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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.

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.