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The UK securitization market could become even more "clubby", an RMBS originator has warned, as issuers steer clear of the public markets and turn to private or bilateral deals in the wake of the British referendum result, dragging down expectations of public issuance in the European market. -
European ABS market participants are expecting a slowdown in new issuance as originators ride out short term volatility in the market following the British referendum result and digest the potential long term pressures on collateral performance.
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Metallinvestbank has issued the Russian market’s first single tranche securitization deal, as banks look to avoid punitive risk weights on junior ABS tranches.
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CarVal Investors has restructured the risk retention pieces of two giant securitizations of legacy Northern Rock mortgages, placing the economics of the retained classes into a new class of shares.
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Favourable housing market fundamentals in the US and a calmer ABS sector could drive an increase in new issue non-agency RMBS after a disappointing first half of the year, according to analysts at Deutsche Bank.
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Panellists on the ABS researchers roundtable at Global ABS in Barcelona on Wednesday cited challenges in CMBS and Dutch RMBS issuance, with many maintaining a neutral to bearish outlook on European ABS this year.
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The central bank of the Netherlands, De Nederlandsche Bank, is said to have pushed back against the Basel Committee on Banking Supervision over capital rules that will hit the nation’s banks particularly hard.
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Non-conforming residential mortgage investors could see the return of “super-senior tranches” in new deals, according to an executive at a mortgage issuer that is looking to employ the structure in a new non-conforming UK RMBS deal in the near future.
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Economic turmoil, political risk and problems in domestic RMBS have shuttered the Russian residential mortgage market to international investors in recent years. And though observers say the sector is too big to ignore, conditions in Russian RMBS must improve before the market can be revived.
