Yardeni Stays Calm, Not 'Freaked Out,' As Treasury Yields Surge
Veteran strategist Ed Yardeni told Bloomberg that the recent surge in Treasury yields is not a cause for alarm, viewing 4.25‑4.75% on the 10‑year as "normal." The benchmark 10‑year yield has risen to 4.48% and the 30‑year to 5.03%, each up more than 40 basis points this year. Yardeni warned Treasury Secretary Scott Bessent may shift issuance toward short‑term bills if yields keep climbing. He also kept his bullish S&P 500 target at 8,250, the highest among Bloomberg‑tracked strategists.
Sequoia Mortgage Prepares $507.1 Million in Prime RMBS
RWT Holdings is issuing $507.1 million of prime residential mortgage‑backed securities through the Sequoia Mortgage Trust 2026‑INV3. Bank of America Securities leads underwriting, offering twelve rated tranches that mature in May 2056, with the senior A‑9 to A‑21 notes paying a 4.50%...
NewRez Parent Rithm Capital Preps Note Offering
Rithm Capital, the parent of mortgage‑servicing firm NewRez, announced a $500 million 144A senior note offering aimed at qualified institutional buyers. The unsecured notes received a speculative‑grade B‑minus rating from S&P, one notch below the company’s issuer rating, reflecting concerns over...
Bond Traders Brace for Inflation Data as Fed's Powell Era Ends
Bond traders are bracing for the upcoming U.S. CPI report as oil‑driven price pressures keep Treasury yields elevated. Two‑year yields climbed to 3.93% after the U.S.–Iran standoff pushed crude higher, and the market is already pricing a more than 40%...
Fed Data Suggest Japan Sold U.S. Debt Amid Intervention
The Federal Reserve reported a $8.7 billion drop in its custody of marketable U.S. Treasuries, bringing the total to $2.73 trillion for the week ending May 6. The decline coincides with Japan’s Ministry of Finance spending roughly $55 billion to support the yen, suggesting...
Affirm Prepares to Raise $548.9 Million From Consumer Loans
Affirm is entering the securitization market with a $548.9 million bond issuance backed by a static pool of unsecured point‑of‑sale consumer loans. The transaction, named Affirm Asset Securitization Trust 2026‑X1, will be sold in four tranches, with Class A comprising $408.8 million and maturing...
Westlake Automobile's Latest ABS Raises $1.4 Billion
Westlake Services has launched a $1.4 billion asset‑backed security (ABS) backed by subprime auto loans, marketed under the Westlake Automobile Receivables Trust 2026‑2. The transaction features eight tranches, with class A notes carrying a 40.85% credit enhancement and subordinate tranches B‑E ranging from...
Fed Needs Policy Clarity to Preserve Independence, G-30 Report Says
The Group of 30, led by former New York Fed chief William Dudley, issued a report warning that the Federal Reserve must sharpen its policy execution and communication to safeguard its independence amid political attacks. The think‑tank outlined eight recommendations, including a...
Authority Brands Gets Set to Float $461 Million in ABS
Authority Brands is launching its third asset‑backed securitization, AB Issuer 2026‑1, offering $461 million of notes backed by franchise royalties and service fees. The deal includes a $286 million A2 senior term tranche maturing in April 2031 and an A1 variable‑funding note for general...
Aspire Prepares to Sell $450.6 Million in ABS
Aspire Sponsor and CCS Structured Credit Investment Fund is preparing a $450 million residential mortgage‑backed securities (RMBS) issuance, SPIRE 2026‑2, backed largely by non‑prime mortgages. The pool of 829 loans averages $543,604 with a 69.4% loan‑to‑value and only 9.2% of balances are...
Merchant Financing From Kapitus Backs a $150 Million ABS
Kapitus is launching a $150 million asset‑backed security, Kapitus 2026‑1, backed by merchant cash‑advance receivables from small‑ and medium‑sized businesses. The ABS is split into four tranches (A‑D) with maturities on May 10 2033 and credit‑enhancement levels ranging from 34.15% to 0.30%, receiving KBRA...
Goldman's Latest RMBS of PRET Mortgages Raises $390.3 Million
Goldman Sachs is issuing a $390.3 million residential mortgage‑backed security (RMBS) called PRET 2026‑RPL2, backed by 2,417 seasoned and reperforming loans. The AAA‑rated A1 tranche will sell $295.1 million and carries a 20.4% credit enhancement, while the pool features a weighted‑average coupon of...
