US Securitization
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Triple-A tranche lands 16bp tighter than January trade even amid rising supply -
Trepp sees biggest increase since September in office loan delinquencies
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US multifamily supply this year is expected to reach the highest level since 1974
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Alan Rockwell and Heather Waters Borthwick join in New York, more additions likely
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Lower financing cost, stable rent growth will attract more RTL lenders to the securitization market
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Heloc securitization set to double in 2024, even after robust recent growth
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Non-QM is starting to lose relative value draw versus agency MBS and IG corporates
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Demand has so far supported high activity but ‘at some point the arbitrage runs away’, says banker
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Conduit triple-A tranches are down to around 100bp, but some see room to rally in lower classes
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Slowdown could indicate greater synchronization between US and Europe after rapid tightening
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Improved sentiment around CRE fundamentals could push spreads even tighter, especially on mezz tranches
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Fund comes as major private credit players increase their presence in asset-backed lending
