John S. Hintze

Atlas SP structures deal with a "meaningful" concentration of investment properties. Still, it meets investor demand.

The private, pass-through structure includes elements of both public transactions and those with bank expertise.

The overlooked segment offers a premium over AAAs backed by significant subordination, the firm says.

The $300 million offering marks private-market-specialist StepStone's inaugural middle market CLO.

ABS overall should outperform, but risks remain in specific areas

The deferred pay structure offers investors a premium over traditional residential transition loan securitizations.

Deal finds lower pricing and adds a new class of AAA notes.

Higher charges for BB bonds would only marginally impact CLO market.

Tighter spreads are expected as floating-rate demand continues.

The deal mitigates mortgage-pool risk with CLO credit strengths