Verdict on Serta LME Uptiers Expected Soon
The Fifth Circuit Court of Appeals has overturned a 2023 summary judgment that favored lenders in the controversial Serta Simmons liability management exercise (LME). The case returned to bankruptcy Judge Christopher Lopez, who is expected to align with the appellate...
Lobel's Latest Subprime Auto ABS Pool Raises $223.8 Million
Lobel Automobile Receivables Trust issued a $223.8 million subprime auto asset‑backed securities (ABS) program, divided into six tranches (A‑F). The 144A transaction includes a $39.3 million prefunding reserve, roughly 16% of the pool’s $242.8 million balance. Class A notes account for $117.5 million and carry...
Credit Managers Warn on Iran as Defaults Rise, Spreads Poised to Widen
Credit managers surveyed by the International Association of Credit Portfolio Managers warn that defaults are set to rise sharply, while credit spreads are expected to widen only modestly. The Credit Spread Index fell to -46.2, its lowest level since March...
PennyMac Brings $415.7 Million in RMBS to Market
PennyMac’s PMT Loan Trust 2026‑INV5 is launching a $415.7 million residential mortgage‑backed securities (RMBS) offering. The pool comprises 1,095 fixed‑rate mortgages, with 75.4% secured by investment‑property loans and the remainder by second homes. Tranches A‑6 through A‑30 carry a 5.00% coupon,...
Mortgage Rates Rise on Iran Standoff, FOMC Meeting News
Mortgage rates halted a three‑week slide on April 30, with the 30‑year fixed advancing 7 basis points to an average of 6.3%. The 10‑year Treasury yield briefly topped 4.4% following the Federal Reserve’s decision to keep short‑term rates unchanged and...
Lendmark Financial Floats $300 Million in ABS
Lendmark Financial Services is launching a $300 million asset‑backed security backed by personal loans, to be issued through the Lendmark Funding Trust series 2026‑1 with a May 6 closing. The issuance is split into four tranches—A, B, C and D—rated AAA, AA, A...
Tropical Smoothie Café Whips up $270 Million in ABS
Tropical Smoothie Café has launched a $270 million asset‑backed securities program, pledging cash flow from existing and future franchise royalties, supplier rebates and other fees. The deal issues two tranches—Class A2 and M notes—with an anticipated repayment in May 2031 and a final...
U.S. Treasury Yields Hit Highest Levels Since March as Oil Surges
U.S. Treasury yields surged to their highest levels this month as oil prices spiked following the U.S. attack on Iran, eroding market hopes for Federal Reserve rate cuts. The two‑year note rose to about 3.90% and the 30‑year approached 5%,...
GLS Raises $1.1 Billion From Subprime Auto Notes
GLS Auto Receivables Issuer Trust launched a $1.1 billion asset‑backed securities program (series 2026‑2) backed by a pool of 40,569 subprime auto loans with an average balance of $22,944. The issuance includes three Class A notes rated A1+ and AAA by S&P,...
Park Capital's Latest RMBS Raises $380.8 Million
Park Capital is set to sell $380.8 million of residential mortgage‑backed securities (RMBS) through the PRKCM 2026‑AFC3 transaction, slated to close on May 5. The deal features five A‑1 tranches with coupons near 5.44% and AAA ratings, alongside lower‑rated A2, A3, M1 and...
Private Credit Boom Pushes Fund Finance Market Past $1 Trillion
Fund finance market has surpassed $1 trillion, according to Moody’s and Haynes Boone reports, as private credit and equity funds increasingly tap subscription lines and newer debt structures. The surge is fueled by a booming $16 trillion private‑credit universe and slower deal exits,...
Vista Point Raises $285.5 Million in RMBS From Prime Mortgage Pool
Vista Point Securitization Trust launched the 2026‑CES2 residential mortgage‑backed securities (RMBS) program, raising $285.5 million backed by a prime and expanded‑prime mortgage pool. The series includes three senior classes (A1‑A3) with credit‑enhancement levels from 34.55% to 20.55% and mezzanine and subordinate...
SoFi Raises $688.5 Million From Consumer ABS
SoFi has launched a $688.5 million consumer asset‑backed securities (ABS) program, SCLP 2026‑2, backed by a pool of near‑prime unsecured loans. The transaction is underwritten by BofA Securities and consists of four fixed‑rate note classes, with Class A AAA‑rated notes accounting for $515.9 million....
