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The previous TAOT program issue one floating-rate tranche of notes pegged to the one-month SOFR, a term rate and a shift from the preferred daily rate.

Speaking at an event hosted by the Council on Foreign Relations, Federal Reserve Gov. Christopher Waller said the Federal Reserve has a long runway for its balance sheet reduction.

Other officials have supported moderating their pace of tightening amid signs inflation is cooling off and investors widely expect them to move by a quarter point.

The Mulligan trust has a three-year revolving period, during which it could issue up to $500 million in additional notes, if it meets certain conditions.

Mortgages in the transaction are almost evenly split between funding owner-occupied properties (53%) and second homes or investor properties (47%).

In a speech delivered Thursday afternoon, the Federal Reserve's vice chair said she does not see a wage-price spiral driving inflation, but rather a "price-price spiral."

Issuance volume of asset-backed securities for the year through January 19, 2023

Underwriting league tables of asset-backed securities through January 19, 2023

Discover Financial Services posted a healthy fourth-quarter increase in card spending and lending, but analysts raised concerns about a sharp rise in credit account charge-offs that's likely to continue into 2024.

The transaction is fixed rate from the collateral to the notes, an apparent retreat from the 2022-4 and 2022-5 deals that priced over the SOFR.