Glen Fest

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.

The ratings agency reports that the MPL industry might reckon with a potential spike in defaults as borrowers are rolled out of two- and three-month COVID-19 hardship programs.

Both Moody's and DBRS Morningstar project elevated credit-loss levels for the auto lender, compared to prior deals, due to COVID-19 uncertainties

Deals, trends and research in structured finance and asset-backed securities for the week of Aug. 28-Sept.3

The captive-finance arm of General Motors is the first automotive lender this year to launch a securitization to finance inventories as dealerships rebound from COVID-19-related economic stresses.

The share of 78-month loans is at 14.9%, compared to approximately 10% in World Omni's previous issuance from its subprime/nonprime shelf.

The Dallas-based chain was forced to advance additional principal payments on its asset-backed notes after trailing 12-month sales fell below $1.5B.

Arch's second CRT transaction this year to obtain indemnity reinsurance for mortgage-insurance premiums comes at a time it is also experiencing rising 60-plus-day delinquencies on its outstanding securitized pools.

Although the 3.41% forbearance rate is down from two prior Navient refi deals, it remains far above what has been the low historical payment deferral and workout rate for its refinancing program for advanced-degree professionals.

Three non-QM deal issuers in August report varying levels of progress in moving borrowers from expired forbearance programs.

The $300 million transaction would be the fourth deal to price since early August, following more than a year's absence of activity in global shipping container securitizations.