treasuries for second rescue

    European securitization looks to US bank treasuries for second rescue

    After the 2008 financial crisis, JP Morgan’s chief investment office restored the European securitization markets, buying billions of UK and Dutch RMBS. Now, market players are looking to JP Morgan and Citigroup’s CIO units again to scoop up senior securitization bonds and backstop the market.

  • AIB retains prime Irish RMBS

    AIB retains prime Irish RMBS

    Allied Irish Bank (AIB) has fully retained a prime Irish RMBS deal arranged by Bank of America backed by a €4.02bn static loan pool.

  • Citi pays steep price to push out principal deal on day of disaster

    Citi pays steep price to push out principal deal on day of disaster

    Citi was the sole issuer with a primary deal on either side of the Atlantic amid Thursday’s markets bloodbath, as its EMEA securitization team cleared an RMBS backed by UK buy-to-let loans — not for a client, but for Citi as principal. The US bank may have taken a hit of at least £7m to its planned P&L for the issue, but successfully sold £294m notional of bonds to investors on the worst markets day since 1987.

All RMBS Articles