Finance

This is ECMC's first securitization of a pool of rehabilitated loans since 2021.

Goldman Sachs Group Inc.'s Luke Gillam and Bank of America Corp.'s Murad Khaled, set to join AlbaCore Capital and Apollo Global Management, are the latest in a growing list of top bankers to make the leap.

Five-year notes were the worst performer among Treasury benchmarks, with yields rising by more than 5 basis points, though all rose by at least 4 basis points.

After a three-year absence, the deal will issue notes repaid from a pool of leases on 22 refinanced assets. Almost all the assets are narrowbody aircraft, representing 87.9% of the pool by value. One widebody accounts for 12.1% of the asset value.

The current pool of borrowers with FICO scores below 700 represents 14.9% of the pool, compared with 13.5% of the 2023-B transaction, according to one analysis.

Awareness of disaster risk has increased in the public and private sectors, and it appears to be prompting more interest in home improvements in particular.

Those metrics were merely a return to solid pre-pandemic levels and do not suggest a deterioration, says Moody's. Yet a broader, and more weakened employment picture is emerging, SMBC Nikko Securities says separately.

In recent weeks, the firm has told structured credit investors that it will be able to soon facilitate secondary trades under the name Atlas SP Securities, a division of Apollo Global Securities.

In the non-prime pool, owner-occupied properties account for most of the assets, at 55.1%; the amount of investor properties represents 41.6% of the deal.

Investors began pulling funds rapidly after it disclosed last month the departure of Chief Investment Officer Ken Leech amid Justice Department and Securities and Exchange Commission probes into its trading practices.

Warnings, finger pointing, and political infighting have consumed talks around a continuing resolution, but the details of the upcoming funding package are expected to be ironed out over the weekend for a likely vote early next week.

Subordination is unchanged on the classes A and B notes, and increased to 1.20% on the 2024-5 series notes, from 1.10% on the 2024-4 series.

In the collaboration, BNP Paribas, the European Union's leading global bank will commit the $5 billion in financing to support investment-grade, asset-backed credit that ATLAS and Apollo will source from their issuer clients.

Fed policymakers, in their new projections for their benchmark rate, have a median estimate of 3.4% for the end of next year — reflecting a potential further 1.5 percentage points.

A trigger occurs if the reserve fund is less than 50% of the reserve fund target amount, or if the payment date where the outstanding HEA valuation is less than 80% of the starting home valuation.

The fund aims to bring greater granularity and spreads of consumer assets to institutional investors that typically have a greater exposure to corporate credit assets.

Short-term rate cuts often don't immediately translate to lower financing costs for 30-year home loans, and there are some unique circumstances this time.

The 144A deals close within a week of each other and both have eight-year maturities. Series 2024-P3 has four class A tranches compared with 2024-N3's three class As.

The team will report to Vincent Pham as UMB Bank enhances its capabilities in CLO trustee and loan administration services.

COLT 2024-5 has a higher concentration of full documentation loans, 6.1%, compared with 5.1% on the COLT 2024-4 deal, and smaller concentrations of piggyback mortgages and loans on investor properties.