06/25/2010 |
Past Issues |
The old adage of one man's junk is another's treasure could be the best way to describe the situation that is creating a schism in CMBS land today.
While it isn't news that home prices impact the prepayment and credit performance of mortgage loans, it is useful to review lessons of the past few years.
As the hunt for yield sends investors further down the credit curve, sources said that a good place to look might be esoteric assets.
Bank of America Merrill Lynch managed to claim the top lead manager position with a market share of 17% and $4.4 billion in issuance.
The top three ratings agencies are seeking to regain credibility by tailoring their research efforts to better meet investor needs.
Dealer floorplan ABS losses currently remain low, with performance metrics within range of historical levels.
There are certain areas of the securitization market that present opportunities for investors.
Mortgage prices across most of the stack are sitting at record highs, while mortgage rates are near record lows.
Last June the Basel Committee released the calendar for implementing adjustments to the Basel II market risk framework.
DPR deal issuance has made a poor showing so far this year, with Scotiabank Peru the only originator to have hit the market. Now there is an El Salvadoran deal as well.
Market experts said that the ABS and covered bond markets could definitely co-exist.
As of press time, the Argentina province of Chubut was approaching issuance of a deal backed by oil and gas royalties.
View year-to-date 2010 ABS issuance totals for ABS, MBS and CMBS.
View the year-to-date manager rankings for the different ABS sectors, including real estate, credit cards and autos.
View the Scorecard deals featured in ASR's Scorecard database that priced in the last two weeks.
See results from the Mortgage Bankers Association's Refinance and Purchase Indexes as well as the weekly mortgage rates surveyed by Freddie Mac.