The deal does not even merit a BBB-plus, according to Fitch, which cites insufficient credit enhancement, exposure to high-risk obligors, and the servicer's lack of experience.
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Over 80% of collateral for the $2 billion transaction consists of trucks, SUVs and crossovers; the deal is also the largest that the captive finance company has sponsored in the last three years.
November 9
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Four tranches of rated notes totaling $591 million were issued, resulting in an advance rate of 92% vs 88% for the previous deal; pricing also improved.
November 9
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Impac Mortgage Holdings' nonqualified mortgage origination volume increased 248% year-over-year in the third quarter as the company accumulates loans for a planned securitization next year.
November 9
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Unlike Santander’s existing retail auto loan platform, Santander Retail Auto Lease Trust 2017-A is backed by prime quality collateral. The leases were originated by its Chrysler Capital division, through dealers of Fiat Chrysler vehicles.
November 9
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For the first time in five years, MassMutual has a second securitization within a calendar year backed by loans and leases to large corporates, including federal government agencies.
November 8
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The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt.
November 8
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The company increased the concentration of sub-550 Beacon score borrowers to more than 13%, and cut the share of prime 700-plus loans by more than two-thirds from its prior deal.
November 8
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A mortgage on the marquee Caesars Palace Las Vegas is being used as collateral for $1.6 billion of mortgage bonds; proceeds will be used to repay existing indebtedness.
November 8
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Deal volume of $95 billion through 10 months is at a pace that would make 2017 the second-busiest year for post-crisis CLO issuance; AAA spreads, meanwhile, have reached three-year tights.
November 7
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The San Francisco-based lender still posted losses in its portfolio, although those declined considerably from the year-ago period.
November 7
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Residents' low incomes usually disqualify them for standard student loan refinancings, but SoFi and other lenders describe these borrowers as strong credits with high earnings potential who could offset some of the risks lurking in student loan pools.
November 7
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The loans are part of a €1.8 billion bad-loan purchase that Mars Capital, an Oaktree "vulture fund," made of high-risk mortgages from Irish banking authorities in 2014.
November 6
