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