BlackRock has named Curtis Arledge managing director and co-head of U.S. fixed income, within the fixed-income management portfolio group.
In this new role, Arledge will be responsible for managing fixed-income portfolios, with a sector emphasis on nonagency ABS and MBS.
Arledge will report to BlackRocks fixed-income division co-chairs Scott Amero and Peter Fisher.
Previously, Arledge served as global head of fixed income at North Carolina-based Wachovia, where he worked for twelve years.
Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
