Total year-to-date non-agency prime jumbo RMBS issuance is up to $12.7 billion from $3.5 billion in 2012. Issuance for the asset class could grow as large as $35 billion in 2014 as new issuers look to tap the securitization market, according to a Barclays securitization report.
Volumes in 2013 also saw a slight departure from the securitization prime jumbo mortgages. Although the majority of bonds are still backed by jumbo prime loans ($12.7billion), $2.1 billion of 2013 issuance is comprised of seasoned subprime and $3.1 billion of non-performing deals, according to Standard & Poor's.
But Credit Suisse’s $291 million CSMC Trust 2013-IVR5 may be the last deal of 2013. Standard & Poor’s said today that prime RMBS issuance is likely to slow for the rest of 2013 once CSMC Trust 2013-IVR5 is priced.
The deal, which is backed by first-lien/fixed mortgages to prime borrowers, will bring year to date issuance to $3.6 billion for Credit Suisse, according to S&P.