Regulatory relief remains uncertain, but there's plenty to celebrate as some more esoteric asset classes, such as franchise fees and aircraft leases, move into the mainstream, while others, such as nonprime RMBS, are starting to revive.
The Equifax breach has millions of Americans now thinking about freezing their credit to guard against identity theft. But those who act could be cutting themselves off from the nation's vast credit economy.
Credit enhancement for the senior, triple-A-rated notes is in line with recent Honda transactions, but the pool of collateral is concentrated (12%) in Texas and Florida, making it vulnerable to economic disruption from hurricanes.
The sponsor obtained a $1 billion mortgage from JPMorgan, Goldman and Citi; proceeds will be used to repay $715 million of debt taken out in 2015 to acquire the original portfolio from Apollo Global Management.
First Republic bank is targeting affluent millenials, providing competition for niche lenders like Social Finance that have courted high-earning professionals with refinanced loans that are the source of a burgeoning securitization asset class.