Glen Fest

“We won’t, unless you get a policy mistake or you get a massive market accident,” he said at the annual ABS East confab in Miami.

Verizon Owner Trust 2019-C will be offering $953.9 million in bonds via Barclays, including $850 million in a Class A-1 tranche split between fixed- and floating-rate notes.

An opening day panel for ABS East focused on the growing number of choices investors have in asset classes and structural options.

A Philadelphia commercial property developer is refinancing a loan for a renovated complex, according to S&P Global Ratings.

The original $436.5 million whole-business securitization deal that closed in May 2018 has already been downgraded twice, due in large part to dueling lawsuits between ousted founder Harvey Franco and Australia-based Macquarie over the past year.

The $428 million Progress Residential 2019-SFR4 transaction will feature eight classes of notes secured by a single loan taken out by the Maryland-based REIT.

Out of 83 commercial mortgages in the transaction, the collateral pool contains 75 loans secured by multifamily/manufactured housing properties, according to presale reports.

The transaction will raise proceeds from note sales to pay off existing debt, as well as potentially provide a dividend to majority-owner Blackstone, according to a presale report from S&P Global Ratings.

The third issuance from the master trust has a higher average interest rate and greater expected losses than previous pools due to the inclusion of more higher-risk marketplace loans.

Moody's has raised its expected loss levels for Ford Motor Credit's 2019-3 and 2019-4 floorplan receivables portfolios after applying junk status to the unsecured debt ratings to FMC and parent Ford Motor Co.