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Risky sharing?

28 July 2014

GSE deals may underpay for risks involved
Fannie Mae printed its US$2.05bn CAS Series 2014-C03 deal earlier this month, with structural innovations that may increase risk. While the market perception is that GSE credit risk transfer RMBS are very safe, concern is emerging regarding transparency around losses. CAS Series 2014-C03 includes loans with higher LTVs than previous transactions....

© MrHarman

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Credit enhancement to support NC RMBS

25 July 2014

The UK non-conforming RMBS sector has benefitted greatly from the low interest rate environment. The timing, frequency and magnitude of rate rises will be the next key driver of future performance, according to European securitisation analysts at Barclays Capital. To assess the impact of such rate rises and other economic variables, the Barcap an...

© Fin Fahey

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Non-core sales bring CMBS boost

24 July 2014

The recapitalisation of European CRE lenders through non-performing or non-core CRE loan sales should provide a supply of new opportunities. This, in turn, could potentially fuel increased European CMBS issuance. CRE loan and REO sales for the first half of the year totalled €40.9bn, compared to €30.3bn for the entirety of 201...

© Frisko

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Mixed bag out for busy CMBS session

23 July 2014

US CMBS BWIC volume totalled around US$650m yesterday as a mixed bag of securities from various vintages were put out for the bid. SCI's PriceABS data captured a range of price talk and covers. PriceABS picked up 29 unique US CMBS tranches from yesterday's bid-lists, including the BAYC 2006-4A A2 tranche. That tranche was talked at 83, after it h...

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