Latest news
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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Five Oaks Investment Corp. plans to acquire more jumbo mortgages and aspires to launch its own RMBS shelf by the end of next year, following the completion of the company’s first securitization last week. -
ABN Amro priced its €500m five year Dolphin RMBS at the tight end of guidance on Wednesday morning, demonstrating the continued resilience of core ABS to a broader market slump and placing the trade directly between recent prints from Dutch rivals Aegon and Obvion.
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JP Morgan is at the head of a consortium that has acquired a £2.7bn portfolio of legacy performing UK residential mortgages from the UK government’s bad bank, and has structured the assets into two RMBS transactions to syndicate to investors.
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New issue momentum picked up in the RMBS market this week as one Dutch deal was priced and another was announced, along with a sterling deal from a UK bank. However, pricing softened as euphoria over the ECB’s purchase programme began to wane.
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Market participants expect spreads to remain stable for agency risk-sharing MBS offerings as more and more of the notes are issued.
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Lloyds has made a cash injection into its Permanent UK RMBS master trust, paying off the loan tranches related to Permanent 2009-1, the deal which reopened the RMBS market in Europe after the crisis.
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The primary ABS market picked up momentum sharply on Tuesday as Dutch RMBS Saecure 15 was priced and ABN’s Dolphin 2014-3 was announced, while initial price thoughts on Lloyds’ UK credit card deal, Penarth, were announced. Finally, in the CMBS market, Westfield Stratford City Finance was priced.
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Citi has added the new role of head of RMBS distribution to its mortgage and credit structuring business.
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Dutch lender Aegon Hypotheken has opened books and released initial price thoughts for Saecure 15, a prime RMBS that is backed by a high proportion of guaranteed mortgage loans. This will be the first RMBS since details of the European Central Bank’s ABS purchase programme were announced, and could prove a litmus test of prospective demand.
