Glen Fest

After a colossally “brutal” period in the beginning of the COVID-19 outbreak last year, a recent report from Kroll Bond Rating Agency noted that business development corporations mostly rebounded by year-end 2020 to bring a sense of renewed optimism into the alternative-lending space.

The bonds will be backed by a first-lien mortgage on Willowbrook Mall, a 1.52-million-square-foot shopping center in Houston.

The chicken-menu specialty chain will use the proceeds to refinance existing debt.

The newer planes are being delivered to financially strong carriers such as JetBlue Airways, Delta Air Lines and India’s popular IndiGo low-cost airline.

Trinity’s railcar collateral qualifies as an eligible green asset, since freight transportation serves as a lower carbon-emissions alternative to big-rig trucking for land-based goods transport.

Carvana Auto Receivables Trust 2021-N2 is the used-car retailer's ninth securitization since 2019, and the third to include a pool exclusively made of non-prime loans.

The loans, previously securitized in 2015, have a weighted-average interest rate of 8.57%, balances averaging $15,182 and remaining scheduled terms of 186 months.

The $500.2 million Morgan Stanley Residential Mortgage Loan Trust 2021-2 is supported by 547 prime-quality loans, many of them large-balance loans with outstanding obligations exceeding $1 million.

The deal was constructed under Angel Oak’s social-bond framework, in which the firm intends to use the proceeds to help finance residential loans for underserved borrowers.

Avant Loans Funding Trust 2021-REV1 is a $200 million note offering backed by loans underwritten through its Avant platform. The $500 million OneMain Financial Issuance Trust 2021-1 is the first deal of the year for OneMain, which has previously issued 23 consumer loan securitizations and five auto-loan ABS deals.

The initial $1.31 billion pool may be potentially upsized to $1.53 billion.

This week, Moody’s Investors Service projected elevated credit-loss expectations for a new subprime auto-loan securitization from Veros Credit, even though the new deal has several improved credit metrics compared to the company’s prior ABS offering in March 2020.

Verizon Master Trust, Series 2021-1 is the first series from the new platform which will periodically issue notes that – similar to bank credit-card ABS structures –will be designated to specific groups of accounts.

If the lender's trust opts to upsize its second bond offering of 2021, the $2 billion-plus transaction would be Santander's biggest in the post-crisis era.

The two companies each priced on Wednesday each firm's second aggregated pool of non-QM loans this year.

The multiborrower CMBS deal includes 71 single-tenant properties, representing more than 40% of the pool.

The bonds backed by the primarily non-prime unsecured receivables have preliminary ratings of BBB (low) from DBRS Morningstar and BBB- from Kroll Bond Rating Agency.

The rental-car firm's next securitization of its rental car fleet is just the second since the COVID-19 outbreak in early 2020, and is buoyed by pent-up business and tourist travel demand for vehicle-rental services.

Deals, trends and research in structured finance and asset-backed securities for the week of April 30-May 6

The 30-acre luxury retail development is among four investment-grade-worthy loans included in the multiborrower deal.