US Securitization
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Best December in six years likely to be followed by strong January with tighter spreads -
Office rate now tops 6%, with greater challenges next year
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$49m of trades placed in first operational week
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Non-QM has become the dominant asset class in RMBS, accounting for more than half of total issuance this year
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Three retail SASB deals priced this month, while retail shares in conduits are rising
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Partnership adds to Exeter’s diverse partnerships and expands Pagaya network
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Momentum fuelled by optimism about rate cuts to carry over into new year
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The eclectic nature of US securitization left some sectors of the market flourishing and others floundering in 2023. Ayse Kelce, Kunyi Yang and Tom Lemmon look at which corners of the market have reason for cheer and whether there’s an expectation of a turnaround in sluggish or struggling sectors
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Tighter underwriting standards are supporting investor confidence, though some will be 'stock picking'
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Davidson Kempner-owned vehicle accelerates issuance on the back of positive investor feedback
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Barclays-led transaction represented a significant interest saving versus restaurant chain’s direct lender funding
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US ABS on course for biggest December in recent years as Carvana tightens
