Spreads on the highest rated CMBS are at their tightest since the end of 2000. At the end of Feb., Merrill turned bearish at these same levels and recommended selling CMBS but this time it is different. The war with Iraq has to date been successful, the market is at the end of a big supply wave rather than facing one, spreads on most other competing products are tighter than two months ago. While Merrill does not view the sector as cheap, believes the risk reward is reasonably well balanced. In general, the trading range for triple-As has been redefined and is now a few bp lower than it had been.
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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 -
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.
April 25 -
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.
April 25 -
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%.
April 24 -
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.
April 24