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MS, Wells settlements anticipated

24 April 2014

Anticipation is growing over similar settlements occurring for Morgan Stanley and Wells Fargo RMBS shelves, following the US$1.13bn Gibbs & Bruns agreement with Citi (SCI 8 April). Some senior CMLTI RMBS bonds appear to already be pricing in a 60%-70% probability of trustees accepting the latter agreement. The limitation of the Citi settl...

© Joe DeShon

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New paper in secondary CMBS

24 April 2014

US CMBS secondary market spreads were generally unchanged yesterday, although legacy conduit fixed AMs and AJs did tighten in. A few decent sized lists circulated as BWIC volume passed US$220m. SCI's PriceABS data shows a wealth of pre-crisis paper, but there were also a few 2014-vintage names out for the bid yesterday. By contrast, the earliest-...

© Sterilgutassistentin

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RMBS BWIC volumes creep up

23 April 2014

The US non-agency RMBS secondary market remains subdued, with a little under US$400m of P&I bonds on BWICs yesterday. Focus was on Alt-A hybrids and option ARMs as fixed-rate supply was light. SCI's PriceABS data shows a range of names out for the bid, including a few fixed-rate names. The prime 30-year fixed-rate CWHL 2005-28 A4 tranche...

© Elvert Barnes

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Autos boost ABS secondary supply

22 April 2014

An increase in US ABS bid-list supply yesterday was largely driven by auto ABS paper. BWIC volume reached around US$70m as equipment and whole business tranches also circulated. SCI's PriceABS data recorded several covers from the session as well as a range of price talk. Among those tranches was the FORDO 2013-B A3 tranche, which was talked at p...

© Elf

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