The average AAA note coupon of 103 basis points above Libor widened from 98.4 in March, which had been the tightest CLO spread level in approximately five years.
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All five – Plaza West Covina Mall (Calif.), Franklin Park Mall (Ohio), Parkway Plaza (Calif.), Capital Mall (Wash.), and Great Northern Mall (Ohio) – were built in the 1970s and have JCPenney or Sears as a major tenant.
June 7
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Robert Broeksmit, a career mortgage industry executive, will succeed David Stevens as the president and CEO of the Mortgage Bankers Association.
June 7
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The .. also named David Williams as head of U.S. global structured credit solutions capital markets; both executives have been with the firm for over a decade.
June 7
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Changes that federal regulators are contemplating to the Volcker Rule could pave the way for CLOs to resume investing in high yield bonds, which they currently cannot do without putting themselves off limits to banks.
June 6
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Acting Consumer Financial Protection Bureau Director Mick Mulvaney is poised to dismiss its administrative proceeding against the mortgage lender, following a four-year battle over the agency's structure.
June 6
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Fitch Ratings, which has only rated two other CRE CLOs over the past three years, joins Moody's Investors Service and Kroll Bond Rating Agency on the $514.2 million transaction.
June 6
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The volume of "true" new-issue CLOs (excluding reissued deals of existing collateralized loan portfolios) have declined for four consecutive months after February's high-water 2018 mark of $14.7 billion. But JPMorgan maintains its $115 billion-$130 billion annualized forecast.
June 6
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Blame the decline in the oil and gas industry; many 2014 vintage deals have exposure to a number of multifamily and hotel properties in North Dakota and Texas, according to Fitch.
June 5
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Exempting CLOs from “skin in the game” rules allows managers to unload more of the risk in these transaction; increasingly, they are doing this by issuing a second tranche of speculative- grade notes.
June 5
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Since its inception, the qualified mortgage rule has been synonymous with loans purchased by Fannie Mae and Freddie Mac or guaranteed by government agencies. But a broader QM definition could change that by creating more competitive private-label options.
June 5
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Democratic CFTC commissioner Rostin Behnam said Monday that the proposed changes to the proprietary trading ban go too far.
June 4 -
Anticipated changes to the qualified mortgage rule will give lenders more options and force them to rethink their views on risk.
June 4
