CFPB Hiring Litigation Attorneys While Cutting Enforcement
The Consumer Financial Protection Bureau announced new attorney‑advisor positions in its Office of Litigation, offering salaries up to $255,000. At the same time, the agency’s reduction‑in‑force plan seeks to cut 620 employees, shrinking the workforce by about 53 percent. Enforcement lawyers who police banks are being laid off or moved to litigation roles, while the bureau prepares to defend its revised rulemaking. The staffing shift reflects a strategic pivot from aggressive enforcement to defensive litigation amid ongoing court challenges to the agency’s restructuring.
Data Center ABS Iskandar and Kaveh Bring to Market, Raising $1.4 Billion
Iskandar Enterprise and Kaveh Enterprise have launched a $1.4 billion asset‑backed security backed by first‑lien mortgages on two Ashburn, Virginia data centers. The issuance consists of five fixed‑rate, interest‑only notes with a five‑year annual repayment date and a final legal maturity...
Fiber Network Provider Zayo Group's Latest ABS Floats $2.3 Billion
Zayo Group is launching a $2.3 billion asset‑backed securities (ABS) program backed by contracts for dark fiber and wavelength services across the U.S. and Canada. The offering, structured in five tranches under series 2026‑1 and 2026‑2, includes A‑rated, BBB‑rated and BB‑rated notes with...
Sallie Mae Raises $2.3 Billion in SLABS From Its Smart Option Pool
Sallie Mae Bank is issuing $2.3 billion of asset‑backed securities backed by its Smart Option student‑loan pool. The ABS will be sold in five tranches, with the A‑1B tranche floating at rates tied to the 30‑day average SOFR and repayments starting...
Clarus Capital's Second Equipment ABS Deal Will Offer $310.1 Million
Clarus Capital is set to sponsor a $310.1 million equipment‑finance asset‑backed securities (ABS) deal, its second issuance on the Clarus Funding platform. The securitization will be structured into six tranches, with the AAA‑rated A2 tranche comprising $165.4 million of notes. The pool...
Toyota's Prime Auto Contracts Back $1.3 Billion Issuance
Toyota Motor Corp. has securitized a pool of prime auto loan receivables into a $1.3 billion bond issuance called the Toyota Auto Receivables 2026‑B Owner Trust. The transaction comprises 45,323 loans with an average balance of $30,210 and a 5.56% APR,...
Mortgage Credit Hits Three-Year High Entering Spring Market
Mortgage credit availability climbed to a three‑year high in March, with the Mortgage Credit Availability Index (MCAI) posting 108.3, its strongest level since August 2022. The index showed modest gains across conforming, jumbo and government‑sponsored loan products, driven by a...
Dell Equipment's Latest ABS to Raise $1 Billion
Dell Financial Services is launching the Dell Equipment Finance Trust series 2026‑1, a $1 billion asset‑backed securities (ABS) program backed by commercial leases, finance leases and loans. The issuance will close on April 22 and will be split into six tranches, with maturities...
Phillips 66 Sees Nearly $1 Billion in Losses as Oil Prices Surge
Phillips 66 reported an estimated $1 billion loss in the first quarter from its short positions in oil and related commodity‑derivative contracts after the Iran‑triggered surge in crude and fuel prices. The filing shows a $900 million hit on its net‑short exposure across...
Pagaya Raises $340 Million to Call on Previous ABS Series
Pagaya Structured Products is issuing a $340 million asset‑backed securitization, PAID 2026‑R2, to refinance existing consumer‑loan collateral. The new trust will buy roughly 68.8% of its 65,156 underlying loans from the PAID 2024‑3 series and the remainder from PAID 2024‑2. Fourteen tranches, A1 through...
Bond Traders Risk Being Wrongfooted by 2022 Playbook, UBS Warns
UBS chief strategist Bhanu Baweja warns bond traders that markets are pricing a 2022‑style, coordinated central‑bank tightening in response to the Iran war, which may be unrealistic. He argues that the Federal Reserve, European Central Bank and Bank of England...
GMCAR Set to Issue Securitization Backed by Prime Retail Auto
GMCAR, the GM Financial consumer auto receivables platform, is launching a $1.27 billion asset‑backed securities deal backed by a pool of prime retail auto loans. The transaction, sponsored by AmeriCredit Financial Services and underwritten by JPMorgan, consists of seven tranches maturing...
