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

The Spanish bank has been making heavy use of significant risk transfers, which allow banks to free up capital used to back up loans by paying investors to take on some of the credit risk.

The fund will invest in the riskiest tranches of bonds backed by leveraged loans.

The Federal Reserve lowered its policy rate but signaled a more "cautious" approach to future cuts in light of higher inflation expectations. Policy uncertainty was one of several contributing factors to that change in forecast.

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

Nonagency issuances are expected to increase 85% for this year over 2023, and rise another 36% in 2025, the second best since the financial crisis.

TCW is launching a real estate debt strategy as it seeks to grow its alternatives business and compete with other money managers moving into the $1.6 trillion private credit industry.

Unlike some recent RMBS deals, both exclude riskier interest-only loans and those supporting investment properties.