rate card - asset-backed alertasset-backed alert: 5 arine ie plaza, te 400, ooken, 07030 /...

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ASSET-BACKED ALERT: March 23, 2018

Start a free-trial subscription at ABAlert.com. Or call 201-659-1700.

Data-analytics company RiskSpan is developing a block-chain-technology tool through which loans eventually could be originated, pooled and securitized.

As an initial step, the Arlington, Va., operation began “shad-owing” an unnamed mortgage-bond issuer’s deals in February — reproducing pertinent collateral data on a distributed ledger while setting up so-called smart contracts used to verify pay-ments to bondholders. It also is talking to other types of issu-ers, including auto lenders.

The idea of shadowing bond deals at the outset, as opposed to working directly on them, reflects a situation in which few securitization professionals have adopted blockchain technol-ogy. Rather than waiting for broader adoption, RiskSpan hopes the project will prompt more participation — and eventually attract paying users for its tool.

RiskSpan’s product could be used to calculate payments and carry out other parts of the securitization process already, co-founder Suhrud Dagli said. Indeed, the company’s exercises so far have seen it draw on the work of affiliate SmartLink Lab to build smart contracts with the ability to direct payment activ-ity.

RiskSpan chief executive Bernadette Kogler added that she expects the mortgage-bond issuer already involved in the proj-ect to adopt blockchain-enabled payment verification for its deals this year. However, trustees still would handle actual dis-tributions.

RiskSpan’s tool is built around an IBM product called Hy-perledger Fabric.

Dagli conceded that obstacles remain in marketing such a system. There are concerns about borrower privacy, for exam-ple, and virtually no investors are equipped to trade on block-

chain networks. RiskSpan, founded in 2001, is best known for creating customized data-management and cashflow-model-ing software for use by participants in the lending and securiti-zation industries.

See GRAPEVINE on Back Page

2 New Residential Eyes Registered MBS 2 Kroll Staffs Up for CLO Push 4 REIT Maps Non-QM Program 4 CLO Pros Knock Moody’s for Backlog 6 Retention Rule Adds Risk for Lawyers 6 RiskSpan Testing Blockchain Tool

8 Business Lender Ready for Debut 9 Issuers Prep for Rule-Change Overlap 10 INITIAL PRICINGS

11 MARKET MONITOR

Namit Sinha is joining Angel Oak Capi-tal as a senior portfolio manager — a key role in which he is helping to lead the operation’s mortgage-buying and securitization program. Sinha had been employed as an analyst at Los Angeles investment � rm Canyon Capital since 2014. He also has spent time at Nomura, Barclays and Lehman Brothers. Angel Oak, an Atlanta consumer-� nance com-pany with $8.5 billion of assets, is both an investor and issuer in the mortgage-bond sector. Its o� erings have included three deals totaling $512.9 million.Pat Gonzalez has joined Antarctica Capi-tal’s New York o� ce to lead a push into structured-product investments. Gonza-lez, a portfolio manager with a history in

ABS Rally Shows Signs of Losing SteamFor the � rst time in more than a year, dealers are struggling to move newly issued asset-backed securities.In the past week or two, demand has slackened due to a combination of factors including fears of rising interest rates and heightened volatility across the capital mar-kets, traders said. It also may be that buysiders, having absorbed so much paper since the start of the year, want to take a breather. In any case, spreads widened across a swath of asset classes this week even as deal volume plummeted. “We are watching this very closely to see if it’s a blip or trend,” a portfolio manager at a large insurer said.� e sudden shi� follows a sustained period of insatiable demand for asset-backed bonds, during which spreads ground tighter by the month and deal volume reached its highest levels since before the 2008 market crash. Year-to-date, U.S. issuers have sold $80.7 billion of paper, versus $68.3 billion for the entire � rst quarter of 2017

See RALLY on Page 4TD Establishes MBS-Trading BeachheadTD Bank has hired market veteran Nicholas Letica to oversee the creation of a U.S. mortgage-bond trading desk.Letica joined the bank’s New York o� ce on March 12 as a managing director. Expectations are that he initially will pursue secondary-market trades of agency mortgage paper, and then expand into private-label and agency risk-transfer prod-ucts.

Letica most recently was a senior portfolio manager at investment � rm Cello

Capital, which he joined in 2014. He led securitized-product sales at Citigroup

before that, preceded by stints as a top mortgage-bond trader at HSBC and Deutsche

Bank. His former employers also include Bank of America, Bear Stearns and Drexel

Burnham Lambert, where he started his Wall Street career in 1989.Sources said the addition of Letica gives TD an instant presence on the trading

side while adding credibility to an ongoing push by the bank to become a majorSee TD on Page 8Yamaha Resurfaces With Card-Bond PlanLook for Yamaha Motor Corp. USA to resume issuing asset-backed securities a� er a long absence from the market — but with a new type of collateral backing the bonds.� e motorcycle maker’s captive-lending arm, Yamaha Motor Credit, plans to use secu-ritization as a funding mechanism for Yamaha-branded credit cards it started

o� ering about a year ago. � e operation also is looking into deals backed by dealer-¢ oorplan loans.

Word of the initiative began circulating as a team of Yamaha executives huddled with bankers and investors at the Structured Finance Industry Group’s “SFIG Vegas” conference, held Feb. 25-28 in Las Vegas. “� ey were meeting with a lot of people,

See YAMAHA on

THE GRAPEVINE

MARCH 23, 2018

Due to the annual break in our spring production schedule, the next issue of Asset-Backed Alert will be dated April 6.

RiskSpan Testing Blockchain Tool


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