Advocates trades within CMBS that allow investors to take advantage of mispriced CMBS optionality via first-pay premium AAA classes or new-issue PAC IO and seasoned WAC IO. Even with the 5 bps tightening in FNMA 10/9.5 DUS, 10Y AAA CMBS still remain rich on a one-year historical basis, but by much less at -0.8 standard deviations vs. the prior week when the reading was -1.7. But 10/9.5 FNMA DUS are trading relatively rich to 10Y agency benchmarks (-1.2 standard deviations on a 1Y basis), although they still offer a 20 bps pickup (versus a 1Y average of 25 bps).
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The company's attorneys had previously managed to successfully decertify the class in the seven-year long case, but the decision was reversed last year.
5h ago -
Banks and other financial market participants have been keyed into the central bank's communications around monetary policy expectations. But in an unpredictable economy, the guidance doesn't always hit the mark.
5h ago -
Only tangible, high-value works of art or collectible items will be allowed in the Sotheby's ArtFi Master Trust asset pool, and Sotheby's Financial Services eschews originating loans funded by NFTs or other intangible assets.
7h ago -
As banks retreat from the residential mortgage loan market, more private credit investors are embracing non-agency, non-QM financing to provide liquidity—and reap rewards.
11h ago -
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.
April 26 -
Known for subprime financing, the sponsor has been making inroads lending to near-prime customers in the last couple of years.
April 26