The potential merger of the two credit card companies will result in significant consolidation in bank credit card portfolios and a new market leader.

The AAA-rated credit card ABS was issued by WF Card Issuance Trust, a de-linked credit card receivables-backed trust sponsored by Wells Fargo.

Morningstar DBRS assigned a preliminary A rating to the deal that includes 370 short-term loans with a principal balance of $158.4 million.

Some of the deficiencies highlighted across the credit rating agencies are of a critical nature.

The consumer loans originated through this partnership will be acquired by Pagaya for securitization purposes.

The Maxex mortgage platform will now connect originators with non-agency buyers of agency-eligible mortgages for investment properties and second homes.

Investors greeted “at-the-market” equity offerings by REITs fairly well last year. One analyst described the activity as “defensive” capital raises that strengthen the balance sheet.

The Supreme Court ruled in favor of a former research strategist at UBS in a whistleblower protection case under the Sarbanes-Oxley Act. The ruling has an impact on employee protections well beyond UBS.

Some analysts argue that, with traditional lenders shying away from the CRE sector, CMBS financing stands to gain market share.

Huntington National Bank is in the market with its first auto ABS since 2016. The bank completed a credit-risk transfer transaction in late December involving a $3.0 billion pool of auto loans.