MBS

The new business will take in money from insurance companies and invest in mortgages and in private structured credit. It will look to draw business from an insurance industry that's "looking to diversify.

While the collateral pool consists of a mix of fixed- and adjustable-rate mortgages, CHNGE Mortgage 2023-4's notes are priced to the three-month interpolated curve.

After a challenging 2022, fund flows reverted to positive territory in 2023 even though higher interest rates and wider spreads have considerably reduced the supply of securitized product.

GCAT 2023-INV1 will issue notes from a structure of super-senior through subordinate notes, which will also feature initial exchangeable notes, and an excess servicing class.

The A-1, A-2 and A-3 notes will benefit from credit enhancement levels of 38.6%, 30.1% and 19.3%, respectively. The mezzanine class benefits from 13.3%.

The deal's higher subordination floor structure conveys protection to the senior classes from losses during the life of the deal, but also presents so-called tail risk to the subordinate classes.

Consumer ABS adapts to an environment where total U.S. household debt reaches a record high of $17.06 trillion, while observers say credit performances could reach pre-pandemic levels by 2024.

A vast majority of the pool, 92.02%, was underwritten to the properties' actual or estimated rental incomes, and not the mortgagors' incomes.

The case stems from a lawsuit filed by the US Department of Justice against UBS in relation to legacy residential mortgage-backed securities from 2006 and 2007 and related to the issuance, underwriting and sale of the securities.

The collateral pool is comprised of a mix of mortgage loans, from 30-year, fixed-rate, fully amortizing loans (94.6%) to 40-year, fixed-rate loans with an initial interest-only term (0.03%).

Prime Minister Justin Trudeau's government is considering winding down the Canada Mortgage Bond program in a bid to reduce borrowing costs.

A vast majority of the pool, 86.35%, consists of primary homes. Investment properties and secondary homes, meanwhile, account for 11.29% and 2.36% of the collateral.

Newman will develop and implement the company's asset capital strategy, and lead a team focused on Hometap's optimization, structuring, pricing and go-to-market methods for various investor segments.

The notes have a coupon of 7.1%, a FICO score of 728 an original cumulative loan-to-value ratio of 66.9%, and an issuer debt service coverage ratio of 1.26%.

Commercial and industrial customers comprised about 60% of SIGECO's electric sales, which potentially exposes the pool to volatility due to business changeable cycles.

The properties have a purchase price of $684.8 million, and an issuer cost basis of $744.4 million, a debt yield of 7.0%, and a debt service coverage ratio of 1.44x.

The current transaction is shaping up to be a smaller deal with higher quality assets, compared with the CMLTI 2022-RP4.

Notes will be repaid through a modified sequential structure, which calls for the A-1 and M-1 through M-3 classes to receive principal on a pro-rata basis.

The three senior classes should repay investors with coupons of 6.73%, 7.13% and 7.64% on classes A1, A2 and A3, while are expected to issue floating-rate notes.

The marketplace has a large appetite to acquire risk-adjusted rental product. Investors see tailwinds leading to a revitalization of SFR capital markets by yearend.