The European structured finance market has seen a rise in the ratio of deals sold to investors over those that are retained, according to analysts at Bank of America Merrill Lynch.
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Intermodal container lessor Textainer Group Holdings has closed a $1.2 billion warehouse securitization facility.The new facility called Textainer Marine Containers II Limited (TMCLII) acquired a portion of the intermodal containers owned by Textainer Marine Containers Limited (TMCL), which is another asset owning subsidiary. TMCL used the proceeds it received from TMCLII to terminate its $850 million securitization facility.The interest rate on the TMCLII securitization facility is 2.625% over Libor during an initial two-year revolving period. If the TMCLII securitization facility is not refinanced or renewed after this period, the facility is structured to partially amortize in the next five years and then mature.
May 2 -
Moody's Investors Service has placed GMAC-RFC's servicer quality rating on review for possible downgrade.
May 2 -
Schroders has made new hires to its fixed-income team to enhance its capabilities in the emerging market debt (EMD) relative return sector.
May 2 -
Freddie Mac executive Anthony Renzi has accepted a senior mortgage job with Citigroup, after weighing a position with Wilbur Ross’ fast-growing mortgage empire, according to industry sources.ASR sister publication National Mortgage News (NMN) tweeted about Renzi’s job offers on its Web site early Monday afternoon.
May 2 -
Citigroup is arranging a $350 million CLO for the U.S. investment arm of Dutch insurer Aegon.
May 2
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Gleacher & Co. Securities, a broker-dealer subsidiary of Gleacher & Co., has hired Perrin Arturi and Donald Ullmann as executive managing directors who will co-head the firm's MBS/ABS and rates division.
May 2 -
Moody’s Analytics has updated its risk management tool called Mortgage Portfolio Analyzer (MPA) to help retail portfolio managers manage the credit risk in their mortgage portfolios.
May 2 -
Mortgage application activity overall was essentially unchanged as slightly higher purchase activity was offset by a dip in refinancing.
May 2 -
Auto ABS performance diverged during 1Q12, Moody's Investors Service said in its latest quarterly auto loan, auto lease and auto floorplan sector updates.
May 1 -
Regulators still haven’t done enough to exempt some of the biggest buyers of corporate loans from onerous reporting requirements that go into effect next year.
May 1 -
Trafigura Securitization Finance's (TSF) series 2012-1 is in the market. The offering is backed by a pool of trade receivables originated by Trafigura Beheer B.V., Trafigura Pte. (Singapore), and Trafigura AG, according to Standard & Poor's.
May 1 -
Legacy last-cash-flow CMBS spreads rallied following the Federal Reserve’s Maiden Lane III auction on Thursday last week to finish the week unchanged on average, according to a report released today from FTN Financial.This happened after spreads widened by about ten basis points earlier in the week.Last Thursday the Federal Reserve Bank of New York held an auction and sold the entirety of the MAX CDO holdings from its ML III portfolio to Barclays Capital and Deutsche Bank Securities. For the full story on the bidding process, please click here.With senior-subordinate or “AJ” tranches comprising almost half of the CDOs' underlying assets, the market's ability to absorb the roughly $7.9 billion in CMBS without considerable market disruption was "an impressive show of strength for the sector in general," according to FTN.The firm's daily regression showed that legacy CMBS spreads are close to two standard deviations cheap at current levels with an R-Square of 89%. This analysis predicts legacy CMBS spreads by using measures that track the ABX and Standard & Poor's REIT indices as well as the spread on 'A'-rated financials.At current levels, FTN's analysis showed the last-cash-flow legacy CMBS to be 50 basis points “cheap” on average.
May 1