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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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Proponents of “green mortgage loans”, lent against energy efficient homes, argue they are less likely to default and deserve a lower risk weighting than conventional mortgage lending. But it’s a long shot, and there are plenty of other ways to promote the market.
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Swedish non-conforming mortgage lender BlueStep Bank has mandated lead managers for a new euro-denominated Swedish RMBS deal, after meeting investors in January. -
Kensington Mortgage Company mandated leads for its first RMBS deal of the year on Friday, with the new Finsbury Square transaction including a mortgage prefunding reserve for the first time.
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Rabobank said on Thursday that its new covered bond programme would be launched in soft bullet format. The bank also plans to shrink its balance sheet with further portfolio sales and securitizations.
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Emboldened Congressional Republicans ramped up attacks against the US Federal Reserve on Wednesday, taking aim at the central bank’s role in negotiating international financial rules and its bond purchase programmes. But chair Janet Yellen was defiant, and said the Fed would remain a part of the Basel negotiations.
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Crédit Agricole priced its debut public French RMBS deal on Wednesday, after the bank reported full year results clearing the path for the deal.
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Fannie Mae and Freddie Mac's credit risk transfer (CRT) programmes have outperformed other non-agency RMBS, with the first loss pieces of recent deals yielding 5% on average in January, according to JP Morgan research.
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A spate of mortgage securities issuance has been welcomed with enthusiasm among RMBS investors lamenting the state of the sector post-crisis, but in order to keep investors’ trust, issuers need to stick to practices that are beyond reproach, especially as the possibility of regulatory easing looms large.
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Paratus AMC, the former GMAC-RFC entity that is now a subsidiary of Fortress Investment Group, has mandated leads for a new UK non-conforming RMBS deal backed by predominantly interest-only mortgages in an example of private equity backed non-bank lenders stepping up their securitization activity.
