Commercial banking

Scott Syphax is CEO of Syphax Strategic Solutions, an advisory firm specializing in board governance, strategic planning and advisory services for national public and private organizations.

Companies with public ratings from a national recognized rating agency make up 66.9% of the obligors in the pool, and those with an investment-grade rating represent 34.9% of the pool.

Ira Robbins is the chairman and CEO of Valley National Bank.

Issuance volume of asset-backed securities for the year through September 14, 2023

Underwriting league tables of asset-backed securities through September 14, 2023

Cat Auer is the managing editor for Financial Planning magazine, an Arizent title.

Brian Costello is the head of data aggregation strategy at ByAllAccounts, Morningstar Wealth.

He is a founding member of the Financial Data & Technology Association, the Financial Data Exchange, and the API Ratings Agency, as well as a frequent speaker, author and panelist.

The notes benefit from a step-up event concerning class D. If an optional redemption does not occur in the expected redemption date, then the interest rate on the class D notes will increase by 3.0%.

The mortgages are part of a program that received congressional scrutiny earlier this year.

The moves will result in a number of job cuts, though the company doesn't yet have firm targets for how many employees will be affected.

David Loundy is chairman and CEO of Devon Bank, a Chicago-based community bank with a national mortgage business. He is also an elected member director of the Federal Home Loan Bank of Chicago. He can be reached at David@DevonBank.com.

Notes will repay principal to investors sequentially. All junior notes will be shut out from receiving any principal payments until the immediate senior notes are paid.

Matt Thomas is president of WorkSmart Systems.

The renewed interest in CLOs, which repackage leveraged loans into bonds of varying risk and size, comes after a very slow year for the market.

The pool has a 25% concentration limit for electric vehicles, up from 15% from Series 2023-5. This increases risks to the transaction, because residual values on those types of cars are still unknown.

Treasuries are also likely to be supported as inflation can keep slowing even if growth does remain relatively healthy. The investment bank is advising its clients buy Treasury five-year notes and 30-year inflation-linked debt.

Bob Dickson is a former CPA and CFO who is now a fractional CFO. Reach him at (724) 272-1527.