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US mortgage lenders are resurrecting a private label RMBS market that has lain dormant for several years since the financial crisis, as investors chasing yield show interest in deals with riskier credit and looser underwriting. David Bell reports. -
As banks and investors assess the impacts of IFRS 9, introduced this year, a second wave of effects from the new accounting rule could hit the market and spur asset sales from banks and pushing interest rates sharply higher for consumers.
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Dutch retail bank and insurance provider Argenta Spaarbank announced a new Dutch RMBS this week, comprising 100% Dutch State Guarantee (NHG) loans, led by ABN AMRO and with BNP Paribas acting as joint lead manager.
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Challenger bank and specialist mortgage lender Charter Court Financial Services announced a new sterling prime UK RMBS on Wednesday, led by Lloyds Bank, with Bank of America Merrill Lynch and Natixis acting as joint lead managers.
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JP Morgan and Wells Fargo are arranging a prime US RMBS deal backed by investor properties for Flagstar Bank, the first deal of its kind to hit the market according to Kroll Bond Ratings.
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Demand for UK housing is outpacing supply, with buyer registrations increasing 22% year over year, but lower sales volumes might weigh on price appreciation according to real estate brokerage Haart.
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Fitch Ratings flagged a rising risk in the RMBS market in a note this week, as more investor loans are originated using little or no traditional documentation during underwriting.
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Rabobank on Monday announced a new green RMBS transaction from its Dutch mortgage lending subsidiary Obvion, with the bank acting alongside JP Morgan as joint lead manager.
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Banca Monte dei Paschi di Siena (MPS) said on Thursday that it had closed a securitization of €24.1bn of non-performing loans, with rating agencies deeming the senior tranche of the deal to be investment grade.
