Mexico’s Federal District is eyeing early October for a re-opening of a Ps2 billion ($154 million) deal closed June 25, according to a prospectus filed with the Mexican Stock Exchange. The transaction adheres to a formula the originator established with its first issue in December 2003 — the securitization of a loan from the central government, with payments backed by federal participation revenue which the central government doles out to the District. The loan is a necessary step as the District isn’t allowed to take on debt directly. The re-opening is for both a 10 and 10-2 series. The former is a fixed-rate tranche with a 5-year tenor and the latter is a floater with a 10-year tenor. The total volume of the re-opening is capped at Ps3.3 billion, given that total program has a ceiling of Ps5.3 billion. Deutsche Bank is the sole lead.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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There are two series, 2024-1 and 2024-2, that have revolving periods—three for the 2024-1 and five for the 2024-2—during which noteholders will not receive any principal.
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The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
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Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27