American Home Mortgage Servicing (AHMSI) is in the market with a $400 million real estate-backed deal with Deutsche Bank Securities serving as lead manager.

Fitch Ratings expects to assign ‘AAA’ ratings to the $200 million class A1 term note and the $150 million class A variable funding note (VFN), while assigning a preliminary ‘BBB’ rating on the class B1 term note, reflecting AHMSI’s operational and servicing capablities and financial condition, historical recovery rate of the advances, and the legal structure of the transaction.

The deal is backed by principal and interest, escrow, and corporate advances related to 49 RMBS transactions, according to Fitch.

In other parts of the world, Australia’s Liberty Financial is in the market with a $200 million RMBS deal.

Fitch expects to assign ‘AAA’ ratings on the $85 million A1 notes, $90 million A2 notes, and $10.4 million AB notes. The $3.6 million B notes will receive an ‘AA’ rating, the $3.6 million C notes will receive an ‘A’ rating, the $3.4 million D notes will receive a ‘BBB’ rating, while the E notes will receive an expected ‘BB’ rating, reflecting the quality of the mortgage portfolio, available credit enhancement, and the Liberty’s underwriting and servicing capabilities.

The deal marks Liberty’s fourth securitization of Australian RMBS, according to Fitch.

Published reports have indicated that the Liberty's latest RMBS deal comes about two months after the company priced a A$90 million auto loan-backed ABS. Pricing on the A$66.5 million Class A top tranche was reportedly at 170 basis points over swaps.

For additional preliminary information on both deals, please visit the ASR Scorecards database via the link below.

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