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Investors able to cherry pick deals from wide variety
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
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Hedge funds and other fast money firms are seeing a weakening bid from real money accounts for private-label RMBS paper, having already generated strong carry and price returns from the asset class. And as the market begins to cool, real money accounts are preparing to rebalance their holdings of these assets. -
Traditional Dutch RMBS investors embraced rare mezzanine tranches in Venn Partners’ Cartesian Residential Mortgages 1 transaction, which was priced on Friday through the firm's new lending platform, Ember VRM.
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Italian banks’ real estate-heavy loan books mean they are particularly susceptible to a European Central Bank requirement to mark to market loan collateral as part of its asset quality review, according to Moody’s.
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Investors finally got their hands on some UK RMBS paper in euros on Friday as Clydesdale Bank priced £600m equivalent across two tranches in the latest deal from its Lanark platform.
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Fast money accounts are still seeing strong demand for lists of mortgage-backed securities offloaded in the secondary market, but there are signs that the transfer of this paper to real money managers may have run its course, according to market participants.
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Aegon drew praise from rival bankers for the size of its latest Saecure transaction this week, with prime RMBS trades from Venn Partners and Clydesdale Bank still to come to relieve investors that have been starved of supply so far this year.
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While pundits have quickly dismissed any chance of legislation to wind down Fannie Mae and Freddie Mac moving forward any time soon, market participants have been quick to scour the proposal to assess how certain interests are faring in Washington. While builders and bankers may be revelling at certain aspects of the proposal, private-label RMBS issuers may be the biggest losers, according to a top securitization banker.
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Regional banks and private equity firms smell blood in the air amid negative headwinds for non-bank mortgage servicers, and they're pouncing on the chance to compete for lucrative mortgage servicing rights sold by the largest banks.
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Investors have been pushing up prices of UK RMBS paper this week, creating a good issuance environment for Clydesdale Bank’s latest Lanark Master Trust transaction, which represents the market’s first prime supply of 2014.
