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The 2021 deal tally is split between $37 billion in new-issue transactions along with $68 billion in refis/resets, according to S&P Global Ratings.

Troubled properties aren’t coming to market because owners have little pressure to sell. Commercial real estate prices have held up – or even risen – because so much money is chasing so few deals.

Don Mullen, founder and chief executive officer of Pretium Partners, says that corporate debt could underperform mortgages this year, with fewer defaults likely for real estate loans and higher recoveries for mortgage-backed instruments.

The development bodes well for outcomes on distressed loans backed by major government-related mortgage investors Fannie Mae and Freddie Mac.

The first-time securitization by the online commercial-finance will involve more than half of the San Francisco-based company's managed accounts portfolio.

The heads of the Federal Reserve and Treasury are urging passage of legislation that would replace Libor with the Secured Overnight Financing Rate in certain contracts. That would spare banks litigation over trillions of dollars of contracts when Libor expires in 2023.

By purchasing additional assets and securities, the Federal Reserve provided the financial markets with enough liquidity to weather the pandemic recession. But with the economy starting to recover, it needs to reduce such funding before it creates dangerous bubbles over the long term, say two former bankers.

Concerned that some troublesome financial contracts won’t be able to switch to replacement benchmarks, the Financial Conduct Authority plans to publish a “synthetic” London interbank offered rate.

Deals, trends and research in structured finance and asset-backed securities for the week of March 19-25

The FHFA’s forbearance extension to September is forcing nonbank servicers to buy out more delinquent loans. It's also upended loss estimates for investors and made racial and income disparities in the mortgage market worse.