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Latest news
'Important to distinguish between a systemic industry issue and a specific operational challenge' says trade body
Investors able to cherry pick deals from wide variety
PRA and FCA go much further than EU in loosening rules
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Fannie Mae priced CAS 2016-C03, its third credit risk transfer (CRT) deal of the year, on Tuesday with final pricing coming in just one day after the deal was announced. -
An improvement in market conditions since Nationale-Nederlanden Bank (NN Bank) was last in the RMBS market didn’t help initial spreads on its privately placed €500m deal come any tighter this week.
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The senior notes of Towd Point Mortgage Funding 2016-Granite 1 are being bid 5bp tighter in secondary trading, though flows are said to be limited, with most of the tranche preplaced. Final pricing last Friday afternoon showed Cerberus missed its reserve levels for the very bottom of the capital stack, with classes G, Z and X fully retained, though they had been listed as “call desk” until Friday morning.
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RMBS investors are flooding back to the agency space, as renewed volatility in global markets drives a flight to quality.
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Several large US banks are looking to follow in the footsteps of JP Morgan Chase by using the Federal Deposit Insurance Corp's (FDIC) safe harbour rule in securitizing residential mortgages.
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Cerberus Capital Management’s £6.2bn financing of its Granite portfolio has cleared uncertainty for the market, and shown that European securitization can handle serious size — with the help of huge tickets from rarely seen accounts, write Owen Sanderson and David Bell
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Cerberus Capital Management’s launch of a £6.2bn UK RMBS deal — the biggest European ABS sale since the financial crisis — has finally lifted the uncertainty that has been hanging over the UK ABS market since the Granite sale process began a year ago, according to market participants.
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Rabobank has sold a €1bn residential mortgage portfolio to Dutch insurance company Vivat, as regulatory disincentives increase the attractiveness of whole loan sales as a balance sheet relief tool, compared with securitization.
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JP Morgan has priced Chase Mortgage Trust 2016-1, a novel RMBS transaction that involves securitizing some of their own mortgages in a bankruptcy remote structure while also keeping high quality loans on book.
