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The announcement signals an openness to creating something many GOP lawmakers have long resisted: a federal guarantee of the trillions of dollars of mortgage bonds that Fannie and Freddie issue, a rep for P.A. senator said.

Carvana will use proceeds to pay down existing debt and to fund general corporate purposes.

The strong showing has prompted managers to bring new deals at favorable terms and refinance and reset existing bonds at cheaper costs, leading market observers to predict a record year for refinancings.

CLO new-issue month-to-date volume is at $8.9 billion, keeping pace with a record $15.8 billion total from February

With a steady stream of Senate hearings held on the racial wealth gap and inequities in the financial system, the new chairman has set a consumer-focused agenda that leans further left than even past Democratic chairs.

Deals, trends and research in structured finance and asset-backed securities for the week of March 5-11

The Federal Housing Finance Agency is preparing to retire certain loan underwriting flexibilities after extending them one additional month to April 30.

Unify Financial is sponsoring a $300M securitization of prime auto loans. The $3.3 billion-asset institution is only the second CU to sell securities backed by auto loans since the NCUA gave the green light for credit-union securitizations nearly four years ago.

Firms targeted include Brigade Capital Management, HPS Investment Partners, Symphony Asset Management and Bardin Hill Investment Partners, which all have a CLO business that repackages leveraged loans into bonds of differing risks, sources said.

Underwriting league tables of asset-backed securities through March 11, 2021