Investments

This year saw elation over the rollback of risk retention for CLOs give way to concerns about leveraged lending, the 1st post-crisis downgrade of a subprime auto deal, the 1st AAA for commercial PACE, and much, much more.

The single-family rental market could benefit from more consistent loan terms and expanded secondary mortgage market opportunities, Freddie Mac found in a preliminary test of expanded involvement in the sector.

They differ slightly from those released earlier by the Fed-convened ARRC, including language making it easier to ditch a SOFR-derived benchmark in favor of a new benchmark that has yet to be developed.

AFAH Funding is not your typical CRE CLO: It is backed by entirely by long-dated mezzanine interests in multifamily properties that are eligible for low-income housing tax credits.

A Wells Fargo report this week shows that market spreads for the triple-A notes backed by collateralized loan obligation assets are at 128, a level not seen since May 2017.

The $500 million AIG CLO 2018-1, AIG's first deal since selling off its asset management business in 2010, is priced at 132 basis points over three-month Libor.

The €350 million Providus CLO II is backed exclusively by loans to mid-market firms that meet the private equity firm's sustainability criteria; at closing, 90% of the collateral has been identified.

Dividing the transaction into two tranches allowed the GSE to tailor the transaction to the risk appetite of participants, lowering the cost of reinsurance.

The LA-based manager is pricing the replacement AAA notes of Oaktree EIF III Series 1 inside recent market averages through a limited, brief noncall extension.

RBC Capital Markets hired Paul Sheldon, founder of the advisory firm S L Capital Strategies, as a managing director in the municipal finance student loan group.