Auto-related issuers seek funding as end to Libor and 2021 approach.

The deal carries relatively low leverage and high subordination.

Stronger collateral and less credit enhancement reflect lessening pandemic risk.

Moody’s: Rapidly evolving electronic-vehicle technology poses collateral risk also for traditional rental-car ABS.

One downgrade stemmed from a default, with three others warning of pending defaults.

Adjustments to Fitch’s CLO rating criteria place numerous deals under observation, but so far only rating upgrades have resulted.

Still relying on Libor, Brightwood SPV Advisors is approaching the market with its first collateralized loan obligation transaction of 2021, which is structured similarly to its last CLO priced in December 2020 and illustrates what a difference a year can make in terms of pricing.

Limited partners and investors have stepped up their requests for climate change data on the portfolio level over the last 12 to 24 months, according to 78% of asset managers focused on high yield and leveraged loan bonds.

Benchmark will issue 21 classes of certificates, with 13 entitled to principal and interest payments. Six classes will receive interest only.

The company also locked a record $4.7 billion in jumbo loans and significantly increased its business purpose lending from a year ago as its revenue mix shifted toward its taxable subsidiary.

The securitization is backed by an irrevocable financing order that empowers the issuer to impose, collect and receive fixed recovery charges (FRC), from retail customers.

Credit ratings on the subsequent securitizations “remained relatively stable,” despite program transaction ratings being linked to the sponsoring airlines’ corporate ratings.