US Securitization
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Widening 'not as bad as it could have been' as market participants focus on impact of lower rates -
Despite some concerns over consumer health, investors have faith in ABS structures and see sell-offs as chance to buy
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Lower rates will give the market a boost even as other sectors curdle at the prospect of a recession
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Conditions largely back to normal after short-lived fright as more issuers line up
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Bankers see only mild widening with primary market set to remain busy throughout August
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Elsewhere, Nuveen recruits new CLO MD and Arini promotes from within
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Telco giant pauses its second deal of the year, but shipping container ABS prices after increasing size
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Angel Oak also out with non-QM deal as issuance volumes rapidly near 2023's full year volumes
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Tuesday brings confidence as BWIC activity suggested slight reduction in volatility
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Bookbuilds may slow as investors accumulate dry powder but lower rates could favor some issuers
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Lower rates would make refinancing more attractive and may unleash further supply
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Fears are justified but hold the alarm as investors take stock, bankers say
