Securitization in Focus — June 2023

New car inventories are stabilizing, while used inventory remains tight as many consumers are priced out of the new vehicle market. Catch up on more securitized market trends in our monthly infographic.

Sources: Bank of America, Citi ABS Weekly, JP Morgan, FDIC.

Acronyms: CRE CLO - Commercial Real Estate Collateralized Loan Obligation, SASB - Single Asset Single Borrower

Manheim Used Vehicle Value Index is a measurement of wholesale used-vehicle prices that is independent of underlying shifts in the characteristics of vehicles being sold.

ICE BofA US CMBS Indexes track the performance of US dollar denominated investment grade fixed rate commercial mortgage backed securities publicly issued in the US domestic market.

Bond rating is a way to measure the creditworthiness of a bond, which corresponds to the cost of borrowing for an issuer. These ratings typically assign a letter grade to bonds that indicates their credit quality. Investment Grade is a bond rating of AAA, AA, A or BBB.

The views expressed are those of Diamond Hill as of June 2023 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of future results or investment advice. Investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results.