Bankers Most Worried About Cybersecurity, Economy: Survey
The IntraFi Bank Executive Business Outlook Survey for Q1 2026 reveals that cybersecurity has become the top concern for community‑bank executives, cited by 29 % of respondents, while worries about an economic downturn have risen to 22 %. Geopolitical tensions, especially the U.S.–Iran...
MTP's Issues $386 Million in Cell Tower ABS, Its First Public Deal
MTP ABS Funding launched its inaugural public securitization, issuing $386 million of asset‑backed securities backed by 861 cellular tower sites. The pool, managed by Tower Point Capital, includes fee‑owned, leasehold and easement sites and supports 1,084 leases from 83 tenants, generating...
Global Bonds Set for Worst Week in a Month as U.S.-Iran Risks Rise
Global bond markets are set for their worst week in a month as heightened U.S.-Iran tensions push yields higher across major economies. Two‑year U.S. Treasury yields climbed to 3.81%, up 11 basis points, while the UK’s two‑year benchmark rose 26...
Itasca Park Sponsors $302.4 Million in RMBS
Itasca Park is sponsoring a $302.4 million non‑prime residential mortgage‑backed securities (RMBS) transaction that will close on April 30 under the CLIP 2026‑NQM1 trust. The deal issues eleven tranches, including seven senior A‑class notes that repay on a pro‑rata basis and mezzanine and...
ECB's Nagel Says Trump's Fed Attacks Caused Flight to Safety
ECB Governing Council member Joachim Nagel warned that President Donald Trump’s repeated attacks on the Federal Reserve are prompting a flight to safety. Bundesbank research shows the rhetoric has lowered Treasury yields, depressed equity prices, boosted gold and weakened the dollar....
KKR Makes $1.5 Billion Equity Investment in Vertical Bridge
Private equity giant KKR has committed a $1.5 billion equity infusion to Vertical Bridge REIT, cementing a fully funded, long‑term capital structure for the tower owner. The deal follows Vertical Bridge’s $1.9 billion cell‑tower ABS securitization, the largest in the sector, and...
Figure Lending's HELOC Pool Supports $383.4 Million in RMBS
Figure Lending is launching a $383.4 million residential mortgage‑backed securities (RMBS) transaction backed by a pool of home‑equity line of credit (HELOC) contracts. The FIGRE Trust 2026‑HE4 will issue seven tranches, ranging from AAA‑rated Class A to B‑rated Class F, each with distinct...
Credit Risk Transfers Earn Bipartisan Praise
Credit risk transfers (CRTs) received bipartisan endorsement in a House Financial Services Committee hearing, with both Republicans and Democrats highlighting their role in spreading risk across the housing finance system. Lawmakers praised CRTs as a tool for Fannie Mae and Freddie Mac...
Mello Warehouse Raises $500 Million in RMBS
Mello Warehouse Securitization Trust (MWST) launched a $500 million residential mortgage‑backed security, series 2026‑1, backed by a three‑year revolving warehouse facility and a pool of first‑lien mortgages meeting Fannie Mae, Freddie Mac and Ginnie Mae standards. The issuance consists of six tranches (A‑F), with...
TowerPoint Fixed Rate Secured Cellular Raises $386 Million
TowerPoint Fixed Rate Secured Cellular has launched a $386 million asset‑backed bond series (2026‑1) to fund a portfolio of 861 wireless tower sites. The notes are secured by land easements, rooftop rights and traditional mortgages, earning an A‑ rating for the...
Banker's Healthcare Raises $396 Million From Consumer Loans
Bankers Healthcare Group (BHG) is launching a $396 million asset‑backed securities (ABS) program, the BHG 2026‑1CON, backed by 4,243 consumer loans to high‑income professionals such as physicians, engineers and attorneys. The deal, managed by Goldman Sachs, will issue five tranches (A‑E) with...
Trump Visa Curbs Derail Student Lender's Securitization Push
Student lender Mpower Financing, backed by Tilden Park Capital and King Street, postponed a $250 million asset‑backed securities offering after investors grew wary of Trump administration visa restrictions that have slashed its international student pipeline. The bond, to be underwritten by Goldman Sachs, would...
