Glen Fest

The first-time transaction under Fortress Investment Group's new shelf will be backed by long-term leases on 11 Amazon fulfillment and last-mile distribution centers – three of which remain under construction.

S&P Global Ratings has projected slightly higher investor loss levels for BMW Financial Services' first 2020 auto-loan securitization, compared to the captive-finance auto lender's previous deal in 2019. But that loss range (0.9%-1.11%) still remains minimal.

The class A notes, secured by legacy trust-preferreds and subordinated debt of institutions, carry an investment-grade A1 rating from Moody's. That rating is slightly lower than a prior Hildene CDO, due to elevated pandemic risk to bank profitability.

The collateral in the $338 million also includes a large subset of mortgages (45% of the pool) that are considered "dirty current" loans with recent delinquent status.

Stakeholders in a $1.5B term loan (which include CLO managers) overwhelmingly approved the failed energy company's voluntary bankruptcy plan, providing them a 76% pro-rata share of new common stock in the company after it emerges from bankruptcy.

S&P lowered the ratings on 23 tranches of notes in the deals, affirmed eight others, and kept the other 40 notes on watch for potential downgrade. Twenty of the downgraded notes are on notice for potential future downgrades, as well.

New Residential Investment Corp., fresh off a substantial first-quarter reduction of its asset holdings, is now planning to securitize the receivables on its $200 billion servicing portfolio of Fannie Mae-owned mortgages.

Leveraged loans and collateralized loan obligations do not represent an "existential" threat to the global economy or to the U.S. banking system, as some recent highly charged reports have suggested.

As Las Vegas opens back up to tourists, MBS investors are being asked to roll the dice on the lodging industry that has been conspicuously absent from recent conduit deals amid the COVID-19 outbreak.

Westlake Automobile Receivables Trust 2020-2 pools a portfolio of loans for mostly high-mileage used-vehicles financed by the privately held Westlake through independent and franchise dealers. The deal includes a $370.9 million triple-A tranche (as preliminarily rated by S&P Global Ratings and DBRS Morningstar) that benefits from 42.75% initial credit enhancement.