ABS

Secured by a single Morgan Stanley first-lien mortgage, the SFR is the largest deal since the program priced its $2 billion transaction in July 2021.

Policy makers differ on what the neutral rate -- the rate that neither restricts nor spurs economic growth -- is and couch it in terms that don’t take account of the current high inflation environment.

The U.S. yield curve extended its recent flattening as investors evaluated the economic outlook amid tightening monetary policy and Russia’s war in Ukraine.

Sport utility vehicles (SUVs) represent 26.6%—and 26.7% if upsized—of the deal’s underlying portfolio, compared with 13.0% from the 2022-1 securitization.

Despite perceptions that smaller companies are riskier, they pose less risk to investors. Realized loss rates are lower, and they deliver higher returns.

Key changes in MMAF 2022-1, from previous transactions, include significantly lower average securitization values by receivables and greater obligor diversification.

By property type, lodging assets led the way for total delinquencies, with 6.3%, while some 3.5% of the lodging pools were current and specially serviced.

Its size exceeds the Dublin-based firm’s exposure to potential asset writedowns, signaling a looming battle with insurers over who will shoulder financial losses caused by the war.

Homes securing the portfolio produce an average monthly rent of $2,405, based on gross potential rent for vacant properties, and an average remaining lease term of eight months.

The ICE BofA US Treasury Index has fallen more than 6% so far this year, with benchmark 10-year yields climbing Tuesday toward the highest in almost three years.