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Latest news
It plans to include transactions backed by second lien fixed rate mortgages originated post-crisis
Public versus private distinction scrapped for disclosure plus new, simplified templates for mature asset classes
Meanwhile, ADMT has set guidance for its $602m non-prime deal
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Angel Oak Capital plans to launch a non-qualified mortgage (non-QM) RMBS transaction in the first quarter of 2015, the firm's head of capital markets told GlobalCapital on Monday. The specialty financier is in talks with banks to underwrite the deal.
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Banco Santander has structured a giant RMBS transaction backed by prime mortgages originated in Spain by it and subsidiary lender Banco Espanol de Credito (Banesto), but the group will retain the transaction. -
Macquarie Group is planning to issue its first securitization of non-qualified mortgage (non-QM) consumer loans by the middle of 2015, through a partnership with Impac Mortgage Holdings. But new issuance from the partnership is believed to tread regulatory lines and could potentially be viewed as a sneaky workaround of ability-to-repay standards under the Dodd-Frank Act.
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Tight-fisted sterling investors tested the nerve of securitization issuers this week, and though there is more UK asset-backed supply imminent, bankers now fear the poor state of the market has virtually destroyed their chances of placing an anticipated wave of deals from the country’s large banks before Christmas.
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Veneto Banca has mandated lead managers for its second re-offering of Claris ABS 2011 notes this year, while another Italian deal backed by consumer loans could also hit the market as soon as next week as the European Central Bank’s impending purchases keep downward pressure on periphery ABS spreads.
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An anticipated wave of UK RMBS from the country’s large banks in the fourth quarter of this year is now unlikely to materialise, according to ABS bankers. The last two UK RMBS prints have met with underwhelming responses with sterling investors apparently holding on to cash, while a big sale of legacy RMBS from the UK’s bad bank last month widened the market and reduced appetite.
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Paragon Mortgages priced its buy-to-let RMBS at the wide end of revised guidance on Tuesday, and though the deal was comfortably covered it was another example of sterling investors refusing to chase primary deals tighter in recent weeks.
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BNP Paribas is set to retain over €1bn of RMBS notes backed by French residential mortgages, as spreads in the asset class remain too high to tempt French issuers away from covered bonds for funding purposes.
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Paragon Mortgages 21 was set to be priced on Tuesday afternoon, via Lloyds, Macquarie, Morgan Stanley and Natixis, while Charter Court lines up another non-bank UK RMBS, Precise 2014-2, arranged by Credit Suisse.
