Latest news
Latest news
Third deconsolidation RMBS from a UK challenger bank since November
Annaly closes its year with triple-As at 125bp
The conditions are set so that 2026 promises to be even better than the already impressive 2025. A deepening of esoteric asset classes, combined with entirely new deal types, as well as more debut issuers are set to be the key themes, writes Tom Hall
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Concerns around disclosure of mortgage forbearance figures and payment holidays led to deals scheduled for issuance earlier in 2020 being delayed to later in the year, as issuers feared securitization investors having access to information not widely disseminated to other investors. -
The Financial Stability Oversight Council (FSOC) issued a statement endorsing the new capital requirements plan for Fannie Mae and Freddie Mac, a move that has cleared the path for the proposal to pass this year without undergoing significant changes, sources say.
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Half of Moody’s rated UK RMBS are set to convert to fixed rate note payments without further guidance on Libor cessation from the Financial Conduct Authority (FCA).
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Real estate investment firm Toorak Capital Partners has hired managing directors Carole Mortensen and Ketan Parekh as head of credit and head of business development and capital markets, respectively.
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Data from DBRS Morningstar and Bank of America shows that government support measures across Europe have delayed the impact of rising unemployment on RMBS deals, though not indefinitely. The news comes as the UK government announces further support for struggling workers.
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Groupe BPCE is bringing a French residential mortgage-backed security, offering a €1.09bn senior note with a coupon of 65bp over three month Euribor.
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Crédit Immobilier de France (CIFD) has mandated BNP Paribas and Crédit Agricole for its second RMBS deal of the year, Harmony French Home Loans FCT 2020-2, with plans to publicly place two triple-A rated tranches into the market. The issuer is also considering cutting its annual issuance to a single large deal per year, as well as splitting its syndication between prime and buy-to-let issuance.
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The adverse market refinance fee came under fire in a hearing this week, during which House policy makers characterised it as last-minute and poorly explained. Federal Housing Finance Agency (FHFA) Director Mark Calabria emphasized that the fee is necessary, and the only alternative would be to receive funding from Congress before the December implementation date.
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Janet Oram, head of BlackRock’s European ABS investment group, has criticised the securitization market’s recent reliance on pre-placed transactions and private book building, arguing that it hurts market transparency and price discovery.
