Glen Fest

Voya Alternative Asset Management is replacing and consolidating seven fixed- and floating-rate tranches with five new variable-rate classes that each gained lower rates than predecessor notes.

The Los Angeles-based distressed-debt specialist has $20.5 billion in dry powder, including over $8.8 billion in uncommitted capital stored in a dormant opportunities fund.

Westmont Hospitality Group has secured a $360 million first mortgage and $40 million mezzanine loan from Barclays and Morgan Stanley that is secured by a portfolio of 89 Red Roof locations in 25 states.

Investors will have to weigh a deterioration in credit of many accounts in Ally's managed portfolio; since it completed its prior floorplan securitization in June 2016.

It's deep and liquid, and spreads are tight. To many, a deal with a few idiosyncratic risks — not to mention cool factor — just offers a chance to pick up a little extra yield.

S&P Global Rating's London office made the rare move to downgrade the junior-most notes in a 2016 CLO issued by a Danish credit manager due to a deterioration in portfolio maintenance levels.

The Houston-based carrier will use proceeds from its first equipment trust certificate deal to finance the delivery of 16 new Boeing jets, replenishing its aging fleet.

Over 94% of the collateral pool consists of diesel-engine vehicles, even though diesel cars have had waning interest among French drivers in the past decade.

The pooling of loans and leases for Volvo- and Mack-brand trucking and construction equipment is modeled largely on the credit and portfolio characteristics of seven prior securitizations by Volvo's VFS subsidiary.

Aegon Asset Management's new Cedar Funding CLO VII is expected to price its senior triple-A notes at 100 basis points above Libor, carrying on a 2017 trend of tightening spreads.

While tightening down on cov-lite and subordinate loans, Marathon CLO XI's rules give the asset manager more room to trade in lower-credit and DIP loans.

Returns for equity investors are increasingly under pressure because of demand for the underlying loan assets, but strategies to boost returns can investors in other CLO securities at risk.

Lease contracts from the newly acquired business account for 5% of collateral for the $305.7 million transaction; the remainder is leases on construction and transportation equipment.

The single-B rated company is facing a large cash requirement as it ramps up production of its Model 3; but leases backed by electric vehicles pose additional risks for investors in asset-backeds.

The credit quality of the collateral appears to have improved, but investor protections have also decreased; as a result, Kroll is only assigning an 'A' to the senior tranche of notes.

The $407 million Crown Point 4 is also the first CLO in nearly three years for Valcour, which was last in the market with the $400 million Crown Point III in March 2015.

The deal is the first vehicle loan securitization for the London affiliate of South Africa's FirstRand Group since November 2016.

The captive finance lender for Toyota dealers in the Southeast U.S. returns with its 11th overall transaction sized at $800 million, with a potential upsizing to $1B.

The Salt Lake City-based lender homes in on troubled borrowers whose subprime status is primarily tied to a recent bankruptcy protection filing.

The Irving, Tex.-based specialty lender boosted senior-note credit enhancement levels and has stabilized portfolio losses to break the AA ratings cap on its deals, according to S&P Global Ratings.