US Securitization
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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
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Deal priced inside guidance, though views vary on structure’s long-term viability
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Heavy supply set to drive non-QM spreads wider and further apart
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Dine tests market at 275bp over, after Primrose priced at 225bp
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Duo out with but Annaly’s pricing is inside Rithm’s
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Relative value and heavy supply to limit further non-QM tightening
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Deal prices with 160bp, 225bp over down the stack
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Signs of cautious issuer behavior frustrates investor
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Primrose Schools reopens whole business securitization with first deal for sector since Trump tariffs
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GSE lands first such trade since July 2024 with all classes tighter than guidance
