Commercial banking

Yields on 10-year notes rose two basis points to 3.99% after falling the previous two sessions, while monetary policy-sensitive two-year notes held steady around 3.49% Wednesday morning.

Issuance volume of asset-backed securities for the year through October 9, 2025

Issuance volume of asset-backed securities for the year through October 2, 2025

Issuance volume of asset-backed securities for the year through September 25, 2025

Max Gokhman is deputy CIO for Franklin Templeton Investment Solutions, responsible for leading global investment research, including quantitative, fundamental and manager research teams. Previously, he was president and CIO of the startup asset manager AlphaTrAI and before that, head of asset allocation at Pacific Life Fund Advisors. Prior to Pacific Life, he was a portfolio manager with Mellon Capital's multiasset group and a founding member of Coefficient Global, a quantitative macro hedge fund.

The Federal Open Market Committee is expected to announce guidance on the end of its quantitative tightening program later Wednesday. As that process draws to a close, experts are questioning when and how the central bank should use its balance sheet to smooth economic stress in the future.

Up to 75% of the class A2 notes pay a coupon based on the Secured Overnight Financing Rate (SOFR). Also, since the assets pay a fixed rate, interest rate spikes could eat away at excess spread.

Late-stage mortgage delinquencies hit the highest level since January 2020 in September, a new report from VantageScore found.

In terms of asset fundamentals, the high-quality tenant committed to a 15-year lease with maturity dates through various end dates in 2040. That includes 2.0% annual rent increases.

A proposal from the Office of the Comptroller of the Currency would roll back Biden-era recovery planning rules for banks, leaving them with broad discretion to determine their own recovery protocols.

King Ridge is already managing the world's first-ever cat-bond ETF for Brookmont Capital Management, which initially planned a European version of its ETF, but shelved it earlier this year.

This is PowerPay's second 144A transaction, which has a 90-day prefunded period, initially funded with $132.9 million in deposits.

Jeff Lipton is The Bond Buyer's Market Intelligence Analyst. He brings over 25 years of experience in municipal credit and market strategy, to the role, most recently as Managing Director and Head of Municipal Credit & Market Strategy at Oppenheimer & Co. Inc. He previously held leadership roles at MetLife, Neuberger Berman, and Robeco, and is widely recognized in the financial press for his commentary and thought leadership across the municipal finance landscape.

Bill Pulte's X post has the industry excited that loan level price adjustments could change, but the impact would not be as beneficial as some think, KBW said.

Nick Cherry is COO of Phillips & Cohen Associates.

Yields on 10-year benchmark US government bonds rose as much as four basis points to 4.04%, the highest in more than a week, after negotiators from the world's two biggest economies said they'd struck a series of agreements on issues.

FHA loans accounted for about half of the annual rise in foreclosure starts and 80% of the rise in active foreclosures in September, according to ICE.