US Securitization
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GSE completes its 12th tender of CRT notes as buybacks support technicals in the market
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The government agency priced $423m of issuance over Treasuries
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Sandwich maker's $2.35bn deal comes shortly after $3.35bn debut
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Demand should lap up a packed pipeline but investors hold ground on call features
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KIMM platform likely to be serial issuer as manager returns to middle market after two year absence
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DB researchers expect more fixed rate issuance as borrowing costs decrease and investors want duration — though views vary on when
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Non-QM RMBS to pick up this month but insurance hunger for whole loans will keep pressuring securitization supply in medium term
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The sandwich chain's $2.35bn follow-up comes just months after its $3.35bn whole business securitization debut
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Although visible pipeline for new issues is low, the seeds for its return are being planted
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Issuers ‘gaming’ timing amid packed pipeline, though RMBS bankers more confident on spreads than ABS counterparts
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A&D returns with fourth non-QM of the year and pipeline builds as analysts see cause for concern on delinquencies
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Expect 2025 to be the year of a resurgence, as the market needs more than a couple of 25bp cuts to really stage a comeback