Latest news
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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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. -
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.
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Morgan Stanley closed on Wednesday its Delft 2017 securitization of legacy Dutch nonconforming mortgages, originated by a former Lehman Brothers lender.
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Obvion priced its €2bn Storm 2017-1 RMBS at a record low spread for for five year Dutch RMBS paper since the financial crisis, and the lender has said it will continue to look to build on its range of RMBS transactions.
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The latest figures from the Mortgage Bankers Association show a small increase in mortgage applications during the first week of January, but year over year volume is down sharply.
