Most noticeable improvement in CDOs is tightening of the “basis” between primary and secondary spreads in triple-As. At the start of 2003, the pick-up out of a new issue triple-A loan deal into a secondary offering on a clean triple-A loan deal was about 25 bp. Increasing trading volumes, generally better liquidity and improved information access caused a tightening of this basis to 5 bp. But double-A and single-A CDOs lag. There’s still considerable pick-up out of new issue into secondary. The non-PIK securities or original double-As and single-As backed by more conservatively structured newer loan deals with lower PIK risk offer the best value.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
Price guidance was not available on the series 2024-1, the database notes that the series 2024-2 class A notes are expected to price between 63 and 65 basis points over the three-month interpolated yield curve.
April 22 -
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
April 22 -
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
With a high proportion of fixed-rate, interest-only underlying loans, the notes have almost no amortization, and three CRE loans have standalone, investment-grade opinions.
April 19 -
The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
April 18