Morgan Stanley

CIP, which specializes in energy infrastructure, is working with Morgan Stanley on a collateralized fund obligation. The transaction could be around $1 billion.

The investment banking giant has a hefty amount of excess capital, some of which is being used to meet client demand. At the same time, the company is open to opportunities to do bolt-on acquisitions, CEO Ted Pick said.

A cash trap provision calls for half of available funds to be deposited into the cash trap reserve sub-account if the debt service coverage ratio (DSCR) is between 1.35x and 1.275x.

The A-1-V notes are not expected to be drawn at close and will have to observe certain leverage and debt service coverage ratio (DSCR) conditions.

The IPO comes on the heels of several listings by companies seeking to benefit from the rapid growth of AI.

Aspire will raise $468.8 million from a pool of 917 residential mortgages, which are primarily fixed-rate.

The senior notes will repay investors pro rata, and the mezzanine and subordinate notes will repay sequentially.

A delinquency test requires that excess cash pay down the notes sequentially if the aggregate delinquent loans represent more than 5.0% of the portfolio balance's average loan balance.

NRMLT 2026-NQM7 combines pro rata and sequential payment priorities, with the class A receiving principal on a pro-rata basis before principal is paid to the mezzanine or class B notes sequentially.

Three tranches of notes will be issued to investors, and the A2 tranche will issue the bulk of the debt, $613.7 million. Also, the notes have an anticipated repayment date of June 2031.

The deal features a principal acceleration trigger. If breached, the transaction will divert all additional funds to paying down the principal on the notes.

The A1 VFN tranche is a variable funding note whose proceeds can be used for general corporate purposes, including acquisitions.

The Treasury anticipates keeping nominal note and bond sale sizes unchanged "for at least the next several quarters," the department said on Wednesday.

An array of unnamed originators accounted for the large majority of originators in the pool, 89.3%, the rating agencies said, while Hometown Equity Mortgage originated 10.7% of the pool.

Hawkish votes against the policy statement, which characterized the risks to the economy as balanced, led traders to price in lower chances of a rate cut at any point before 2028.

The US two-year yield, which had been trading above the central bank's current ceiling of 3.75% amid the war-related surge in oil, once again dipped backed below it as crude receded.

The British bank is shifting its focus to loans and securitizations for larger corporates, and has already pulled back from a number of deals and increased pricing.

While the biggest amount of unwinds occurred on March 2, the new positions added since then have broadly signaled short positions, targeting higher Treasury yields.

The latest Fidium issuance has an implied 170% haircut, and the debt multiple, relative to its net cash flow on the rated classes, is 10.2x.

The Loan Store originated the largest portion of mortgages in the pool, 10.3%, according to Fitch, while an array of other lenders accounted for the rest.