A number of mortgage insurance-linked securities, or mortgage insurance-linked notes, transactions have had their credit ratings upgraded, as the fundamentals related to them improved on faster pay-downs have helped to build up credit enhancement associated with them.
The mortgage insurance-linked securities (ILS) market has been very quiet through 2022 and into 2023, with only close to $1.2 billion issued across four deals last year and nothing so far in 2023, down significantly from 2021’s bumper nearly $6.3 billion of issuance.
