Allison Bisbey

FORT CRE 2018-1 will include four loans recycled from the prior deal, including one that Kroll has identified as a loan of concern due to weak operating performance.

Over the past five years, 2nd lien RPL have defaulted at a similar rate to 1st liens, and have prepaid much faster; the senior tranche of notes to be issued has a weighted average life of around 1.5 years.

The sponsor appears to be paying for the privilege; the deal is structured with a super senior tranche of notes that benefits from considerably more subordination than the senior tranche of its prior deal.

It's the lessor's first trip to the securitization market since its 2017 acquisition of AWAS, which quadrupled, and significantly diversified, its fleet. The new deal finances 18 primarily narrowbody aircraft.

The overall delinquency rate for securitized U.S. commercial real estate loans is now 3.33%, a decrease of nine basis points from the October level, according to Trepp.

CleanFund has created a division that helps structure Property Assessed Clean Energy financing to meet a mortgage lender's credit criteria; its also talking to lenders about co-financing the energy upgrades.

It’s a trend that bears watching, particularly for holders of the riskiest securities issued in subprime auto securitizations, according to S&P Global Ratings.

It's the first time the refinance student lender used this feature to lock in current funding costs, according to Moody's Investors Service.

Loans with terms of more than five years represent around 65% of the pool of collateral, down from 67% and 68% for the two prior transaction - but still higher than exposure in 2017 and 2016 transactions.

Proceeds from issuance of $298 million of new notes backed by wireless towers will be used to repay debt issued from the trust in 2013, pay down a line of credit, and fund up to $45 million of additional towers.