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Italian RMBS Index Report Q1 2008?Pipeline Remains Active, Although Issuance Volumes Remain Low May 08
Standard & Poors, May 2008
Abstract
Average prepayments in the Italian residential mortgage-backed securities (RMBS) market increased further in Q1 2008 to about 10%. Data for Q1 shows that a material variability in the realized constant prepayment rate (CPR) emerged across transactions/originators. Data on delinquencies shows that Italian RMBS performance is feeling the strain from higher interest rates. Despite the slight deterioration in the underlying collateral performance, Standard & Poor's Ratings Services does not see a significant and generalized downturn in the overall performance of the Italian RMBS market as likely in the near future. Although our pipeline for new Italian RMBS transactions remains active, we did not rate any RMBS transactions in Italy in Q1 2008. Average prepayment rates in Italy continue to increase, reinforcing...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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