Latest news
Latest news
Meanwhile, BNP Paribas hires in structured finance
Aspire's first deal is a $391.28m non-prime securitization
Two lenders entering administration should signal to others: simplify the industry
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Invesco Mortgage Capital (IVR) is hoping to scrape together enough new originations for two more non-agency mortgage-backed securities this year. The securitizations would likely resemble the $271m deal they sold last week, but the dearth of new originations could make it difficult to pull together enough collateral, according to people familiar with the plans. -
American Homes 4 Rent and Goldman Sachs will on Wednesday host investors at the Four Seasons Hotel in New York for the second roadshow of the property investor’s debut rental securitization. The deal was announced as investors step back their purchases of single family residential properties amid weaker March home sales and a rise in home prices that has cut US homeownership to a 19 year low.
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Credit Foncier is still waiting to launch its French RMBS, following the end of its roadshow last week, as yesterday’s UK holiday and holidays elsewhere, including Hong Kong, on Tuesday mean this week may not be ideal for execution.
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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.
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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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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.
