Glen Fest

JPMorgan Chase Asset and Wealth Management Private Bank is pooling over 400 seasoned mortgage loans from its high-net worth clients. The loans are considered low-risk, but were not tested against CFPB qualified-mortgage standards.

The coronavirus impact in the U.,S. alone has resulted in a 30% year-over-year decline across securitizations, CLOs and MBS.

The $975 million transaction will pay down existing notes from prior ABS offerings, as well as prepay certain debt for Jimmy John's, another affiliate of Arby's operator Inspire Brands.

One of the risk factors was lower expected values that Moody's and S&P applied for vehicles at the end of the contract period, in comparison to prior Ford vehicle-lease securitizations.

But several still remain on watch for potential downgrades as the ratings agency assesses the near-term impact on marketplace lenders as federal support for consumers could be nearing an end.

The student-loan servicer is marketing bonds secured by refinance originations of its Earnest subsidiary targeting borrowers in advanced-degree professions.

Navistar Financial, a subsidiary of the truck and engine manufacturer, is marketing a new $300 million series of notes from its master trust financing the inventory of 187 dealers in its network.

Bankers Healthcare Group, affiliated with Pinnacle Financial, is launching into securitization to branch out from its primary strategy of selling its medical-professional loans to community banks.

Credit Acceptance Corp.'s second securitization of 2020 has a higher loss rate than the first deal due to COVID-19 worries, as well as rising loss levels in the lender's recent-vintage securitizations.

More than $2.5 billion in new subprime auto securitization deals hit the market this week, including a portfolio of indirect loans pooled by first-time issuer First Help Financial.

The fitness chain weathered an initial round of COVID-19 closings in March to continue supporting investor payments on $1.8 billion of whole-biz securitization notes. But surging coronavirus spreads in its key markets could force a reversal of gym reopenings, subjecting the bonds to potential downgrades.

The single-borrower deal, sponsored by Brookfield, was pulled in the spring due to market conditions that halted most securitizations at the onset of the COVID-19 outbreak.

Tricon American Homes launches the fifth securitization since mid-May secured by loans that finance institutional ownership and management of single-family residential rental homes.

The first-time transaction under Fortress Investment Group's new shelf will be backed by long-term leases on 11 Amazon fulfillment and last-mile distribution centers – three of which remain under construction.

S&P Global Ratings has projected slightly higher investor loss levels for BMW Financial Services' first 2020 auto-loan securitization, compared to the captive-finance auto lender's previous deal in 2019. But that loss range (0.9%-1.11%) still remains minimal.

The class A notes, secured by legacy trust-preferreds and subordinated debt of institutions, carry an investment-grade A1 rating from Moody's. That rating is slightly lower than a prior Hildene CDO, due to elevated pandemic risk to bank profitability.

The collateral in the $338 million also includes a large subset of mortgages (45% of the pool) that are considered "dirty current" loans with recent delinquent status.

Stakeholders in a $1.5B term loan (which include CLO managers) overwhelmingly approved the failed energy company's voluntary bankruptcy plan, providing them a 76% pro-rata share of new common stock in the company after it emerges from bankruptcy.

S&P lowered the ratings on 23 tranches of notes in the deals, affirmed eight others, and kept the other 40 notes on watch for potential downgrade. Twenty of the downgraded notes are on notice for potential future downgrades, as well.

New Residential Investment Corp., fresh off a substantial first-quarter reduction of its asset holdings, is now planning to securitize the receivables on its $200 billion servicing portfolio of Fannie Mae-owned mortgages.