US Securitization
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Expect new supply to be patchy, banker says -
Primary pushes forward and spreads hang tight, likely allowing new issuance to overtake 2023
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Higher rates have made HEI more popular with customers, but they also pose a risk for the housing market
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Navient also joins pipe but there is little expectation of a meaningful pick-up of ABS from the sector
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Office segment again leads increase in late payments, though other property types see little change
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Lone Star, Annaly latest to bring deals to an asset class that has dominated US RMBS this year
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Latest deal lands with tighter spreads but wider all-in cost than March deal
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At least 15 borrowers are preparing to issue given dwindling number of potential deal days
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Real estate asset manager prices its largest RMBS since 2021
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◆ Talking points from TSI Congress in Berlin ◆ Man GLG markets new CLO ◆ Build-up begins for ABS East in Miami
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Both new issuers and long-gone names utilized the market in September
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Non-QM has propped up US RMBS issuance this year but insurance companies’ growing presence could hinder supply
