US Securitization

Leading non-QM issuer seeks larger deals as both investor capital and comfort with the sector grow

Over 10 accounts participate as 'fix and flip' lender gets strong execution

Rating agencies' risk aversion means the securitization market is missing a crucial voice as 'fix and flip' evolves

George Smith is joined by VanEck's Fran Rodilosso and Bill Sokol to discuss how CLO ETFs weathered April's tariff-induced volatility, before discussing what was a busy week with Tom Hall

Synchrony pays up over deal in February

Further tightening among abundant non-QM deals is expected to be limited

Triple-B tranche tried at 210bp-220bp as rapid tightening worries banker

Recovering market conditions and unsatisfied demand to spur issuance

Strong demand for residential transition loans extends to unrated deals

Issuer's first 144A deal marketed 15bp wide of where comparable priced a year ago

Deal priced inside guidance, though views vary on structure’s long-term viability

Heavy supply set to drive non-QM spreads wider and further apart