ABS

The selloff worsened after minutes from the Federal Reserve’s latest meeting showed officials considering earlier and faster interest-rate increases than expected.

The Reserve Bank of Dallas data in housing prices hints at a so-called ‘episode of exuberance,’ but the central bank is a long way from sounding the alarm.

First-lien, agency-eligible mortgages secure the notes in the deal, which will issue notes through a senior-subordinate and shifting interest structure.

Treasury yields rose a second day amid increasing conviction that the Federal Reserve will raise rates at least three times beginning in May.

The platform enables structuring of the entire transaction, including covenant tests and trigger levels, and the distribution of interest and principal cash flows, but professionals need more time to become comfortable with DLT.

ABS issuance performance is largely neutral, with exceptions for stepped up volume, including auto. Inflation and COVID-related risks could overhang the industry.

Even among the non-QM loans in the reference pool, pegged to the SOFR, most of their characteristics fall in line with what is considered prime.

Fitch Ratings affirmed classes on five transactions, and upgraded class B notes on one deal, citing strong performances, plus upgraded B notes on a 2004 transaction.

A growing chorus of auditors, researchers and climate activists warn that the numbers provided by bankers offer an exaggerated picture of their role in fighting climate change.

ABS experts discussed new avenues for growth, and hindrances to innovation at the IMN ABS East conference in Miami.

Key retail vacancies, a drop in office occupancies, plus a combination of lower oil prices, a housing market oversupply — worsened by the coronavirus pandemic — caused loan-level performance issues.

The Morgan Mortgage Trust platform has had a SOFR tranche on every previous 2021 deal, generally pricing with a spread of about 95 basis points over SOFR.

Several Milbank associates made a trail for Dechert, as Hood and Muller’s additions followed the recent onboarding of partner Jon Burke, also formerly of Milbank.

Deerpath’s average portfolio turnover rate of 37.8% over the past 12 months was higher than the 25.3% of all CLO 2.0 transactions.

The average delinquency rate on single-borrower transactions decreased to 5.3% in September from 5.5% in August – despite increasing four times in the past 17 months.

Two days after one of the Federal Reserve’s most hawkish pivots in recent years, the rates market is already calling the central bank’s bluff.

Increased subordination and initial hard credit enhancement throughout the tranches, plus a slightly higher borrower profile help bolster the credit on the notes.

Investors responded to the Federal Reserve’s intent to tackle inflation with a clear risk-on pivot, as stocks climbed and Treasuries steadied.

Classic rock, country and pop make up the top 25 songs from the 52 sub-catalogs that will secure the $303 million in asset-backed securities.

Under Home Partners Holdings’ right to purchase (RTP) program, RTP prices exceed purchase valuations by about $33.2 million, and on 817 properties.