The new year has arrived and along with it a bond market rally that’s causing interest rates to fall, sparking hope that first-quarter mortgage originations and securitizations might turn out to be better than anticipated.

A new regulation set by the European Union for MBS and ABS issuance took effect at the start of the year. Though the rules don’t directly apply to U.S.-based deals, issuers here might have to comply if they want European investors to buy into their bonds.