Donna M. Mitchell

The third transaction for 2021 is largely secured by automobile contracts issued to subprime buyers of new and used automobiles and motorcycles.

Primarily, the underlying mortgage collateral consists of 1,982 peak-vintage seasoned and re-performing loans, about 90% of which have been modified.

The Capital One Multi-Asset Execution Trust, a master trust, resurfacing after 2019, has the flexibility to issue either a single-note or multiple-note series.

Single-family rental houses and townhomes underpin the securitization, with a feature to transfer or obtain a release of any property that meets conditions.

The sweet 'WBS' deal will raise funds from Nothing Bundt Cakes' vast franchise operation to repay corporate debt and help fund general corporate purposes.

Asset-backed trusts continue to benefit from how consumers allotted their stimulus and relief payments. Consumer and marketplace loans were part of that.

The self-employed professionals posted slightly weaker credit fundamentals, as they were more severely affected by the pandemic due to business closures.

Issuers of leveraged loans appear ready to use SOFR, the popular alternative to LIBOR, putting leveraged loans a step ahead of the market.

The underlying loans in CSMC 2021-NQM4 have a 738 weighted average model FICO score, relatively low leverage, and a sustainable loan-to-value ratio of 75.2%.

Roughly 98% of unpaid principal balances on the loans have been modified, so FitchRatings increased its loss expectations because of the delinquent loans.

The deal has a shifting-interest structure that determines senior principal distributions by comparing the senior bond size to the collateral balance.

Existing and future domestic franchise agreements, plus royalties on company-operated restaurants are some company lines of revenue pledged to the 2021-1 trust.

Extended Stay America is considered a pandemic success story, because its affordable monthly rates and configuration appealed highly to pandemic personnel.

The deal will test the resilience of structure’s credit mitigation measures, considering Hertz's dependence on air travel and pending emergence from Chapter 11.

Auto and credit card securitizations benefited from more rational consumer behavior, whole CLO issuance remained strong for both new issuance and refinancing deals.

About 18.5% of borrowers in the mortgage pool were self-employed, a slightly lower level than the combined percentages for 2020 and 2021 deals.

Daimler AG’s subsidiary Mercendes-Benz Financial Services USA originated the closed-end vehicle leases.

Two lodging property loans in Alabama and South Carolina were taken out prior to COVID-19, and the loan on the Alabama property had been granted forbearance.

Air New Zealand and Delta Air Lines lead the list of large and small airline lessees whose contracts underpin the deal, which have contracts on 18 aircraft.

Pre-permission to operate (PTO) loans will comprise 10 percent of the Mosaic 2021-2’s underlying collateral, a dramatic increase from the Mosaic 2021-1 deal.