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Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
A new European data centre sponsor, Dutch buy-to-let back in business, CLO equity squeezed and a Bitcoin backed deal
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The Federal Housing Finance Agency (FHFA) announced on Tuesday that the government-sponsored enterprises will end some funding for the single family rental (SFR) market as it believes larger investors can adequately participate without Fannie Mae and Freddie Mac's assistance. -
Amid a quiet summer lull in the pipeline, Credit Suisse and Nomura are marketing the latest fixed rate RMBS deal sponsored by Caliber Home Loans, a venture owned by two private equity funds belonging to Lone Star.
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Sole arranger Santander is out with an RMBS deal from its Holmes master trust, with two dollar tranches available as the bank hopes to tap strong US demand and further diversify its investor base.
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The US securitization market has shrugged off macroeconomic turmoil in recent weeks and months, but investors that think sector operates in a vacuum may be due a shock before the end of the summer, according to analysts, writes David Bell.
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Once dominated by the ‘big three’ agencies, the RMBS ratings industry has welcomed new entrants into the market after the financial crisis tarnished incumbents’ reputations. But Fitch Ratings told investors this week to be wary of the competition.
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Securitization bankers are expecting a strong issuance pipeline following the summer lull, with issuers said to be looking further ahead and planning their funding and capital structures more carefully than in the past. Issuers said to be scoping the market include Virgin Money, and NewDay credit cards.
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A number of non-agency RMBS deals were priced at the end of last week, including private label deals from Starwood and Redwood and a seasoned credit risk transfer (CRT) deal from Freddie Mac.
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Bank of America Merrill Lynch analysts turned bearish on securitization markets this week, saying that the growing US-China trade war and a flatter US Treasury curve were strong reasons to start taking risk off the table.
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Fannie Mae and Freddie Mac, the government-sponsored enterprises at the heart of US housing finance, are less than a year away from launching a common securitization platform that will rebalance the market to make a more level playing field for their respective securities.
