The collateral includes both QM and non-QM loans; however, certain loans are designated as QM even though the borrower’s DTI may be above 43%, due to a temporary exemption for GSE-eligible loans.

The Dallas-based lender's third foray into the deep subprime ABS market in 2018 arrives as recent Santander DRIVE securitizations are performing well with recently lowered loss expectations from S&P Global Ratings.

New collateral can be added to the $824.2M Ford Credit Auto Owner Trust REV 2018-2 until 2023; that's two years less than the revolving period on its prior deal, completed in January.

Fannie Mae and Freddie Mac may need to tap into U.S. Treasury funds when they adopt CECL, a new accounting rule that makes companies set aside money upfront for expected loan losses.

The €414.2 million CVC Cordatus Loan Fund XI will issue exchangeable shares for four classes of notes; this allows the fund to hold bonds without putting itself off-limits to U.S. banks.

In the U.S., the 12-month trailing default rate fell to 3.4% in June from 4% in March, while in Europe it declined to 2.2% from 2.8% over the quarter. Globally, defaults stood at 2.9%, down from 3.4% in the first quarter.

The $450 million Thunderbolt II Aircraft Lease transaction involves 18 aircraft representing the younger planes in Air Lease's $13 billion portfolio of owned and managed passenger jets.

Just 66% of the collateral Navient Private Education Refi Loan Trust 2018-C consists of loans to borrowers with graduate, medical, law or other advanced degrees, down from 72% in a similar transaction in February.

The New York State Department of Financial Services report recommended putting online lenders on a more equal playing field with traditional firms.

The $109.3 million CLEAN 2018-1 is also the first deal to be marketed as a Rule 144A transaction under securities regulation making it available to wide base of institutional investors.

The fast-growing national health club chain plans to market between $1.23 billion and $1.33 billion of bonds backed by franchisee royalty and fee payments; proceeds will be used to pay off bank debt and fund a dividend to shareholders.

A Fannie Mae test to handle the private mortgage insurance process for lenders may raise concerns that it's going outside the scope of its secondary market mission. But the effort reflects its mandate to explore new credit-risk transfer alternatives, a company executive said.