Favorable technicals should support ABS spreads, especially in autos, which has seen negative net issuance in 2003. Best places to find value in ABS are in sectors lagging tightening in corporates or swaps. Go down in credit to subordinates and extend in duration in fixed rates, where supply’s especially light. Cautious on US consumer, however, and economic data does little to change firm’s view so it only assigns a "modest overweight." in sectors they like. Given this, although markets have a more positive psychology this year, is mindful of the typical year-end widening tendency of ABS, quickly eradicating, any near-term spread tightening.
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The capital structure features initial exchangeable notes among the class A, mezzanine and B1 notes. The super senior and senior support tranches will repay noteholders on a pro-rata basis.
May 2 -
The company's branches and loan officers will transition to ML Mortgage but operations staff are not part of the deal.
May 2 -
Note payments are linked to two tranched credit default swap (CDS) transactions, one related to the reference obligation between the issuer and SoFi Bank and SoFi Lending and the Issuer.
May 1 -
The Federal Open Market Committee held the federal funds rate at current levels, citing "lack of further progress" toward meeting inflation goals.
May 1 -
During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
May 1 -
House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.
May 1