US Securitization
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Heloc securitization set to double in 2024, even after robust recent growth -
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
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At least six external investors bought Soundpoint's equity tranche, GlobalCapital understands
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Securitization issuance from the sector could double in 2024 as funding costs come down and investors turn bullish
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Average spread on AAA tranches of non-QM this year is now 50bp tighter than in October
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Large supply has slowed demand slightly but issuer was still able to increase size of offering
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Top class preplaced, but all other tranches oversubscribed as low leverage draws interest
