Allison Bisbey

The rental car giant is issuing approximately $213 million each of notes maturing in July 2021 and July 2023 from its revolving master trust, Hertz Vehicle Financing II LP, according to rating agency presale reports.

The 10-year, fixed-rate term of the $1.75 billion interest-only loan may raise some eyebrows, though the owners still have "implied equity" of $1.7 billion in the 2.2 million square foot property, per Moody's Investors Service.

Like the sponsor's February transaction, this one is backed by midsize and larger business jets, a volatile asset class; it amortizes more slowly and has looser restrictions on extending the terms of leases and loans.

The borrowers in the pool of collateral have lower FICO scores, and the size of a prefunding account has risen to 25% of the initial balance from 16% for Marriott's prior deal, completed in August 2017.

The $278.3 million RCMF 2018-FL2 also has unusually heavy exposure to apartment buildings, offices and industrial properties that are either vacant or have low occupancy levels, according to Kroll Bond Rating Agency.

QSuper Board, an Australian pension fund, is tapping the commercial mortgage bond market to help finance a portion of a 52-story office building on Manhattan’s Upper West Side.

The Dallas-based money manager has launched a UCITS that invests in both U.S. and European loans, investment-grade CLO securities, and obligations and other kinds of structured products.

IH 2018-SFR1 refinances three earlier transactions (one each from 2013, 2014 and 2015) and is initially sized at $1.1 billion; it may be upsized to $1.3 billion, depending on investor demand.

The El Segundo, Calif. company is selling $100 million of bonds backed by a revolving pool of loans secured by precious metals as well as some of its own inventory of cash and gold, silver, platinum, and palladium.

All five – Plaza West Covina Mall (Calif.), Franklin Park Mall (Ohio), Parkway Plaza (Calif.), Capital Mall (Wash.), and Great Northern Mall (Ohio) – were built in the 1970s and have JCPenney or Sears as a major tenant.

The .. also named David Williams as head of U.S. global structured credit solutions capital markets; both executives have been with the firm for over a decade.

Fitch Ratings, which has only rated two other CRE CLOs over the past three years, joins Moody's Investors Service and Kroll Bond Rating Agency on the $514.2 million transaction.

Blame the decline in the oil and gas industry; many 2014 vintage deals have exposure to a number of multifamily and hotel properties in North Dakota and Texas, according to Fitch.

Both Fitch Ratings and Kroll Bond Rating Agency expect to assign a single-A ratings to the senior tranche of notes to be issued; the sponsor’s prior four deals were rated by Kroll alone.

The biggest decline was in the delinquency rates for offices and retail, but late payments on multifamily and industrial CMBS loans increased.

The borrowers behind the $401.6 million COLT 2018-2 have weighted average liquid reserves of $426,633, or nearly twice the level of borrowers backing a deal completed in January.

Just 16% of the collateral for the $522 million Nelnet Student Loan Trust 2018-2 consist of “rehabbed” Federal Family Education Loan Program loans.

After a long and ultimately successful battle to exempt managers from risk retention rules, it may be hard to engage participants in the search for a suitable replacement for Libor.

Unlike several recent transactions by other solar panel financiers, which were backed by loans, the $347.5 million Vivint Solar Financing 5 is backed by leases and power purchase agreements.

The as-yet unsized Volta VI is backed by a tariff on all users of electricity in the nation; it is designed to help EDP, the largest utility, recover the costs of supporting renewable electricity.