Glen Fest

Prestige's new $377M securitization has a collateral pool in which over 44% of the loans are from borrowers with recent Chapter 7/13 discharges.

The 1,400-store chicken wings chain, which has benefited from carry-out dining trends during the pandemic, will sponsor its second whole-business securitization since 2018.

The deal consists of 11,673 nonconforming first-lien mortgages, of which nearly all have been previously modified. Approximately 7% are in COVID-19-related forbearance.

The ratings agency reported that the average percentage share of triple-C rated loans in CLO portfolios fell below 10% for the first time since March.

The notes are backed by $456.9 million in high-balance loans that meet qualified mortgage standards, according to ratings agency presale reports.

The quarterly numbers were boosted by $11.3 billion in new deals last month, the most active month for CLOs since April 2019.

Credit research analysts cite a "significant" drop in defaults since the 2Q and improving macroeconomic indicators.

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 25-Oct. 1

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 18-24

The Charlotte, N.C., company recently closed on a sale of its Cohen Financial platform to SitusAMC.

Market conditions allowed for a larger bond issuance, as well as interest rate pricing that was less than half that of the coupons the captive-finance lender offered investors from its prior May issuance of auto loan asset-backed securities.

The transaction will be the second corporate-fleet ABS deal to price this month, following Wheels Inc.'s $505 million transaction that closed Sept. 11.

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 11-17

S&P stated lessors are confronted with the increasingly troubled financial health of airlines, which has led to a sharp drop in aircraft values and lease rates as well as an array of requests for deferrals or delayed payments on rental contracts.

The captive-finance lender for U.S. Mercedes-Benz deals closed on its second transaction of the year, and the first auto-lease ABS to price since July.

A new report on bank-held commercial real estate and C&I loans indicates troubled borrowers may be skipping payments on loans they won't be able to refinance or extend over the next year, leading to a potential wave of defaults over the next four to six quarters.

COVID-19 and the inclusion of secondary tier loans for borrowers with lower FICOs is prompting Kroll to project credit losses nearly a third higher than the authority's 2018 solar-loan bond series.

Liberty Lending, Upstart Network and Regional Management Corp. are looking to price bonds backed by pools of unsecured consumer loans, amid market worries about the sectors' potential challenges during the COVID-19 outbreak.

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 4-10

A three-month drought in CRE CLO issuance came to an end this week with new deals from Exantas and A10 Capital.