US Securitization
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Seniors on both Park Capital and Morgan Stanley trades land outside of previous widest non-QM of 2025 -
At least $7.4bn of auto ABS priced on Tuesday with mix moves on spreads
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DB next up as policy uncertainty grows and finally bites securitized credit
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Issuer could skip paying new issue premium as floating rate HELOC paper piques investor interest
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Niels Jensen has experience in aviation, digital infrastructure and whole business securitizations
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Lender offers just 5bp more than top-tier issuer paid earlier in the week
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Deals with once 'rock-solid' government exposure will face scrutiny, though structures should be resilient
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Mortgage credit specialist continues to carve out niche in small bulk loans, and has just closed largest fundraise
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Exeter, CarMax, Credit Acceptance also out but price discovery will become trickier
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BofA-MS shelf returns after 7.5 years but bankers see 'end of order padding'
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Originator set IPTs on a $150m unrated deal on Tuesday afternoon in New York
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IPTs a 'best guess' given market unpredictability but investors relish chance to snap up quality bonds at wider spreads
