Adding to the layering of risks, the majority of the loans (84%) originally paid only interest, and no principal, at the time of origination; however, all 506 loans have passed their initial, fixed-rate period, eliminating some potential for reset shock.
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The $300 million issue is secured by receivables from inventory financing for 160 Volvo- and Mack-branded trucking and construction equipment dealers.
July 19
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The $455 million in bonds issued by the company just two months ago have sold off sharply, according to Kroll Bond Rating Agency, which is trying to reassure investors.
July 19
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The nominee to run the consumer bureau endured tough questioning over the administration’s family-separation policy but appeared to weather the barrage.
July 19
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Concerns over widening spreads in global credit portfolios are at a peak level in the post-crisis era, according to a quarterly survey of global credit-portfolio managers.
July 19
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Credit metrics for the $799.9 million deal are better, by some measures, but rating agencies are concerned that delinquencies in the $10.2 billion managed portfolio are slightly higher, year-on-year.
July 19
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Reps. Ed Royce, R-Calif., and Earl Blumenauer, D-Ore., introduced a bipartisan package of legislation Tuesday to extend the National Flood Insurance Program through Nov. 30.
July 18
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Oaktown Re II is National Mortgage Insurance's first rated transaction, according to Morningstar; it reinsures $5.47 billion of policies on mortgages with a total balance of $30.12 billion.
July 18
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S&P has cut its credit ratings on a deep subprime loan securitization completed by Honor Finance in 2016, warning that the most subordinate tranche of notes issued in the deal is “at risk of not being repaid.”
July 18
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That's a departure from the firm's existing fund, which acquires controlling stakes in CLOs through "equity" holdings; the new fund will be advised by the same principals, Tom Majewski, Daniel W. Ko and Daniel M. Spinner.
July 18
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The owner of Casa del Mar and Shutters on the beach obtained $430 million of loans from Morgan Stanley; it is putting down $792,815 of equity and paying a prepayment penalty to refinance.
July 18
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Tikehau CLO IV B.V. will control €400 million (UA$466.5 million) in mostly European leveraged loans and high-yield bonds (with an allowance for up to 25% of non-euro-denominated assets), according to Fitch Ratings.
July 17
- Finance and investment-related court cases
With ruling in GSE case, the two agencies are emerging as the test subjects for a legal showdown over their authority.
July 17
