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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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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. -
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.
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The biggest obstacle holding back new issuance in private-label RMBS, aside from regulation, is a lack of standard investor protections, said a group of high-profile market participants on Tuesday. The comments came as US senators delayed consideration of the latest proposal to reform the government-sponsored enterprises that dominate the US housing market.
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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, even as the US non-agency RMBS market suffers from low issuance volumes.
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ABS syndicates trying to speed up the revival of Italian RMBS issuance since Veneto Banca’s breakthrough transaction this month have received a boost after Moody’s said its main performance indicators for the sector showed signs of stabilising.
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Two big residential mortgage deals are piquing investors' attention this week, as the ABS pipeline continues to be subdued with only a handful of transactions scheduled to hit the market.
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Bayview Financial, which issued eight deals last year, is preparing to sell an unusually long-dated securitization of re-performing residential loans, the market's first issuance with that kind of collateral since July 2013. The deal comes as market participants anticipate a surge in RPL and non-performing loan securitizations later this year.
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Some ABS bankers are adamant that a new Spanish prime RMBS transaction would be received with as much enthusiasm as Italy’s recent comeback, despite an increase in mortgage loan defaults.
