Rising default levels have produced strain on many collateralized loan obligations, many of which are now approaching breaches of covenant tests on minimum weighted-average ratings factors and maximum holdings of triple-C rated loan assets.
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The agencies produced an application process that includes favorable interpretation of qualifying expenses.
May 15
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First Republic is preparing a private-label residential mortgage-backed securities transaction and could be the first bank to launch this type of deal since the coronavirus first roiled U.S. markets in mid-March.
May 15
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The central bank's Financial Stability Report said companies may face difficulties repaying debt given lower earnings, “which could trigger a sizable increase in firm defaults."
May 15
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A $425 million franchise-fee securitization sponsored by TGI Fridays has taken another ratings hit because of the 796-store chain’s increasingly poor financial performance, now magnified by COVID-19 stresses.
May 15
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Ratings agencies are projecting slightly increased bond losses for American Honda Finance Co.’s next billion-dollar auto-loan securitization.
May 15
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Unlike other asset-backed issuers in the auto or mortgage sector, SoFi was able to market SoFi Professional Loan Program 2020-C Trust without additional investor protections above what it offered in deals closed before the COVID-19 outbreak.
May 14
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The agency's announcement came one day after the agency said it would provide borrowers struggling to stay current with an additional payment deferral option.
May 14
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But market observers remain unsure whether changes to the $100 billion Term Asset-Backed Securities Loan Facility program will boost CLO investor demand or new-deal issuance, given key restrictions that remain in place.
May 13
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Eligible borrowers can add the forborne payments to the end of their loan term.
May 13
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The head of the U.S. central bank said its emergency credit programs were not designed to prop businesses up over the long term.
May 13
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The central bank will disclose information on a monthly basis about its Term Asset-Backed Securities Loan Facility and its Paycheck Protection Program Liquidity Facility.
May 12
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Fitch Ratings on Tuesday sharply downgraded all of Hertz Global Holdings’ outstanding asset-backed bonds, amid growing doubts that the rental car company can pay off the notes in the event of a COVID-19 pandemic-driven bankruptcy.
May 12
