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A diversified pool of buyout funds secures $500 million of class A notes issued by White Rose CFO 2023 Holdings.

The pool has lower leverage compared to recent multi-borrower transactions rated by Fitch Ratings.

But the decline may be close to its floor, as wide spreads compared to 10-year Treasury yields hinder how far averages could fall.

Mortgage-backed securities' strong showing since mid-October defies a textbook theory that they typically underperform other types of bonds when yields are falling.

While much of the attention in next year's election is on the top of the ticket, there are several other important races in 2024 that banks need to keep on their radar.

Sophisticated technology enables the firm's real-time market adjustments, allowing the lender to become a top securitizer quickly since its founding in 2016.

The Treasury market is on course for a second-straight steep monthly gain, fueled by evidence that inflation is on a path toward the central bank's target after two years of interest rate increases.

The pool is well seasoned with a weighted-average seasoning of over 10 years for almost the full pool, according to S&P Global Ratings.

The certificates are backed by a single loan for 10 retail centers in nine states. AMC Theatres is the portfolio's largest tenant, representing 10.4% of the portfolio's base rent.

Citizens' SVP and director of mortgage secondary and capital markets reflects on what her experience with past cycles suggests about where this one may be headed.