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Asset Securitization Report

EBA Consultation Paper Threatens Euro CLOs

– The European Banking Authority has published a consultation paper that would seem to threaten the recent revival of the European CLO market.

New Head for Barclays US Securitization Trading

– Barclays has appointed Adam Yarnold head of US securitized products trading, according to a person familiar with the situation.

JP Morgan Plans Another RMBS Deal

– J.P. Morgan plans to issue its second RMBS deal of 2013, the $442.4 million Mortgage Trust 2013-2.

Freddie Mac Tests Securitizations of Modified Loans

– Freddie Mac will begin securitizing modified single-family loans, according to the government-sponsored enterprise.

Credipar Plans Investor Placed French Auto ABS

– Credipar, a subsidiary of Banque PSA Finance, plans to issue the first investor-placed French auto ABS of the year, the €470 million AUTO ABS FCT Compartiment 2013-2.

Citibank Plans Credit Card ABS

– Citibank plans to issue a follow up to its early May issue according to a deal prospectus filed with US Securities and Exchange Commission yesterday.

Ally Paying ResCap $2.1B to Settle Creditor Claims

– Ally Financial agreed to pay $2.1 billion to unsecured creditors of its bankrupt mortgage unit, Residential Capital, including securitization trusts.

FeatherStone Plans REO-to-Rent Securitizations

– FeatherStone Investment Group is working on its first securitization of rental income; the deal should be completed in the next 90 to 120 days.

Ohio’s First Energy Plans $505M Utility ABS

– Ohio’s FirstEnergy Corp. subsidiaries, the Cleveland Electric Illuminating Company, Ohio Edison and Toledo Edison - are planning a $505 million utility securitization.

Large Portfolio Sale Tests RMBS Appetite

– An $8.7 billion sale by a European bank is set to test market appetite for non-agency residental mortgage-backed securities.

Mortgage Lenders Seek Lower G-Fees in Risk Sharing

– The Federal Housing Finance Agency should require the government-sponsored enterprises to purchase loans with deeper levels of credit enhancement in exchange for bona fide reductions in guarantee fees, the Mortgage Bankers Association said.

PCS Market Committee Adds Buyside Expert

– Will Howard Davies of PIMCO will serve on the Prime Collateralized Securities (PCS) market committee.

Non-Banks Boost Small Biz Lending with Eye on ABS

– The automated underwriting used by non-bank specialty finance companies has boosted small, unsecured business lending; these lenders are now considering ABS issuance.

Toyota Plans Second Auto ABS of 2013

– The new issue auto ABS pipeline this week includes an as-yet unsized deal from Toyoto Motor Credit, its second deal of 2013.

BlackRock Re-Prices 2 Classes of BMI CLO I

– BlackRock Financial Management has re-priced two classes of a $366 million collateralized loan obligation, according to Standard & Poor’s.