Leases in Boston's Lyrik to Support $360 Million in CMBS
Boston’s Lyrik office tower is set to close a $360 million commercial mortgage‑backed securities (CMBS) deal in early May 2026. The transaction, secured by leasehold interests, issues five note tranches, with the Class A tranche comprising $193.9 million and receiving a AAA rating...
Investors Oversubscribe First Securitization of Crypto-Backed Loans
Ledn became the first issuer of a bitcoin‑backed loan securitization, completing a $188 million Rule 144A asset‑backed security that was oversubscribed by 2.5 times. The deal, rated by S&P and underwritten by Jefferies with Fidelity as custodian, offered more than 6 % yield on...
First Help's Pool of Subprime Auto Loans Backs $326.8 Million ABS Deal
First Help Financial is launching a $326.8 million asset‑backed securities (ABS) deal, FHF 2026‑1, backed by a subprime auto‑loan pool of used cars, trucks and vans. The 144A transaction will close on April 28 and issue six note classes with maturities ranging from...
Traders Revive Short-Volatility Bets as Peace Hopes Calm Markets
Traders are reviving short‑volatility and carry strategies as optimism over a US‑Iran cease‑fire eases market volatility. Bond, currency and equity volatility indices have fallen daily since late March, with US 10‑year yields steady at 4.28% and Treasury futures volume at...
Verus' Latest RMBS Deal Raises $733.8 Million
Verus Securitization Trust launched a $733.8 million residential mortgage‑backed securities (RMBS) transaction, series 2026‑4, backed by 1,433 moderately leveraged non‑prime mortgages. The pool has a weighted‑average loan‑to‑value of 69 % and a combined LTV of 70.5 %, with a weighted‑average coupon of 7.17 %. The...
Yamaha Motor Raises $400 Million in ABS From Dealer Floorplan Credits
Yamaha Motor Finance has launched a $400 million asset‑backed security, Yamaha Motor Master Trust II series 2026‑A, backed by receivables from its dealer floorplan credit lines. The issuance is split into three tranches, with the A1/A2 notes comprising the bulk of the capital...
Basel III Proposal Could Boost CMBS Demand
The Federal Reserve, FDIC and OCC have re‑proposed Basel III capital rules that lower risk weights for commercial‑mortgage‑backed securities (CMBS). Senior positions will see the minimum risk weight drop from 20% to 15%, while overall CRE risk weights could fall to...
A Tax Day Cash Drain Is Coming for Calm US Funding Markets
Wall Street strategists expect the Treasury’s cash balance to top $1 trillion after April 15 tax payments, the highest level since October. The surge of cash withdrawals from banks and money‑market funds is already nudging overnight repo rates above 3.7%. At the...
Hyundai Returns to Raise $1.2 Billion From Prime Auto Leases
Hyundai Capital America is launching the Hyundai Auto Lease Securitization Trust 2026‑B, a $1.2 billion transaction backed by 45,321 prime auto leases. The deal issues five tranches of A‑ and B‑class notes, with AAA‑rated A2 and A3 tranches holding a base...
Adriana Schwartz Joins Seward Kissel as Partner
Seward & Kissel announced the addition of Adriana Schwartz as a partner in its investment‑management group. Schwartz will focus on securities law, handling regulatory and compliance matters for passive and activist investors, especially Section 13(d) and Section 16 reporting. Her practice also...
JPMorgan Slams Rules that Would Spur $20 Billion Capital Hike
JPMorgan Chase warned that new Basel III endgame proposals would force it to hold about $20 billion more capital, a roughly 4 % increase in its capital ratio. The bank’s CFO Jeremy Barnum called the G‑SIB surcharge “miscalibrated,” saying it would lock up...
Goldman Extends Borrowing Run with $6.5 Billion Bond Sale
Goldman Sachs raised $6.5 billion through a two‑tranche U.S. investment‑grade bond sale, extending a borrowing run that began with a record $16 billion offering earlier this year. Pricing tightened by roughly 0.25 percentage point, leaving the 2034 tranche at a 1 % spread over...
2026 Atlantic Hurricane Season Forecast: What Servicers Need to Know
The Colorado State University forecast predicts a below‑normal 2026 Atlantic hurricane season with 13 named storms, six hurricanes and only two major hurricanes. El Niño conditions are expected to keep tropical Atlantic sea‑surface temperatures near average, further dampening storm intensity. While...