CLOs take their PIK

Excess Spread — Vibes v code, CAULIFLOWER

9fin | The investment banks exposed to MFS aren’t saying much, but institutions that weren’t have some stories. Asif Godall, formerly CIO of Cairn Capital (Polus), latterly head of EMEA markets at Mizuho, gave a long account of his engagement with MFS.

Senate bill spells trouble for $50bn+ SFR RMBS market

The 21st Century ROAD to Housing Act is already having a dampening effect on private real estate, 9fin reports.

SEC hands CLOs a regulatory break with fund-of-funds clarification

9fin | The US Securities & Exchange Commission has quietly handed the CLO market a meaningful win. In guidance issued on Thursday (5 March), the agency clarified that debt securities issued by CLOs do not have to count toward the so-called “10% bucket” under Rule 12d1-4.

Oil rally squeezes Mexico fiscal accounts, but Pemex aid is safe

9fin | The oil price rally triggered by the Middle East conflict will directly impact Mexico's government budget and could affect the massive support for state-owned company Pemex

Long yarn — How Michaels Stores weaved through distressed debt, tariffs and bankrupt competitors to clinch refinancing

Wells Fargo launches warehouse lending review after MFS exposure

9fin | Wells Fargo has launched a comprehensive review of asset-backed warehouse lending from its European securitised products business, in the wake of its exposure to collapsed bridging lender Market Financial Solutions.