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Latest news
Invictus, Annaly, JP Morgan to print a billion dollars each next week
UK lender has placed €1.5bn of Dutch prime RMBS paper this year, doubling its annual issuance
Dutch mortgage provider launches its second public RMBS of the year
More articles
More articles
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U.K. non-conforming residential mortgage-backed securities could see a sharp divergence between stronger credits in securitized paper and less well-bid names.
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UK non-conforming RMBS could see a sharp divergence between stronger credits in securitised paper and less well-bid names because investors are eschewing indiscriminate buying in secondary markets and are instead becoming more selective about what securitised paper they load up on, according to market officials trading UK non-conforming paper.
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Price talk on Redwood Trust’s latest residential mortgage-backed securities deal is said to have widened out from previous transactions this year, but market players say they don’t expect to see the Mill Valley, Calif.-based real estate investment trust retreat from its big issuance plans for 2013.
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In an effort to eliminate the infamous abuses of repurchase agreement sale accounting illustrated by the demises of Lehman Brothers and MF Global, the Financial Accounting Standards Board reached a decision on Oct. 13, 2012 to restrict collateral providers in repo agreements from treating such transactions as sales. But FASB’s proposed accounting change threatens to make the Federal Reserve’s eventual exit of the latest round of quantitative easing much riskier. -
The Nationwide Building Society Pension Fund invested a total of £150 million ($223.02 million) in residential mortgage-backed securities at the end of last year.
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Moody’s Investors Service is updating the way it measures the impact of sovereign risk on the ratings of certain securitized asset classes in Europe.
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U.S. market players are looking at Australian lender Resimac’s residential mortgage-backed securities deal, which includes a U.S. dollar tranche, as a possible harbinger of more Australian issuers planning to test the U.S. investor base this year.
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Some holders of legacy European residential mortgage-backed paper are taking the opportunity to offload peripheral bonds amidst a broader backdrop of sluggish activity in the secondary market for asset-backed securities.
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Three major securitisation issuers — Barclays, Lloyds and Nationwide — took more funding from the Bank of England Funding for Lending Scheme (FLS) in the fourth quarter of last year. ABS bankers are confident that issuers will still use their RMBS programmes once this year to placate investors, but a first quarter in 2013 without public UK issuance is certainly a possibility, they added.
