The deal coincides with that of another first-time whole-biz issuer this week, Primrose School Franchising Co. Primrose is marketing the franchise fees and revenues of its chain of early childhood education and day care centers.

A gradual approach would help the market absorb loans affected by the government-sponsored enterprises' expiring qualified mortgage exemption, a Redwood Trust executive told analysts during a recent earnings call.

Primrose School Franchising Co. is marketing $275 million in bonds backed by a whole-business securitization of royalties and revenues from the firm’s rapidly expanding 405-school franchised network of early childhood/pre-K education and day care centers.

Though the use of alternative data in lending is seen by some as untested, several fintechs say they couldn't function without it.

PIMCO is resecuritizing a large swathe of mostly non-qualified home loans that were previously bundled in 2016-2017 mortgage-backed securities, according to presale reports.

Many in the industry say releasing GSE-backed loans from stringent underwriting rules has helped the housing market recover, but a new level of regulatory burden could reverse those gains.

“Buy here, pay here” auto lender Byrider’s improvements in recent ABS collateral performance and operational servicing changes are gaining favor with ratings analysts.

According to Covenant Review, HPS Investment Partners is among the first CLO managers to plan on the use of a forward-looking SOFR term rate to price coupons if Libor benchmark rates disappear after 2021, as expected.

Hilton Resorts Corp. will add up to $21 million in additional collateral after the closing of its Hilton Grand Vacations Trust 2019-A transaction, its first of the year.

Moody’s said the Fed’s cuts – the first in a decade by the central bank – will boost real estate and consumer ABS collateral by helping lenders uphold underwriting standards and provide affordable debt options to borrowers.

Fannie Mae's current tack could help it weather some of the new challenges confronting the government-sponsored enterprises, including the planned expiration of its qualified mortgage rule exemption and rate-driven earnings volatility.

Bank of America is tapping the commercial mortgage-backed securities market to refinance the debt on its namesake Manhattan office building, providing BofA and building co-owner The Durst Company with a hefty cash-equity payout.