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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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The private-label residential mortgage-backed securities market has been losing some of the momentum it saw early in the year, showing signs of softening and seeing practices the collateralized loan obligation and commercial mortgage-backed securities markets turned to in times of volatility to help clear struggling deals.
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Changes made on Wednesday to the U.K. Funding for Lending Scheme to boost small-to-medium enterprise lending should not materially impact the already low-level of U.K. SME asset-backed securities issuance, but London-based bankers remain angered by the squeeze the FLS has had on U.K. residential mortgage securitization, and fear a protracted RMBS issuance slump into 2014.
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Redwood Trust has raised credit enhancement slightly in its most recent residential mortgage-backed securities offering, raising some eyebrows on the real estate investment trust’s sixth private-label RMBS of the year.
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An excess stock of Spanish real estate means house prices are set to fall for five years, according to Moody’s. But SME ABS and RMBS ratings will only be moderately affected as its analysis already captures the expected decline.
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There are strong hints of new issuance from the UK prime residential mortgage securitisation market in the second quarter.
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There are strong hints of new issuance from the U.K. prime residential mortgage securitization market—which has so far laid dormant this year—during the second quarter.
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Natixis has successfully priced the year’s first new issue non-conforming residential mortgage securitization, Virgil Mortgage No. 1.
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There are strong hints of new issuance from the UK prime residential mortgage securitisation market in the second quarter.
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Natixis has successfully priced the year’s first new issue non-conforming RMBS, Virgil Mortgage No1. The deal coincides with a strong bid for this type of paper in the secondary market, but ABS specialists do not expect a flurry of new legacy RMBS deals to follow.