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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.

Issuance volume of asset-backed securities for the year through December 28, 2023

Underwriting league tables of asset-backed securities through December 28, 2023

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.