MBS

January’s excess return came in at a level well above the trailing average for the month, thanks in large part to a helpful hand from the Federal Reserve.

The Chicago real estate private equity firm will issue $416.8M in notes financing its acquisition of retail, industrial and office properties leased by California-based Save Mart.

DLJ and Nomura Corporate are sponsoring portfolios of mostly previously modified, well-seasoned mortgages that have at least two years of clean-current payment status.

According to a presale report from Moody’s Investors Service, Home Re 2021-1 is the fourth deal by the issuer that will sell floating-rate notes (pegged to one-month Libor) that are backed by a reference pool of mostly prime mortgages.

Declining month-over-month delinquency levels and the rollout of COVID-19 vaccinations potentially give hope to more normalized economic activity.

The Class A notes in the transaction priced above par at Friday's deal closing.

The weighted average seasoning is 34 months, well above that of prior Invictus-sponsored deals on the Verus shelf that are typically new originations under 10 months.

The volume of Ginnie securities issued in December marked the first time more than $80 billion has been issued in a month.

The transaction features a pool of non-qualified mortgages with a higher-than-average delinquency rate driven by COVID-19 relief plans.

The first commercial mortgage securitization is backed by eight recently acquired garden-style apartments in five states.