A panel of retail industry analysts explored how several department store and specialty retailers face hard times in an environment in which sales declines, high leverage and competition from online retailers are pressuring many brick-and-mortar chains' ability to service their speculative-grade debt obligations.
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Moody’s expects cumulative net losses of 0.55% of the collateral, while Fitch takes a more conservative view; it expects net losses to reach 1% due to a deterioration in the construction equipment sector.
July 9
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The Consumer Financial Protection Bureau's final rule to formalize guidance on a number of TILA-RESPA Integrated Disclosures compliance points omits an originally proposed fix for the so-called black hole that's created when a mortgage closing is delayed.
July 7
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The senior notes benefit from initial credit enhancement of 29.5%, nearly three percentage points higher than the same tranche of the sponsor's previous transaction.
July 7
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The collateral for the deal is heavily concentrated in the top three lessees, Quatar Airways, American Airlines, and Asiana; the deal permits the three to account for up to 65% of the portfolio.
July 6
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Morreale was previously a managing director and associate general counsel in the mortgage and legal group at Goldman Sachs, where he provided legal counsel for businesses across a range of asset-backed securities
July 6
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AutoGravity of Irvine, Calif., has received $30 million in equity financing from VW Credit, according to a source familiar with the matter.
July 6
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The German automaker was compelled to shift funding to asset-backeds in the wak of an emissions cheating scandal; it has now resumed issuing unsecured debt
July 6
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The £310.3 million (US$401.26 million transaction, Twin Bridges 2017-1, is backed by 965 prime mortgages underwritten to UK landlords by Paratus AMC Ltd., formerly known as GMAC-RFC.
July 6
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A new report from the American Bankers Association reinforces existing concerns about the ability of U.S. consumers to manage all of their debts.
July 6
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Loans between 61 and 72 months at origination decreased to 49.5% of the collateral for GM's latest transaction, down from 51.3% from the sponsor's April deal.
July 5
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The first Bavarian Sky securitization of Swiss BMW auto leases since April 2013 will be split between Euro and Swiss franc (CHF) denominations.
July 4
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Towd Point Mortgage Trust 2017-3 is smaller the the sponsor's two previous deals of the year, but the credit quality of the collateral is remarkably similar.
July 4
