Finance

The change in tone was obvious on Monday, when SBA Communications Corp. postponed the repricing of a $2.3 billion term loan.

Credit enhancement ranges from 15.0% on the super senior notes to 0.70% on the B4 note, among the subordinate tranches.

The pension plan's investment is a show of support from one of the world's largest private markets investors for the securities.

The transaction includes a three-year revolving period, when collection proceeds can be used to purchase new assets. The revolving period can be terminated in an Early Amortization Event.

Spreads for Fannie Mae current coupon mortgage bonds, a proxy for securities being created now, jumped 0.07 percentage point to 1.41 percentage point, on track for the most widening in a day since April.

The final maturity date is set in relation to the final payment of the notes in the most stressed scenarios, respectively, which is a departure from prior issuances.

Although the deal will sell just one tranche of notes to investors, those notes benefit from 26.0% in subordination, which comes from a subordinated transferor amount deficit.

The notes have a final scheduled maturity date of August 2069, with credit enhancement levels that range from 25.0% on the A1 notes to 1.45% on the B1B tranche.

Yields on the certificates will range from 5.77% on the A1 notes through 6.17% on the A3 tranche. Otherwise, the M1, B1A and B1B notes are to see yields of about 6.42%, 7.32% and 8.17%, respectively.

Policymakers also made several adjustments to the language of a statement released after their two-day meeting in Washington, signaling they are closer to reducing borrowing costs.