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Latest news
Investors able to cherry pick deals from wide variety
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
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In its mid-year outlook on structured finance, JP Morgan analysts said that while valuations of MBS are attractive in an evolving macro context, evolving dynamics in mortgage bond supply and a rising CRE CLO market could create some degree of spread widening across the market. -
The White House has floated proposals to end the duopoly of Fannie Mae and Freddie Mac in mortgage finance and scale back the government’s footprint in the housing market, as part of a broader plan to reform and downsize the US federal government.
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The private label RMBS market in the US is buzzing with activity as the first half of 2018 comes to an end, with issuers lining up a number of deals to be priced through the end of this week and early next week.
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The European primary ABS market has kicked into high gear in the weeks since the Global ABS conference in Barcelona, which ended on June 7. RMBS is particularly in focus as banks return to the market, with the tide of cheap central bank money ebbing away.
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Janus Henderson filed documents with the Securities and Exchange Commission on Wednesday announcing the launch of an actively managed exchange-traded fund (ETF) set to outperform the Bloomberg Barclays US mortgage-backed securities Index, which are tracked by several MBS ETFs.
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The Federal Housing Finance Agency has published new guidelines that would require Fannie Mae and Freddie Mac, the two government sponsored enterprises (GSEs) at the heart of the US RMBS market, to increase their loss reserves from $3bn to $180bn, worth roughly 325bp of their assets and off-balance sheet guarantees.
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Bank of America Merrill Lynch, as sole arranger, together with joint leads Barclays, Citigroup, and Lloyds Bank announced a prime RMBS from Clydesdale Bank’s master trust programme on Wednesday.
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Lloyds has attracted more than $1.3bn of interest for the dollar denominated 1.95 year triple-A '1A1' notes of its Permanent 2018-1 prime UK RMBS deal, as well over £800m of orders for the 2.8 year sterling triple-A ‘1A2’ tranche, with estimates of £1bn-£1.25bn in total issuance.
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Freddie Mac has officially transferred more than $1tr worth of mortgage risk via its credit risk transfer (CRT) RMBS programme, bringing the total amount of mortgage principal risk shifted away from both Fannie Mae and Freddie Mac since 2013 to over $2.25tr.
