Fitch and DBRS released reports outlining the risks, physical or otherwise, of climate change to MBS and ABS. They said impacts varied by area and that vigorous policy efforts could help stem losses.
The House passes legislation to help address legacy contracts for MBS and ABS tied to LIBOR; the SEC expands payment methods for various filing fees; transportation ABS is performing well despite supply chain issues.
Bank investment in auto ABS surged 19% during the third quarter, including big gains at TD Bank and KeyBank. Fifth Third and Commerce Bank also reported strong growth in total ABS. (Includes two data charts.)
Hotwire Communications and Flexential are issuing their first ABS. The Hotwire deal is tied to fiber-to-the-home networks while two ABS from Flexential are linked to data centers.
Non-agency MBS hit the market ahead of Thanksgiving; rating upgrades possible with new commercial MBS methodology at Moody’s; timeshare securitization performance stable; Fitch extends comment period for proposed criteria to rate shipping container ABS; California launches tobacco-settlement securitization.
Congress is getting closer to passing legislation that would help legacy MBS and ABS transition away from LIBOR; there’s a securitization angle in Zillow’s move to discontinue its fix-and-flip business.
Issuance of new ABS through the first nine months of 2021 was up 38% from the same period last year and already the highest annual output since 2007. (Includes two data charts.)
Changes implemented in response to the financial crisis of 2008 helped the MBS and ABS markets perform better than expected at the onset of the pandemic.
Structured finance production held at historically high levels in the third quarter, though most sectors were down. Growth pockets included non-agency MBS and ABS. (Includes four data charts.)
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