Latest news
Latest news
As well as deals backed by new loans, it will call and refinance 2023 deals
Meanwhile, BNP Paribas hires in structured finance
Aspire's first deal is a $391.28m non-prime securitization
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Now is a good time to sell the Fannie Mae 4 butterflies and scoop up some relative value as the trade enjoys a low risk exposure, according to Morgan Stanley analyst Janaki Rao.
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Banco Santander is issuing a €1.8 billion ($2.56 billion) Spanish residential mortgage-backed deal, known as Santander Hipotecario 7, but the transaction is likely to be retained as investors continue to be spooked by Spanish asset-backed paper, according to a senior syndicate official in London.
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West Bromwich Building Society (Baa3, on review for downgrade) released the capital structure of its Kenrick 1 UK prime RMBS along with marketing documentation late on Wednesday. Although this is its second RMBS, it is the first to be publicly placed.
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Bank of America-Merrill Lynch’s $8.5 billion settlement last week will have investors strategizing about which residential mortgage-backed securities could get putbacks next, market players say.
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A large mortgage originator is looking to sell into the market a $55 million whole loan portfolio of jumbo high-quality mortgages in a bid to test investor appetite for future private-label residential mortgage securitizations, according to an investor at a life insurance firm.
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Allstate Insurance has filed suit against Morgan Stanley, charging the investment bank that it “knew or recklessly disregarded that those lenders were issuing high-risk loans that did not conform to their respective underwriting standards.”
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Bank of America-Merrill Lynch snagged the top spot for bookrunning global asset-backed securities in the second quarter of 2011, pushing out $6.07 billion in new deals, according to data provided to TS by Dealogic.
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The capital structure for Kenrick 1, the West Bromwich Building Society’s first publicly distributed prime RMBS deal, is expected later today. The borrower is due to start marketing soon and has planned a London based roadshow starting from Thursday and finishing on Monday.
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Residential-mortgage backed securities bids-wanted-in competition lists are not being jumped on – despite a tightening in bid-offer spreads -- by the desks of the big investment banks, said a New York trader at a broker-dealer.