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SFR securitisations surveyed

27 August 2014

Five firms have so far completed eight transactions for US$4.4bn in the single-family rental (SFR) securitisation market's first year. Growth in the sector is slowing, however, as the stock of distressed properties lessens and foreclosure timelines in judicial states lengthen. Deutsche Bank ABS strategists note that the eight SFR deals issued so...

© Elvert Barnes

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Auto ABS widening underlined

21 August 2014

US ABS bid-list supply rose to around US$95m yesterday, with a block of auto floorplan bonds making up about half of the volume. Auto loan tranches accounted for the majority of the remaining BWIC items and reflected the recent spread widening seen in the sector. The floorplan paper out for the bid yesterday was AMOT 2010-2 A, which was talked at...

© Elf

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Call for Fed MBS exclusion

20 August 2014

The US fixed income indices commonly used by money managers exclude Fed Treasury holdings when calculating their composition but include its RMBS holdings. However, money managers would likely be overweight MBS rather than underweight if the Fed's RMBS holdings were also excluded. The Fed's Treasury holdings have historically been excluded from f...

© L.Miguel Bugallo Sanchez

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Call likelihood gauged

20 August 2014

US RMBS clean-up call activity picked up in 2Q14, with 10 deals called during the period versus six in the previous quarter. Together with lower rates, one factor that may be contributing to the up-tick is rising prices for non-performing/re-performing loans. "If rates stay range-bound and NPL/RPL markets remain strong, call activity will likely...

© Shoshie8

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