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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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JP Morgan plans to forge ahead with its risk transfer programme, despite concerns that have been raised that the deals may not be in full compliance with risk based capital rules, said an executive from the bank speaking at a conference on credit risk transfer RMBS on Thursday. -
Senator Bob Corker (R-Tenn.), a prominent voice on the US Senate Committee on Banking, Housing and Urban Affairs, pointed to the reform of Fannie Mae and Freddie Mac as the last piece of unfinished business left over from the financial crisis in remarks given at IMN's first annual Credit Risk Transfer (CRT) Symposium in New York on Thursday.
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Credit risk transfer (CRT) market players arrived in droves for IMN’s first ever CRT focused event in New York on Thursday, showcasing growing interest in a sector that is proving to be the only game in town for supply starved RMBS investors.
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The sale of non-performing (NPL) and re-performing loans (RPL) has become a way for banks to free up space on balance sheets and reduce punitive capital charges, which observers say has driven an increase in mortgage lending.
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RMBS investors have been disappointed by the sluggish pace of non-agency issuance in 2016, but the secondary market is proving to be a fertile hunting ground for opportunistic buyers.
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Private equity firms have jumped on the recent rally in ABS spreads to dust off loan portfolios for public syndication. The structures are bespoke, and the deals are one-offs — a far cry from the market being just another funding tool for banks. But that's OK.
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Arrow Global has partnered with CarVal Investors to acquire a €1.7bn mortgage portfolio from RNHB Hypotheekbank (RNHB), and the private equity firms could look to the securitization market to help fund the deal.
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A new Spanish RMBS deal from a Blackstone backed vehicle will offer investors the rare opportunity to buy mezzanine exposure in the scarce asset class.
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Cerberus has announced its latest UK RMBS deal, backed by a portion of its £2.5bn Capital Home Loans buy-to-let portfolio, after a strong market backdrop helped Kensington Mortgage Company price a new Finsbury Square deal at a tight level.
