DALLAS–ALM First, which offers depositories offering commission-free, fee-based advice, is reporting it has now assisted in more than half of all public industry securitizations, playing a role in seven of the 11 such transactions to date.
In Q4 2023, ALM First said it worked with the $9.8-billion Ent Credit Union in Colorado Springs, Colo.; the $4.1-billion Valley Strong Credit Union in Bakersfield, Calif., and the $8.6-billion Space Coast Credit Union in Melbourne, Fla.
In aggregate, ALM First said it served as a consultant on five credit union securitizations, and assisted from a capital markets perspective on seven of the industry’s 11 public securitizations completed since the NCUA’s June 2017 Opinion Letter affirming credit unions could conduct such transactions.
“Our clients turned to us with a pressing need for liquidity and we responded,” says CEO Emily Hollis. “By establishing a team at ALM First to work in tandem with internal efforts and hedge the loans, we were able to successfully expedite the securitization process in an advantageous market – getting these deals across the finish line sooner to benefit our clients and their members.”
‘Proud of the Role’
Added Travis Goodman, principal with ALM First, “We believe in acting as a trusted advisor and are proud of the role we’ve played in industry securitizations to date. Our team has helped credit unions gain access to a broader investor market and profitably access liquidity. ALM First has also added value by providing insights regarding where to price new loans for sale and executing hedging strategies to lock in margin.”
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