Finance

The Kansas City, Missouri-based regional bank said it is making progress on its pending purchase of Heartland Financial USA in Denver. The deal is expected to close during the first quarter of 2025.

While the REIT still seeks to grow servicing, it's been willing to sell for the right price as it responds to new rate-related risks and opportunities.

Yields are expected to range from 5.75% on the A1A notes to 6.55% on the M1, all priced on the three-month, interpolated yield curve.

The Hammond, Louisiana, company, which announced changes to its business strategy, cut 71 jobs and reduced its dividend to 8 cents per share.

With Theorem, Pagaya's fund management business is expected to grow to more than $3 billion of capital

Yields are expected to range from 5.44% on the P-1 (Moody's) and A-1+ (S&P Global Ratings) notes to 5.74% on the notes rated Baa1 (Moody's) and A+ (S&P).

The A1, 2, and 3 bonds will be repaid sequentially and do not benefit from subordination. There is a capital subaccount that provides sufficient funds to offset typical variance in collections.

Moody's says it expects a 0.60% loss on the 2024-A pool, with a 3.0% loss at the Aaa stress, and the notes have legal final maturity dates ranging from July 15, 2025 through Nov. 17, 2031.

According to the latest available database details, yields range from 6% on the class A4, AAA certificates to 5.9% on the class A8 certificates, also AAA.

There's been a resurgence of interest in CLOs. Gross issuance is on track for a record year in Europe, while year-to-date issuance in the market has already exceeded 2023's full-year volume.