Three deals help wrap up strong year for PLS
Nonagency issuances are expected to increase 85% for this year over 2023, and rise another 36% in 2025, the second best since the financial crisis.
Securities
Latest repo volatility raises new concerns about QT’s future
Quantitative tightening has helped to keep mortgage rates elevated, but new concerns over how it impacts market liquidity could lead the Fed to end the program.
Apollo’s Atlas SP gets license to start secondary trading
In recent weeks, the firm has told structured credit investors that it will be able to soon facilitate secondary trades under the name Atlas SP Securities, a division of Apollo Global Securities.
JPMorgan Chase discloses multiple investigations by U.S. regulators
Regulators are looking into practices within JPMorgan's securities arm and investigating parts of its trading operations, according to a regulatory filing by America's largest bank.
Citadel Securities boosts fixed-income presence with new bond trade
The latest offering will get Citadel Securities closer to its long-held ambition to become a primary dealer — a designation the Federal Reserve typically bestows only to firms active across all types of Treasury securities.
Another community bank takes bottom-line hit tied to Signature failure
At the embattled Republic First Bancorp, elevated legal, professional and audit fees also contributed to a nearly $10 million in first-quarter loss but CEO Thomas Geisel reports signs of progress moving past "legacy headwinds."
Some banks with underwater bonds may weigh taking their lumps upfront
The decrease in long-term interest rates this year has helped banks' bond portfolios recover a bit. Some of them may consider restructuring their securities portfolios in the short run, and longer-term changes are also possible as the fallout from last month's crisis continues.
New Jersey bank sells lower-yielding securities after rate hikes take bite
Kearny Financial is partially restructuring its balance sheet in response to a problem that many banks are facing. The bank's actions should result in a sizeable income boost once they're fully phased in, an analyst said.
Opinion No, CLOs will not cause the next banking crisis
An article in The Atlantic warning that collateralized loan obligations will be banks’ next downfall overestimates the risk of these securities.
Christopher Marinac
Janney Montgomery Scott LLC
Goldman Sachs offers a conduit deal worth $864 million
The attractions of Grande Canal Shoppes, a luxury shopping center property in Las Vegas, are not just bringing in the tourists. It is the 14th-largest loan in the GS Mortgage Securities Trust 2019-GSA1, a Goldman Sachs deal.
One important piece of GSEs’ transformation ready for launch
The launch of a combined securitization platform for Fannie Mae and Freddie Mac is meant to ease the transition to a new housing finance system. But questions remain about how the mortgage sphere will adapt to the single security.
