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Latest news
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
More articles
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Research from JP Morgan ABS and covered bond analysts show generic European ABS spreads in Italy, Spain and the Netherlands trending closest to covered bonds spreads since the European Central Bank launched purchase programmes for both asset classes, in October and November 2014. -
UBS investment bank delivered a 54% increase in profit before tax in the final quarter of 2016, compared to the same period in the previous year, but the bank’s inventory-light approach meant it missed out on the post US election trading boom that has benefited US competitors.
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The non-prime mortgage market is on track to grow in 2017, with the number of issuers in the sector potentially set to double, according to rating agency officials and RMBS market sources.
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Chenavari’s Toro Limited fund, which targets European ABS and invests in the private equity firm’s European CLO business, is accelerating its rotation away from public ABS in favour of higher yielding private transactions.
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Crédit Agricole mandated its inaugural public securitization of French home loans on Thursday, only a day after it printed a triple tranche covered bond to raise €2.5bn. The deal will be marketed next week, with launch and pricing targeted for the week of February 13.
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Royal Bank of Scotland announced on Thursday it was taking an extra $3.8bn provision related to its conduct in US RMBS underwriting, taking its total provision for that area up to $8.3bn. But it emphasised that it wasn’t in negotiation with the US Department of Justice over the settlement, and there could be much more to come.
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US Treasury secretary nominee Steve Mnuchin’s statement during his confirmation hearing that he did not support the recapitalisation and release of Fannie Mae and Freddie Mac should confirm observers’ suspicions that the new administration is not going to prioritise the reform of the government sponsored enterprises (GSEs).
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The US RMBS market will see diversity beyond prime jumbo deals in 2017 as investors range further afield for more varied credit and higher yields, said market participants.
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Swedish non-conforming mortgage lender Bluestep Bank is meeting investors next week in Stockholm to update them on its securitization programme, the only active RMBS shelf in the Swedish mortgage market.
