Towd Point trades up but sub notes retained

The senior notes of Towd Point Mortgage Funding 2016-Granite 1 are being bid 5bp tighter in secondary trading, though flows are said to be limited, with most of the tranche preplaced. Final pricing last Friday afternoon showed Cerberus missed its reserve levels for the very bottom of the capital stack, with classes G, Z and X fully retained, though they had been listed as “call desk” until Friday morning.