ABS

Apollo Global Management Inc. raised its first long-only fund to make investments in multiple credit asset classes, including some of the $43 billion in buyout loans on bank balance sheets.

Most of the loans in the pool, 56.4%, are not subject to the Consumer Finance Protection Bureau's (CFPB) Ability to Repay Rule, and virtually all are fixed-rate.

The company burned through $2 billion of cash over the six months ended March 31 by one measure, and some analysts forecast it will be broke by the end of 2023.

The transaction will devote proceeds to cover costs incurred from the February 2021 winter storm's fallout.

North Carolina Republican Patrick McHenry -- in line to lead the House Financial Services Committee -- has called for the Fed to stay focused on controlling inflation.

Up to 27.50% the collateral might be represented by financed units enrolled in the CalCAP program, providing potential coverage for losses on charged off loans.

Apollo Global Management will acquire Sector Financial Inc., which focuses on middle-market direct lending, as part of Credit Suisse Group AG's securitized products group.

MFCCMT 2022-3 includes a 12-month revolving period where no principal payments are made on the notes, except in the event of an early amortization.

The amended longstanding rule could drain liquidity from asset securitization markets, while a separate disclosure proposal is poised to burden CLOs.

The same factors drawing in the retail crowd now are also likely to pull in other investors -- including pension funds and insurance companies focused on locking in interest income over the long term.