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The synthetic securitization leaves the assets on Deutsche Bank's portfolio—the originator and arranger—making the investor syndicate a critical risk counterparty.

That said, officials "reaffirmed that it would be appropriate for policy to remain at a restrictive stance for some time until inflation was clearly moving down sustainably."

This is the program's third transaction, according to ASR's deal database. The notes have about 8.57% in credit support for all five tranches, which are all class A notes.

James Gorman, chair and CEO of Morgan Stanley, expressed optimism in an interview Wednesday that the proposed Basel III endgame capital proposal would "definitely change" before it is finalized.

The end-of-year slowdown comes after a recent fall surge, but overall activity still finished 6% below late 2022 levels, according to the Mortgage Bankers Association.

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.