The 5% bond market means pain is heading everyone’s way
Everything from housing to mergers and acquisitions are being upended, especially after 30-year US Treasury bond yields this week punched through 5% for the first time since 2007.
MBS
U.S. new-home sales fall to five-month low amid elevated rates
Purchases of new single-family homes fell 8.7% to a 675,000 annualized pace following an upward revision to July's figures, government data showed Tuesday, marking the largest drop in nearly a year.
BlackRock’s FDIC liquidations end in sight: structured weekly
Now that the liquidations are nearly over, money managers will be able to turn their attention to the higher coupon mortgage bonds being produced today, effectively an increase in demand.
MFA Financial markets $386.7 million in non-prime MBS
MFA has a step-up coupon for the senior classes, where after four years they pay the lesser of a 100 basis-point increase to the fixed coupon, or the net WA coupon rate.
Park Capital Management prepares to raise $320.8 million in MBS
The program will market more fixed-rate tranches to investors, changing course from PRKCM's previous sale which offered notes all pegged to the three-month I-Curve.
Bayview launches insurance asset management business
The new business will take in money from insurance companies and invest in mortgages and in private structured credit. It will look to draw business from an insurance industry that's "looking to diversify.
Change Lending readies a sale of $287.9 million in MBS
While the collateral pool consists of a mix of fixed- and adjustable-rate mortgages, CHNGE Mortgage 2023-4's notes are priced to the three-month interpolated curve.
Non-QM, aviation prospects to emerge despite recession watch
After a challenging 2022, fund flows reverted to positive territory in 2023 even though higher interest rates and wider spreads have considerably reduced the supply of securitized product.
By
Amilda Dymi
A closer look at GCAT 2023-INV1 Trust’s $318.3 million offering
GCAT 2023-INV1 will issue notes from a structure of super-senior through subordinate notes, which will also feature initial exchangeable notes, and an excess servicing class.
Visio portfolio of MBS is set to raise $191.6 million
The A-1, A-2 and A-3 notes will benefit from credit enhancement levels of 38.6%, 30.1% and 19.3%, respectively. The mezzanine class benefits from 13.3%.
Goldman returns to raise $333 million in jumbo MBS
The deal's higher subordination floor structure conveys protection to the senior classes from losses during the life of the deal, but also presents so-called tail risk to the subordinate classes.
How will consumer ABS perform as credit card and auto delinquencies rise?
Consumer ABS adapts to an environment where total U.S. household debt reaches a record high of $17.06 trillion, while observers say credit performances could reach pre-pandemic levels by 2024.
J.P. Morgan Mortgage Trust prepares to sell $308.1 million
A vast majority of the pool, 92.02%, was underwritten to the properties' actual or estimated rental incomes, and not the mortgagors' incomes.
UBS to pay $1.44 billion to settle DOJ mortgage-bond case
The case stems from a lawsuit filed by the US Department of Justice against UBS in relation to legacy residential mortgage-backed securities from 2006 and 2007 and related to the issuance, underwriting and sale of the securities.
A&D Mortgage prepares to sell $371.5 million in MBS
The collateral pool is comprised of a mix of mortgage loans, from 30-year, fixed-rate, fully amortizing loans (94.6%) to 40-year, fixed-rate loans with an initial interest-only term (0.03%).
Investors warn Trudeau his bond-reform proposal will backfire
Prime Minister Justin Trudeau's government is considering winding down the Canada Mortgage Bond program in a bid to reduce borrowing costs.
Fannie Mae’s CAS 2023-R05 looks to raise $738.2 million in MBS
A vast majority of the pool, 86.35%, consists of primary homes. Investment properties and secondary homes, meanwhile, account for 11.29% and 2.36% of the collateral.
Hometap aims to expand further into capital markets with Newman, Gaffney hires
Newman will develop and implement the company's asset capital strategy, and lead a team focused on Hometap's optimization, structuring, pricing and go-to-market methods for various investor segments.
Chimera Investment prepares to float $238.5 million in MBS
The notes have a coupon of 7.1%, a FICO score of 728 an original cumulative loan-to-value ratio of 66.9%, and an issuer debt service coverage ratio of 1.26%.
Utility charges secure $341.4 million from SIGECO Securitization I
Commercial and industrial customers comprised about 60% of SIGECO's electric sales, which potentially exposes the pool to volatility due to business changeable cycles.
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