There is talk in the market that an El Salvadoran credit union is working on a small cross-border deal backed by remittances.
This would be the first transaction of its kind, as the remittance space has so far been dominated by top-tier emerging-market banks.
Should it come to fruition, the transaction could open the door for other DPR deals originated by small lending institutions.
The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
Known for subprime financing, the sponsor has been making inroads lending to near-prime customers in the last couple of 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.