Hilton Grand Raises $400 Million From Timeshare Loans
Hilton Grand Vacations is issuing $400 million of asset‑backed securities (ABS) backed by a pool of fixed‑rate timeshare loans. The pool’s composition shifted, with loans over $100,000 falling to 16.1% of balances, down from 20.3% in the 2025‑2 series, a change...
US Bonds Steady as Traders Bet War Uncertainty Keeps Fed on Hold
Bond traders entered the week expecting the Federal Reserve to keep rates unchanged through the next year, leaving Treasury yields largely flat. Two‑year yields hovered near 3.86% and 10‑year yields around 4.34% after strong payroll data revived a bond‑bearish bias....
JP Morgan's Pool of Hybrid Mortgages Backs $349.2 Million in RMBS
JP Morgan has launched a $349.2 million residential mortgage‑backed security (RMBS) backed by a pool of 244 hybrid adjustable‑rate mortgages. The JP Morgan Mortgage Trust 2026‑HYB1 uses a modified sequential repayment waterfall, diverging from the conventional senior‑subordinate, shifting‑interest structure. The securities are...
Santander Plans SRTs on UK, US Loans Amid Acquisition Spree
Banco Santander is arranging two large synthetic risk transfers (SRTs) to offload more than $1.33 billion of UK commercial‑real‑estate loans and about $2 billion of US corporate loans. The moves aim to free capital ahead of its $12 billion acquisition of Webster Financial...
GoodLeap Raises $408.9 Million in ABS From Home Improvement Portfolio
GoodLeap Home Improvement Solutions Trust issued the GDLP 2026‑1 asset‑backed securities, raising $408.9 million. The deal finances 37,987 home‑improvement loans covering LED lighting, HVAC, windows, doors and generators, with an average loan balance of $11,960 and a 12.56% interest rate. The ABS...
Sallie Mae's Latest ABS Deal Raises $1.5 Billion
Sallie Mae Bank has launched the SMB Private Education Loan Trust 2026‑B, raising $1.5 billion through a pass‑through asset‑backed securities (ABS) structure. The issuance comprises five tranches, with AAA‑rated senior notes and a final maturity of March 15, 2056. All collateral consists of...
Barclays Predicts Growing Treasury Market Will Need Bailouts
Barclays strategists warn that the U.S. Treasury market, now worth roughly $31 trillion, has expanded faster than bank capital, creating a structural liquidity gap. Since 2009 the market has grown about 9% annually, while bank capital has risen only 3.8% per...
BX 2026-ALOHA Issues Single-Borrower $1.2 Billion, CMBS Deal
BX 2026‑ALOHA has launched a $1.2 billion single‑borrower CMBS transaction. The deal, backed by a non‑recourse first‑lien mortgage, covers 36 Hawaii properties—20 retail, 15 industrial and two office assets—leasing 92.7% to over 670 tenants. KBRA assigned AAA, AA‑, and A‑ ratings...
Software Obsolescence Risk Menaces CLO Market
A looming debt maturity wall is hitting AI‑focused software firms, prompting borrowers to sell debt amid fears of product obsolescence. Bank of America warns that 2026‑2027 loan maturities could trigger self‑fulfilling defaults, pressuring CLO managers to shy away from refinancings....
Westgate Resorts Raises $207 Million in Timeshare ABS
Westgate Resorts announced a $207 million asset‑backed securities (ABS) issuance to securitize cash flow from its timeshare mortgage loans. Structured as a 144A transaction, the Westgate Resorts 2026‑1 deal will issue four tranches—Class A, B, C and D—set to mature on October 20, 2039. The...
Pagaya Offers $586.2 Million in Consumer Loan ABS
Pagaya Structured Products is launching a $586.2 million asset‑backed securities (ABS) program backed by unsecured consumer loans from 11 partner lenders. The deal comprises 15 note classes, most maturing on November 15, 2033, with the senior A1 tranche extending to April 15, 2027. Credit enhancement...
Citigroup's Seasoned Mortgage Pool Secured $1 Billion in RMBS
Citigroup’s Mortgage Loan Trust issued a $1 billion residential mortgage‑backed securities (RMBS) transaction, CMLTI 2026‑RP1, backed by seasoned loans originated in 2019 or earlier. The pool shows strong performance, with 90.3% of loans maintaining a clean payment history and a low delinquency...
