Credit support on the senior tranche of the $800 million transaction is 19.25%, up 250 basis points on the comparable tranche of the sponsor's previous deal to offset the impact of falling used car prices.
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An affiliate of the private-equity firm Angel Oak is packaging bank-issued sub debt to minimize risk for bondholders. It recently completed its first securitization and has plans to issue two deals a year.
March 26
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The sponsor has only identified $552 million of collateral for the $610 million deal; it has another four months to put the remaining $88 million to work in additional assets.
March 26
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Just over 20% of the balance are hotel loans, including the second-largest loan in the collateral pool, a $59.9 million portion of a $132.9 million loan used in a cashout refinancing of the Hilton Clearwater.
March 23
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A new settlement with Massachusetts resolves all outstanding administrative actions against Ocwen Financial Corp. by a group of 30 states, but two states' legal actions against the servicer remain outstanding.
March 23
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Together with $26.4 million of unrated notes that the REIT will retain in order to comply with risk retention rules, the total amount outstanding from the American Tower I master trust will be nearly $1.81 billion.
March 22
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There was a modest decline in hurricane-related delinquent mortgages in February, a sign that there are lingering problems in the affected markets.
March 22
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Are American college students using their student loan dollars wisely? A LendEDU study explored how those funds are spent.
March 22
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The majority of the collateral for the $326 million OBX 2018-1 comes from two called Bear Stearns deals originally issued in 2005; the remainder was acquired by the mortgage REIT in the whole-loan market.
March 22
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The money manager is preparing to refinance a $400 million deal originally printed in March 2016 that is currently grandfathered from risk retention rules - without bringing the deal into compliance.
March 21
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A bill to allow captive insurance companies to be reinstated as members of the Federal Home Loan Bank System appears to be dividing the FHLB community.
March 21
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Fifth Third and First Republic are among the investors in the company’s $50 million equity round.
March 21
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The €413.5 million BlackRock European CLO V is the fourth euro-denominated CLO to launch this month, and asset manager's first since BlackRock Euro CLO IV priced in November.
March 20
