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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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Aegon has securitised a pool of government guaranteed (NHG) mortgages through its Saecure RMBS programme, privately placing €750m of RMBS and retaining another €373m of the same two year and five year bonds.
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Aegon Levensverzekering N.V. has securitized a pool of government guaranteed (NHG) mortgages through its Saecure residential mortgage-backed securities program, privately placing EUR750 million ($957.91 million) of RMBS and retaining another EUR373 million ($476.4 million) of the same two-year and five-year bonds.
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Aegon has securitised a pool of government guaranteed (NHG) mortgages through its Saecure RMBS programme, privately placing €750m of RMBS and retaining another €373m of the same two year and five year bonds.
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Investors may have spoken with their wallets this week, responding to ratings agencies’ concerns over representation and warranties in JPMorgan’s first private-label residential mortgage-backed securitization since the crisis by pushing its price wider than EverBank, another private-label deal that also priced this week.
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Fitch has adjusted its rating assumptions for Spanish RMBS on the back of worsening property market expectations, more uncertainty over mortgage borrower insolvency legislation and persistently high unemployment. The net effect will be lower and slower mortgage recovery rates, the rating agency said in a teleconference on Tuesday.
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Macquarie Bank has arranged an AUD1 billion ($1.04 billion) securitization of Australian residential mortgages, IDOL Trust Series 2013-1, for ING Bank which priced Thursday.
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Regulations put in place since the crisis rendered KfW’s Promise small-to-medium enterprise capital relief program largely redundant, but the German agency is still buying SME-related German asset-backed securities and, more recently, used the program to wrap SME loans to make them eligible for covered bond pools, according to a KfW official.
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The UK government’s two-pronged Help To Buy programme to increase home ownership — outlined in Chancellor of the Exchequer George Osborne’s annual budget on Wednesday — could have a positive knock-on effect for the residential mortgage-backed securities market in the country.
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The Dutch government is considering creating a centralised Dutch mortgage bank that would issue government-wrapped multi-issuer mortgage bonds, backed by securitisations of government-insured (NHG) mortgages. The double-wrapping would bring benefits for both issuers, existing investors and the housing market, according to JP Morgan analysts, though Dutch RMBS issuance is likely to fall.