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Acquisition will enhance origination and servicing platform capacity, says buyer
First time two Candide trades have been offered in one year since 2008
How securitization can help high LTV mortgage lending, and why is the CLO market so busy
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The US Republican party has proposed an overhaul of the tax code, which could slash the corporate tax rate to 20% but could also cut the mortgage interest deductions enjoyed by homeowners, a move that could dent prices at the high end of the housing market. -
Consumer lenders are tapping securitization less and less, according to S&P Global Ratings, with the securitization of consumer loans at “record lows” across sectors — though rising interest rates could reinvigorate ABS backed by short dated collateral.
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Issuers’ confidence in limitless demand for ABS has been dented somewhat, as buyers pushed back on two sterling deals to widen pricing from initial guidance this month.
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US insurance company MetLife is stepping into the RMBS market for the first time with a reperforming loan deal, the latest insurer to eye attractive spreads in the securitization market to finance mortgage portfolios.
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Goldman Sachs and Pimco have won the bidding war for a €1.8bn book of Irish tracker mortgages owned by Danske Bank, a deal which could deliver one of the largest post-crisis securitizations from the country if taken out in the public market.
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Rabobank has sold a €600m book of mortgages to La Banque Postale.
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Yorkshire Building Society sold a prime RMBS deal on Friday, retaining £2bn of a £2.3bn tranche of senior notes and placing £300m with investors.
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RMBS issuers have flocked to the primary market this week, with five deals hitting the pipeline through Wednesday across a range of asset types, including a new structure from Freddie Mac, a second prime jumbo deal from AIG, and a rare mortgage insurance deal from Arch Capital.
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Euro ABS investors flocked to an Irish RMBS deal from Permanent TSB that was priced on Wednesday, with the bonds well oversubscribed throughout the capital stack.
