Latest news
Latest news
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
Citi prepares consumer ABS from Abound forward flow
More articles
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UniCredit priced the class A notes in its Newstone Mortgage Securities No. 1 at 98bp, inside the 105bp achieved by Bank of America Merrill Lynch’s Moorgate Funding on Friday.
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Lowenstein Sandler has hired a lawyer from Seward & Kissel to join its mortgage and structured finance practice group in New York.
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Bayview Financial has pulled from the market its $185m securitization of subprime residential mortgages, following Fitch Ratings’ public rebuke of Standard & Poor’s preliminary triple-A ratings. -
Investors have already covered the mezzanine tranches of Bank of America Merrill Lynch’s latest Moorgate Funding deal many times over, demonstrating a healthy appetite for risk in the first UK non-conforming RMBS transaction of the year.
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ABS syndicates trying to speed the revival of Italian RMBS issuance since Veneto Banca’s breakthrough transaction in April have received a boost after Moody’s said its main performance indicators for the sector showed signs of stabilising.
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While US senators on Tuesday delayed consideration of the latest proposal to wind down US housing giants Fannie Mae and Freddie Mac, which dominate 90% of the $10tr US mortgage business, Wall Street’s biggest mortgage investors cut to the heart of what continues to bedevil the market for private mortgage bonds, which have added a mere $1.5bn in volume since January, writes Matthew Scully.
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Investors have already covered the mezzanine tranches of Bank of America Merrill Lynch’s latest Moorgate Funding deal many times over, demonstrating a healthy appetite for risk in the first UK non-conforming RMBS transaction of the year.
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Bayview Financial will have four times more skin in the game in its latest re-performing mortgage loan securitization than credit risk retention rules would require, holding a nearly 20% stake in the $215m deal. But some firms aren’t sure if the higher yield the deal offers is worth the call risk on the unusually long-dated notes, which pay pro-rata — even as the US non-agency RMBS market suffers from low issuance volumes.
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Benchmark ABS issuers took another breather this week, but a handful of esoteric and off-the-run deals filled the gap. Fannie Mae, meanwhile, laid out details for its latest risk-sharing issuance.
