Tennenbaum is offering up its third middle-market CLO as market conditions ripen for SME loan portfolios

Borrowers have higher FICOs than the prior transactions and fewer of then live outside the U.S. and Canada; however the loans are also less seasoned.

So-called transitional lending has traditionally been kept on balance sheet; but it’s become attractive to bundle the loans for transactions called (take a deep breath) commercial real estate collateralized loan obligations. Can investors stomach the features these deals sported before the crisis?

In their biannual Shared National Credits Program report, regulators said that banks' exposure to leveraged loans and the oil and gas sector remained a source of concern.

ECMC Group is marketing another $500 million of notes backed by federally guaranteed student loans that were once delinquent but are now making timely payments.

A higher proportion of borrowers have a “spotty pay history,” and the loans are more geographically concentrated than recent deals, but this is somewhat mitigated by higher borrower equity, says Fitch Ratings.

An affiliate managing the loan for the reinsurance giant's investment advisory arm will keep a horizontal equity strip of the deal for dual EU/US risk retention compliance.

Insurers are seeing modest gains in market share as banks, facing increased scrutiny from regulators, lightly tap the brakes.

The portfolio includes six loans for office, hotel and multfamily properties; the largest is an office park in Austin Texas' high-tech corridor.

The transaction, PFS Financing Corp. 2017-B, consists of a $282 million senior tranche provisionally rated triple-A, and an $18 million unrated subordinate tranche. Both tranches have legal, final maturities in July of 2022.

The private equity firm obtained an $825 million mortgage on the portfolio from Citi, Deutsche Bank and Barclays; proceeds, along with $500 million of mezzanine debt, will be used to repay exist debt and cash out $207 million of equity.

The delinquency rate for securitized commercial mortgages, which jumped in June, retreated just as quickly in July, falling 26 basis points to 5.49%. It's now only two basis points above its May level.