| Full Credit to Book (Equal if Joint) U.S. Public ABS Market/144A Market | ||||
| Managers | Proceeds (mils) | Rank | Mkt. Share | # of Issues |
| Citigroup | 3,149.7 | 1 | 28.3 | 5 |
| Deutsche Bank AG | 2,293.1 | 2 | 20.6 | 4 |
| Morgan Stanley | 2,085.9 | 3 | 18.7 | 3 |
| Merrill Lynch & Co Inc | 1,790.7 | 4 | 16.1 | 3 |
| Banc of America Securities LLC | 1,136.7 | 5 | 10.2 | 2 |
| Credit Suisse First Boston | 694.0 | 6 | 6.2 | 1 |
| Industry Total | 11,150.0 | - | 100.0 | 9 |
| Source: Thomson Financial | ||||
The deal will raise about $175 million in securitized bonds, backed by a pool of residential investors loans (42.1%) and traditional small-balance commercial (SBC) mortgages.
Aqua Finance's credit enhancements include a sequential pay structure until the class A credit enhancement period is over.
Homeowners won't trade in their cheap mortgages so lenders keep finding other ways to reach that equity. Bond buyers keep showing up.
The new record arrives after five months of annual home-price growth, which surged to its highest in more than a year, according to ICE Mortgage Technology.
Despite the variety of loans in the pool, the vast majority of assets are considered qualified mortgages, with only 10.9% considered non-QM.
The July jobs report was bad, but the context is worse: people leaving the labor force, stubborn inflation and rising bond yields.