Barclays Pulls Back on Asset-Based Loans After MFS, Tricolor
Barclays is scaling back its asset‑based lending to smaller borrowers after taking losses from the collapses of Market Financial Solutions (MFS) and Tricolor Holdings. The bank is redirecting capital toward larger corporate loans and securitizations, and has raised pricing on...
Wells Fargo Raises $586.3 Million in Commercial Mortgage Conduit
Wells Fargo Commercial Mortgage Trust raised $586.3 million through a conduit transaction (series 2026‑C66) backed by 29 fixed‑rate commercial mortgage loans on 75 properties. The deal issues seventeen certificate classes, with the top‑rated AAA tranches enjoying a 30% credit‑enhancement cushion. The...
Senator Calls for FTC Investigation Into FICO Score Pricing
Senator Josh Hawley has asked the FTC to open an investigation into Fair Isaac Corp.'s (FICO) mortgage‑score pricing after documenting a 16‑fold jump from $0.60 to $10 per pull over five years. He argues the surge adds roughly $500 million in...
Subprime Lender Goeasy Secures Debt Relief After Share Slide
Goeasy Ltd. secured debt‑relief concessions after a Q4 charge‑off surge of C$331 million ($241 million) forced its auto‑lending unit LendCare out of compliance, sending shares down over 60 % and its 6.875 % note to 79.25 cents. Lenders waived covenants, raised spreads by 100 basis...
Fed's Goolsbee Says He Could See Circumstances for Rate Hike
Chicago Fed President Austan Goolsbee told CNBC he could envision the Federal Reserve raising interest rates if inflation accelerates amid the Middle‑East conflict, while also acknowledging the possibility of multiple rate cuts if price pressures ease. The Fed left policy...
Mountain Point Promotes Systemic Strategy in Inaugural CLO
Mountain Point Credit Management priced its first collateralized loan obligation, Mountain Point CLO‑1, a $507 million Rule 144 transaction, in early March. The CLO employs a systematic, algorithm‑driven investment strategy that ingests data from over 30 sources and continuously re‑ranks loan credit...
Credit9's $122.4 Million Issuance Is Backed by Debt Settlement Loans
Credit9 is launching a $122.4 million asset‑backed securities issuance, AMCR ABS Trust 2026‑A, backed by over 12,000 consumer loans from a debt‑settlement program. The securitization comprises four tranches with credit enhancements ranging from 44.20% for Class A to 9.00% for Class D, and over‑collateralization...
Capteris Equipment Leases Support $436.9 Million
Capteris Equipment Finance is set to sell a $436.9 million asset‑backed securities (ABS) transaction, Series 2026‑1, backed by 216 commercial equipment leases from 57 obligors. The deal issues six tranches, with senior A1 and A2 notes receiving the bulk of capital and...
U.S. Bank Hires Alan Flanagan to Oversee Global Investment Service
U.S. Bank appointed Alan Flanagan as head of its global investment services division, overseeing fund services, corporate trust, CLOs and alternative investments. Flanagan brings nearly two decades of experience from BNY Mellon, where he led client coverage for asset servicing....
Traders Rethink Fed Rates Outlook as Growth Worries Build
Bond traders are rapidly unwinding short bets on U.S. Treasuries as confidence returns that the Federal Reserve can deliver at least one 25‑basis‑point rate cut by the end of 2026. The two‑year yield slipped roughly 10 basis points after peaking...
Prime Mortgages Support $363.2 Million in RMBS From RATE
RATE Mortgage Trust launched a $363 million RMBS that backs 293 prime mortgages, the highest average loan balance and single‑family home concentration in roughly four years. The securitization features a mix of Class A exchangeable and interest‑only notes yielding 4.0%‑5.0% and Class B...
PE Firm Buys Mortgage Tech Company Formerly Known as Voxtur
Hale Capital Management has acquired Apex Analytics, formerly Voxtur Analytics, by purchasing the company’s senior secured debt and converting it into full ownership. The rebranded firm had reported a $46.2 million loss in Q4 2024 and halted earnings releases after a $5.5 million...
Bitcoin-Secured Consumer Loans Support $186 Million in ABS
Ledn has issued $188 million of asset‑backed securities backed by Bitcoin‑secured consumer loans, marking the first rated transaction of its kind. The Ledn Issuer Trust 2026‑1 was more than twice oversubscribed and split into $160 million Class A and $28 million Class B tranches priced at...
