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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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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 reveling at certain aspects of the proposal, private-label RMBS issuers may be the biggest losers, according to a top securitization banker. -
Slow trading levels in the secondary market may get a boost this week from Freddie Mac’s $1.15bn bid list for legacy residential mortgage paper, the agency’s latest asset transfer to the private market. The deal is expected to gain traction among real money investors, who have been quiet in recent weeks.
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Aegon was able to price its latest Saecure prime RMBS transaction at the tight end of final guidance on Tuesday, despite surprising some rival syndicators with the size of the deal.
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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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Aegon may price its Saecure 14 RMBS trade as early as Monday afternoon, kicking off a week that could see the market for prime RMBS tested for the first time this year with three trades.
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Paragon has received a boost in its bid to issue up to three RMBS transactions this year, with healthy demand for the mezzanine tranches of Paragon 19 bringing more than 30 investors into the trade.
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UK buy-to-let mortgage specialist Paragon enjoyed an enthusiastic response from investors for its latest Paragon Mortgages RMBS, which will be priced on Friday.
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Clydesdale Bank will sell the first UK prime RMBS of the year, after mandating leads for a euro and sterling denominated Lanark trade that will be offered in Reg-S and 144A format to attract a bid from US investors.
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Dutch insurance company Aegon started a roadshow this week for a new Saecure RMBS that will be backed entirely by government guaranteed (NHG) mortgages.
