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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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Two of the most regular issuers in the European securitization market proved the European Central Bank’s ABS purchases were no simple compression trade this week, printing large trades that reset the tight end of the market.
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UK Asset Resolution’s restructuring of the Aire Valley RMBS master trust has prompted a possible Moody’s upgrade for the bonds, since it will strip out poor quality loans making up around 50% of the pool.
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Fitch has put specialist UK mortgage lender Kensington Mortgages’ special servicer rating on its "evolving" list, pointing to uncertainties created by Investec’s recent sale of the business to Blackstone and TPG Capital.
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Both tranches of Obvion’s Storm 2014-III Dutch RMBS transaction were set to be priced well inside initial guidance on Thursday, showing it is not just the wider end of the ABS market benefitting from the European Central Bank’s backing.
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The chief operating officer of Fannie Mae, the government-sponsored entity which provides the largest source of funding for US mortgages, is stepping down. Joy Cianci will take over some of his responsibilities.
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JP Morgan intends to issue a new non-agency jumbo RMBS deal, according to a Kroll Bond Rating Agency presale released on Tuesday. Despite this being JP Morgan's third such deal this year, banks are generally opting to keep jumbo non-agency mortgages on their books, however. -
Five year notes in Obvion’s Storm 2014-III Dutch RMBS could be priced at 35bp tomorrow, after lead managers Rabobank and Citi issued guidance of 25bp-30bp on the class A1 notes and 35bp-40bp on the class A2 notes, from initial price thoughts which were 5bp wider.
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UK Asset Resolution’s restructuring of the Aire Valley RMBS master trust has prompted a possible upgrade for the bonds from Moody’s, since it will strip out poor quality loans making up around 50% of the pool.
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Obvion has mandated Citi and Rabobank for the third Storm RMBS of the year, Storm 2014-III.
