Securitization

RBC Capital Markets hired Ming Tang to its new collateralized loan obligations (CLOs) trading team, a spokesperson with the bank confirmed this week.

Moody’s Investor Service has assigned a Prime-1 rating to Royal Bank of Canada’s $10 Billion ABCP Program called Bedford Row Funding Corp.

Trepp LLC said in a report today that November CMBS delinquency rates increased by 2 basis points, reversing a consecutive three month declining trend.

A slight decline in refinance activity for all of November supports current prepayment expectations for December and January.

Redwood Trust filed a registration statement with the Securities and Exchange Commission to issue its first mortgage backed securities transaction for 2013 under its Sequoia series of deals.

The CMBS primary pipeline looks set to continue a busy pace until the end of the year with three deals marketing this week.

Freddie Mac announced its seventeenth multifamily mortgage backed securities for this year; the $1.1 billion structured pass-through certificates called K-023, is expected to price this week, .

A new Spanish mortgage law that gives a certain category of borrower a reprieve from foreclosure raises the risks of further measures that might hurt recoveries on defaulted loans.

For clues about where European RMBS performance is headed, Barclays Bank analysts are looking at jobless rates.

Standard & Poor’s today projected that securitizations of credit card receivables in the U.S. should hit $40 billion in issuance in 2013.

A dearth of refinancing options for European CMBS loans will not be covered entirely by new entrants as long as they focus exclusively on higher-quality properties.

A lawsuit that charged three ratings agencies with wrongdoing in the sale of mortgage-backed securities cannot advance, a federal appeals court in Ohio has ruled.

A couple of ABS deals have joined the pipeline this week.Santander, for its part, has a $791 million auto deal coming down the pike.

The ratings agency says the $329.9 million CSMC Trust 2012-CIM3's senior most tranche does not merit a triple-A rating.

The $600 million Octagon transaction brings year-to-date CLO new issue volume to $49 billion

The American Securitization Forum said in a comment letter today while that it supports the Federal Housing Finance Agency’s proposal to create a single GSE securitization platform, the solution won’t be a good fit with fully private label securities.

Stricter rules for the eligibility of covered bonds used in the European Central Bank’s repo facility are unlikely to significantly depress collateral postings, because the new ABS rule affect few issuers.Stricter rules for the eligibility of covered bonds used in the European Central Bank’s repo facility are unlikely to significantly depress collateral postings, because the new ABS rule affect few issuers.

Westgate Resorts said that the securitization market has allowed the company to lock in fixed-rate capital while eliminating refinancing risk on these portfolios.

The Credit Suisse deal called CSMC Trust 2012-CIM3 makes considerable effort to address R&W mechanics that continue to result in controversy and litigation for legacy RMBS, S&P analysts wrote.