US LevFin Primary Review — Q2 2025

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.

LatAm Weekly — Oil price shock means upside for some producers, and Braskem gets a green light