Glen Fest

Auto-loan securitizations from AmeriCredit and Santander add to a briskly flowing 2020 subprime-deal pipeline, while Ford and JPMorgan are marketing notes backed by prime-loan receivables.

The casual-dining chain showed improved 3Q performance numbers as it adapted to COVID-19 restrictions with expanded pickup-and-delivery service options.

The fund exceeded its $1 billion target in five months of fundraising despite the lack of in-person meetings, and attracted 55% of the commitments from new investors.

Brookfield's Capital Automotive is marketing a new series of bonds secured by revenues from property sale-leaseback agreements with large auto dealer groups.

The deal is among the largest Freddie Mac has on its fourth-quarter K-Deal platform issuance calendar.

While the overall rate fell in October, S&P noted a sharp rise in the proportion of loans overdue 60 days as many roll out of COVID-19 forbearance.

Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 30-Nov. 5

Brookfield and JV partner Swig Co. are refinancing debt and cashing out $200M in equity in the iconic, sloped-base midtown Manhattan office tower.

The firm, based in the Portland, Ore. area, will market $123.7 million in notes secured by mission-critical equipment such as MRI machines it finances for hospitals and medical offices.

The deal, backed by loans and leases on 55 corporate jets, is the first transaction to price since the coronavirus outbreak cratered the global air travel industry.

Loan issuers in the hotel/leisure, oil and gas, retail and business equipment/services industries – which make up nearly a quarter of the S&P/LSTA Leveraged Loan Index – are expected to lead the default tally over the next 12 months, according to a report from S&P.

Loop Capital Markets was lead underwriter and joint bookrunner on an upsized $1.2 billion deal that serves as the first asset-backed market transaction to feature a minority-owned firm as a lead.

Annualized returns have now exceeded double digits for the 10th straight year, despite early 2020 volatility related to the coronavirus pandemic.

Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 23-29

Virani was most recently head of business development for private debt for the Americas and Asia at Partners Group

Four tranches of AAA-rated notes in the $342.2 million JPMorgan Mortgage Trust 2020-8 may utilize a term-SOFR rate should the benchmark improve on the weighted-average coupon of the deal.

Brookfield will securitize part of a $255 million loan that was applied to its purchase of three high-end hotels in Atlanta, Washington, D.C., and San Diego.

The lease/purchase home operator is securitizing a loan with higher debt-service coverage that most prior MBS issues from its trust. It also is providing a geographically diverse mix of homes that make the deal less vulnerable to isolated outbreak hotspots.

Automotive services chain operator Driven Brands is pursuing its next whole-business securitization, despite a recent sales decline among its franchise stores due to slowing economic conditions related to the pandemic.

The company's CEO is confident that its investment portfolio is "well positioned", particularly with the mortgage servicing rights holdings of subsidiary NewRez.