People
John Stelwagon and E.A. Kratzman, both CBO/CLO experts from Societe Generale, have arrived at First Union. Stelwagon will be a managing director and Kratzman will be managing the firm's CBO/CLO investments.
Miscellaneous
Standard & Poor's has added a new section to its website to list rule 2(a)7 concentrations in asset backed conduits. The effort will inform investors as to whether or not a conduit has a concentration of over 10% of the conduit's outstanding assets.
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.
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
