Glen Fest

Deals, trends and research in structured finance and asset-backed securities for the week of Jan.22-28

The Chicago real estate private equity firm will issue $416.8M in notes financing its acquisition of retail, industrial and office properties leased by California-based Save Mart.

DLJ and Nomura Corporate are sponsoring portfolios of mostly previously modified, well-seasoned mortgages that have at least two years of clean-current payment status.

According to a presale report from Moody’s Investors Service, Home Re 2021-1 is the fourth deal by the issuer that will sell floating-rate notes (pegged to one-month Libor) that are backed by a reference pool of mostly prime mortgages.

About $16 billion across 43 deals in both new-issue and refinancing has prompted analysts into making early revisions to raise their initial volume forecasts.

The receivables will flow from payments on UK monoline credit-card accounts for nonprime borrowers.

The online lender is looking to price its second securitization deal of 2021, following last week's closing of a pass-through notes offering via its master trust.

Declining month-over-month delinquency levels and the rollout of COVID-19 vaccinations potentially give hope to more normalized economic activity.

The two deals will add to the pipeline of 2021 prime auto-lease transactions led earlier this month by Hyundai Capital America.

The Class A notes in the transaction priced above par at Friday's deal closing.

The railcar equipment notes are secured by a portfolio of 5,770 units which are almost all being utilized through full-service leases.

A new global quarterly survey from the IACPM shows dissipating worries over COVID-19, giving way to angst of how businesses will cope with inflation and an inevitable rising-rate environment in the long-term.

The SFA on Wednesday released a statement saying the organization could not “responsibly consider” contributing to future campaigns to U.S. House or Senate members who sought to nullify Electoral College results.

The weighted average seasoning is 34 months, well above that of prior Invictus-sponsored deals on the Verus shelf that are typically new originations under 10 months.

The transaction finances the loan portion of a $989.5 million acquisition of warehouse and distribution properties located in nine states.

The subprime auto lender, which specialized in post-bankrutpcy loans, has a greater share of direct-channel loans (typically refis) compared to its lone 2020 asset-backed offering.

The notes offering is the largest among the 21 auto-lease deals HCA has issued since 2011, and the fourth that has topped $1 billion in offered notes.

The transaction features a pool of non-qualified mortgages with a higher-than-average delinquency rate driven by COVID-19 relief plans.

The share of 72-84 month loans is 15.56% in GMF's 2021-1 transaction, up from 12.24% in its prior prime-auto issuance.

The first commercial mortgage securitization is backed by eight recently acquired garden-style apartments in five states.