Further Lane Securities has hired David Castillo as a senior managing director in charge of institutional ABS/CMBS trading and sales at the firm. The new hire, who will report to the firm's CEO J. Michael Araiz, will also open and manage Further Lane's San Francisco office. As part of this expansion effort, the firm is planning to hire up to ten new employees, including a junior trader and a senior salesmen focusing on the ABS, MBS, CMBS and CDO sectors. Prior to his position at Further Lane, Castillo was managing director of taxable fixed income at Southwest Securities and was a senior vice president at Royal Bank of Canada. Aside from the new San Francisco division, NYC-based Further Lane also has satellite offices in East Hampton and White Plains, N.Y., Southern Florida, Santa Fe, and Lansing, M.I. Opening a San Francisco is part of Further Lane's goal to have a bi-coastal presence.
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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.
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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.
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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%.
April 24 -
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.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24 -
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.
April 24