ABS

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.

The hottest rate of inflation in four decades has ushered in a wilder era of bond-market volatility, causing investors to shop for hedges to protect their portfolios.

The AOMT 2021-8 waterfall will distribute principal to A-1 through A-3 certificates at all times, and notes are taking a Fitch haircut amid inflated home values.

Founded in the wake of the global financial crisis, KBRA has issued more than 51,000 ratings representing almost $3 trillion in rated issuance since 2010.

Allman will oversee a team of seven analysts, and lead the effort to originate private credit opportunities working alongside Michael Meyer.

Performances were solid across the board as retail store, late-stage and payment rates all improved, while the prime chargeoff rate reaches a historically low level.

Prospects that inflation will be held in check may weigh against the need for the Fed to speed up the process of policy tightening.

While the indicative portfolio has an average credit quality of ‘B’ or ‘B-,’ Fitch also points out that the class A-1 notes have a 43.0% credit enhancement level.

The problem, according to Wilson, is that SOFR will do a poor job hedging risks in turbulent times.

Velocity Commercial Capital, 2021-4 uses subordination and excess spread that will cover both current and cumulative realized losses.

Canada’s national pension fund struck its first partnership to build and rent out single-family homes in the U.S., joining a rush to capitalize on a housing shortage.