MBS

A white paper released Monday by the Alternative Reference Rates Committee outlined how issuers could (and perhaps should) model new floating-rate transactions using a compounded version of the interbank overnight rate instead of Libor.

The lasting effects of work-from-home practices driven by the COVID-19 pandemic could slash some office property values to less than half of their original value – and lead to rating downgrades on affected CMBS transactions, according to Fitch Ratings.

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

Pretium Partners and Ares Management recently closed on a $2.5 billion acquisition of SFR owner/operator Front Yard Residential Corp., in a deal first announced last October.

The Blackstone-affiliated company recently took out a cash-out refi mortgage for a 17-property portfolio, an opportunity aided by high demand for its R&D facilities for COVID-19 research.

The sponsor has refrained from multi-borrower deals since March 2020, but has pooled together 28 loan participations from 40 properties – including notable concentrations in retail and lodging.

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

Through the Stack Infrastructure Issuer LLC (Series 2021-1), the Denver-based operator will issue $400 million in Class A-2 notes with preliminary A- ratings from S&P Global Ratings.

Three announced deals from Woodward Capital, Redwood Trust and Wells Fargo are set to price before the end of the month; additional transactions are expected soon from Morgan Stanley and Goldman Sachs.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 26-March 4

The deal is also the first to come to market since BlueGreen Corp’s $131 million BXG Receivables Note Trust 2020-A last October.

The underlying sellers of the loans are approved lenders and servicers by Fannie Mae, Freddie Mac and Ginnie Mae.

The deal is only the third post-crisis securitization of higher-risk manufactured housing assets, following deals in 2019 and 2020 that were sponsored by FirstKey Mortgage.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 12-18

Ratings agencies describe a "notable" concentration of alternative-income mortgages in the nonforming pool that were underwritten by Ellington-affiliated LendSure.

WeWork Cos. cut prices across the U.S. in the past few months, indicating that a post-pandemic recovery will come slowly for office rentals.

Morningstar Credit Ratings LLC let analysts make undisclosed adjustments that resulted in higher ratings of mortgage-backed securities for issuers that paid for the rating, the U.S. Securities and Exchange Commission said in a lawsuit against the rating agency.

The best mortgage bonds to buy now may be the ones the Federal Reserve is purchasing, because the securities might benefit the most if macro optimism fades.

Vornado, a publicly traded REIT, and CPPIB have invested over $64.2 million in capital improvements to the historic One Park Avenue building since 2014.

Several homebuilders and apartment developers are expanding into single-family rental space that was previously the domain of small mom-and-pop investors.