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Meanwhile, ADMT has set guidance for its $602m non-prime deal
Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
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The US Republican party has proposed an overhaul of the tax code, which could slash the corporate tax rate to 20% but could also cut the mortgage interest deductions enjoyed by homeowners, a move that could dent prices at the high end of the housing market. -
Consumer lenders are tapping securitization less and less, according to S&P Global Ratings, with the securitization of consumer loans at “record lows” across sectors — though rising interest rates could reinvigorate ABS backed by short dated collateral.
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Issuers’ confidence in limitless demand for ABS has been dented somewhat, as buyers pushed back on two sterling deals to widen pricing from initial guidance this month.
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US insurance company MetLife is stepping into the RMBS market for the first time with a reperforming loan deal, the latest insurer to eye attractive spreads in the securitization market to finance mortgage portfolios.
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Goldman Sachs and Pimco have won the bidding war for a €1.8bn book of Irish tracker mortgages owned by Danske Bank, a deal which could deliver one of the largest post-crisis securitizations from the country if taken out in the public market.
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Rabobank has sold a €600m book of mortgages to La Banque Postale.
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Yorkshire Building Society sold a prime RMBS deal on Friday, retaining £2bn of a £2.3bn tranche of senior notes and placing £300m with investors.
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RMBS issuers have flocked to the primary market this week, with five deals hitting the pipeline through Wednesday across a range of asset types, including a new structure from Freddie Mac, a second prime jumbo deal from AIG, and a rare mortgage insurance deal from Arch Capital.
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Euro ABS investors flocked to an Irish RMBS deal from Permanent TSB that was priced on Wednesday, with the bonds well oversubscribed throughout the capital stack.