Stress Test on SRTs Could Help Shed Light on Risks, BIS Says
The Bank for International Settlements (BIS) recommends that synthetic risk transfers (SRTs) be incorporated into system‑wide stress tests to expose hidden vulnerabilities. SRT usage has expanded fivefold since 2016, covering roughly €800 billion of loan portfolios and delivering about 43 basis...
Music Royalty ABS Hits a High Note with Investors
A Fourth Pillar report shows 86% of global fixed‑income investors intend to boost music‑royalty and IP holdings, with deal flow rising to more than one transaction per month per investor. The surge is driven by streaming‑enabled globalization, richer data, and...
Volkswagen Prime Leases Back $1.5 Billion in Auto ABS
Volkswagen’s captive finance arm, VW Credit, has securitized $1.5 billion of prime auto leases through the Volkswagen Auto Lease Trust 2026‑A. The transaction consists of four Class A notes, with the A1 tranche rated F1+ (S&P A1+) and the remaining tranches receiving...
Metronet's Latest Fiber Network ABS Raises $903.4 Million
Metronet Infrastructure Issuer is launching a $903.4 million asset‑backed securities program, Series 2026‑1, split into A2 and C tranches. The A2 tranche will carry $628.3 million, and the issuance is backed by the fiber network, customer contracts, and transaction accounts. Annualized run‑rate revenue...
Some Florida Distress Grows as Broader Foreclosures Waver
Foreclosure activity rose 20% year‑over‑year nationwide, marking the 12th consecutive month of increases, though monthly numbers slipped 4% from January. Florida’s distress deepened, with Lakeland posting the worst metro filing rate and Punta Gorda second‑worst. Completed foreclosures jumped 35% from...
Affirm's Point-of-Sale Loans Support $518.1 Million
Affirm announced a new securitization, the Master Trust series 2026‑2, raising $518.1 million to fund point‑of‑sale unsecured consumer loans. The pool carries a weighted‑average FICO of 672, the lowest among its recent trusts, and is divided into five tranches maturing on...
Carvana to Issue $1 Billion From Its Latest Pool of Car Loans
Carvana announced a $1 billion securitization, the first of its recent series to include new‑vehicle loans, representing its largest transaction in six months. The Carvana Auto Receivables Trust 2026‑P1 pools 39,517 loans with an average balance of $26,589 and a weighted‑average term...
Why ARMs Are Rising Even as Rates Drift Lower
Adjustable‑rate mortgage (ARM) originations climbed in 2025 despite falling 30‑year fixed rates, reaching a 20.5% share of conventional volume, the highest in three years. The 5/1 ARM remained about 80 basis points cheaper than the fixed‑rate benchmark, saving borrowers roughly...
Kalamata Capital Sponsors $115 Million Business Receivables ABS
Kalamata Capital Group is sponsoring a $115 million asset‑backed security (ABS) that pools merchant cash advances and loans under the KCG Securitization II, Series 2026‑1. The deal issues three tranches—Class A, B and C—with a March 15, 2032 final maturity and is backed by performance guarantees...
Aqua Finance Prepares to Sell $381.3 Million in ABS
Aqua Finance is re‑entering the securitization market with a $381.3 million asset‑backed security backed by loans for water‑treatment equipment, home‑improvement projects, marine craft and recreational vehicles. Originations through Q4 2025 jumped 30.6% year‑over‑year, fueled by new partnerships that lifted borrower quality to...
Stream Innovations Returns to Raise $302.4 Million From Home Remodels
Stream Innovations has launched the 2026‑1 Issuer Trust, issuing $302.4 million of asset‑backed securities backed by energy‑efficiency home‑improvement loans installed by Power Home Remodeling Group. The prefunded pool represents 31.1 % of the total balance, a notable increase from the 20 % level...
Sumitomo Mitsui Trust to Ally with US Firm Raymond James
Sumitomo Mitsui Trust Group announced a strategic alliance with U.S. brokerage Raymond James, aiming to combine expertise in finance, M&A, real‑estate and asset management. The partnership gives SM Trust access to Raymond James' $1.8 trillion in client assets and its network...
Fidelis Mortgage Trust Sets Out to Raise $112.1 Million From Fix-and-Flip Pool
Fidelis Mortgage Trust announced the issuance of series 2026‑RTL1, a $112.1 million securitization backed by 330 residential transition loans. The loans, originated by Unitas Funding, are short‑term, interest‑only fix‑and‑flip mortgages with six‑ to 24‑month terms. The structure includes six tranches, with classes...