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The trust distributes scheduled principal on a pro rata basis. There is also a specified lockout period during which the subordinate classes do not receive any unscheduled principal.

The delinquency rate that Kroll Bond Rating Agency tracks improved last month but JER's recent Chapter 11 filing and 2024 forecasts suggest it's still under pressure.

The segment demonstrated sustained resilience in the third quarter, growing its share of the market each month amid rate volatility, according to Corelogic.

For the most part the underlying loans have very low default rates. Almost the entire pool, 91.8%, is clean current, and appear to have performed well into the period where they were expected to experience greater losses.

The real estate investment trust — which counts the private equity firm C-III Capital Partners among its top shareholders — owes more than $100 million to creditors but has less than $50 million of assets, according to a Chapter 11 petition.

Fitch expects to assign AAA to the class A notes.

The transaction is collateralized by at least 95% senior secured loans, cash, and eligible investments, S&P says.

The year-end yield on the bond, a global anchor for markets and U.S. mortgage rates, is the culmination of a stunning rebound for Treasuries.

The U.S. may be less rate-sensitive than other countries due to its long-term mortgages but could face tighter credit from hard-hit financial institutions.

The riskiest tier of the junk bond market, CCC, has gained nearly 20% year to date on a total return basis, making it the best-performing asset class in the U.S. fixed-income market.