The drop in total CLO production last year resulted from a decline in refi transactions. Issuance of new deals was up 15% from 2018 to 2019. (Includes data chart.)
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Fannie's massive CAS deal backed by seasoned HARP loans drove credit-risk note offerings to a record $4.54 billion in the fourth quarter of 2019. (Includes data chart.)
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December was a slow month for MBS trades but 2019, on average, was quite good. Meanwhile, just when you thought rates might start rising, a monkey wrench or two gets thrown into the works.
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The SEC found numerous compliance issues when examining rating services in 2018. The report on the problems, though, was even more vague than usual.
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A $175 million prime auto ABS issued by GTE Federal Credit Union in November was the first rated ABS issued by a credit union. Other deals are likely to follow thanks to revisions made by the NCUA.
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A coalition of state AGs and Hawaii’s Office of Consumer Protection urged the OCC to withdraw a proposed rule that would confer federal preemption privileges on unregulated nonbanks.
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As the industry moves from LIBOR to SOFR, the ARRC is seeking input on whether the spread-adjustment methodology for cash products should be consistent with what’s adopted internationally for derivatives.
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