Allison Bisbey

The collateral includes both QM and non-QM loans; however, certain loans are designated as QM even though the borrower’s DTI may be above 43%, due to a temporary exemption for GSE-eligible loans.

Just 66% of the collateral Navient Private Education Refi Loan Trust 2018-C consists of loans to borrowers with graduate, medical, law or other advanced degrees, down from 72% in a similar transaction in February.

It has obtained a $1.2 billion loan on Atlantis Paradise from Citigroup and Goldman Sachs that will be used as collateral for an offering of mortgage bonds; proceeds will be used to repay existing debt and cash out $149 million of equity.

Private student loans made before the financial crisis were once considered a toxic asset. A recent $414 million securitization by FirstKey, an affiliate of Cerberus Capital Management, shows how much things have changed.

Loans originally securitized in three 2013 transactions account for some 11.4% of the initial collateral for the $230 million CPS Auto Receivables Trust 2018-C, according to S&P Global Ratings.

The AAA-rated Class A notes benefit from 61.79% “hard” credit enhancement, which is 30.25 percentage points higher than the senior tranche of the previous deal rated by Fitch, which was rated two notches lower at A.

Aluko counsels clients on legal aspects of investment management, private investment funds including real estate funds, private equity funds, and hedge funds, derivatives, and regulatory matters; he joins the firm from SECOR Asset Management.

That's a departure from the state student loan authority's previous offering, completed in 2017, which was backed by a mix of private and federally guaranteed student loans, and was rated one notch lower by S&P Global Ratings.

The notes, which are rated by DBRS, are backed by a mix of products to borrowers with weak credit; the pool of collateral will revolve over the first two years of the transaction.

The deal, which is expected to close this summer, would bring THL Credit’s assets in collateralized loan obligations under management to approximately $12 billion and its total assets under management to over $15.5 billion.

Lauren Hedvat, Angel Oak's managing director of capital markets, said that the rising non-qualified mortgage volume in the market has expanded the number of third-party origination loan packages for purchase.

The $35 million offering of fixed-rate bonds comes from a new mater trust and will be taxable; previously, the state student loan authority has funded refinance loans with the same tax-free bonds used to fund in-school lending.

Bavarian Sky UK 2 plc is as yet unsized; the collateral will initially consist of 70% new and 30% used primarily BWM and MINI vehicles, 56% of which use diesel fuel, according to Moody's Investors Service.

HPS Loan Management 9-2016 will be backed by a $750 million portfolio of broadly syndicated loans and other assets, up from $500 million originally; Moody's is only rating the two senior tranches of notes to be issued.

La Quinta is spinning off a portfolio of 2014 hotels into a real estate investment trust called CorePoint; the REIT obtained a $1.035 billion mortgage from JPMorgan Chase that is being used as collateral for mortgage bonds.

CoreVest American Finance’s next offering of rental bonds is backed by homes that are older and smaller than any of its previous transactions, according to Kroll Bond Rating Agency.

The bank, which purchases loans from Mosaic, is contributing an unspecified amount of collateral for the $317 million deal; it's also the underwriter and risk retention holder, and appears to be behind the unusual structure.

The $470 million transaction has some features rarely seen now that the market for bridge loan securitization has been rehabilitated, including a "blind ramp" and a "blind reinvestment" period.

Adding to the layering of risks, the majority of the loans (84%) originally paid only interest, and no principal, at the time of origination; however, all 506 loans have passed their initial, fixed-rate period, eliminating some potential for reset shock.

The real estate investment trust, along with co-borrower Stellar Management, obtained a $675 million mortgage from four banks; they are cashing out $113 million of equity in the process.