Glen Fest

According to Kroll Bond Rating Agency, Airborne – which was founded in 2017 – will market three classes of notes in a transaction dubbed Tailwind 2019-1, backed by a portfolio of 17 aircraft the firm will acquire on behalf of 15 global lessee airlines.

Loss expectations are up slightly for the second retail auto lease securitization of the year for RAC King the parent company of the regional “buy here/pay here” used-car chain American Car Center.

According to ratings agency presale reports, the $398.7 million Flagship Credit Auto Trust 2019-4 includes a 23% share of collateral loans originated through the company’s growing dCarFinance.com direct financing channel.

Instead of marketing securities backed by commercial property mortgages, STORE Capital chooses the more esoteric option of securitizing the income from its triple-net leases – a similar strategy to REITS such Spirit Realty Capital and SCP Financial.

Sixty percent of the loans were underwritten with just 12- or 24-month bank statements, according to ratings agency reports.

Tetragon's announcement reveals the firm will complement its equity strategy by also focusing on the debt-note structure of deals, in hopes of gaining returns on the performance lowest-rated mezzanine and subordinate tranches.

The $450 million DT Auto Owner Trust 2019-4 has a pool balance of $519.7 million, an average balance of $17,125 per account and an 84.21% share of loans with terms over 60 months.

According to Kroll, this is the middle-market lender's first securitization of growth-opportunity loans made to venture-capitalized software firms that have yet to develop earnings or substantial assets.

The IACPM's quarterly global outlook survey on credit conditions indicate rising expectations for wider spreads and higher default levels, centered on troubles in the speculative-grade market.

According to presale reports, the fixed-rate loan collateral in Angel Oak Mortgage Trust 2019-5 makes up 77.8% of the new collateral, compared to just 35.5% in Angel Oak’s previous deal that priced in July.

The $50.4 million participation is the largest loan in UBS' next $807.3 million commercial mortgage securitization.

RESIMAC Bastille Trust RESIMAC Series 2019-1NC is an Australian-dollar (AUD) $1 billion transaction (approximately US$674.5 million) that will feature a US$250 million Class A-1 tranche of notes, according to Fitch.

Raptor Aircraft Finance I Ltd. is a transaction backed by a portfolio of 16 narrow-body and three wide-body aircraft – all of which are relatively young planes with an average age of 3.92 years.

A year after Fannie Mae launched its first credit-risk transfer securitization using a real estate mortgage investment conduit, Freddie is now electing to also opt for a REMIC format in offloading the credit risk to private investors.

The developer of the newly constructed Washington, D.C., headquarters for Fannie Mae is securitizing part of its $525 million, 10-year mortgage through a single-asset, mortgage-backed transaction.

TGP is marketing the $1.23 billion TRTX 2019-FL3 Issuer, Ltd. Transaction, which has an initial pool of 22 borrowers of interest-only bridge loans on properties undergoing rehabilitation or conversion.

Investors and issuers understand Libor’s end is a near certainty. But many remain unprepared to replace the benchmark

BX Commercial Mortgage Trust 2019-XL, via Citigroup, features 11 note classes backed by a floating-rate, first-lien mortgage on 406 Blackstone-owned properties with a tenant roster of over 2,000 lessees — including Home Depot, UPS, FedEx and Amazon.

The $386.5 million Trinity Rail Leasing 2019 LLC 2019-2 will collateralize 13,426 railcars with an aggregate fair market value of $1.17 billion. The assets add to the more than 15,000 railcars that were contributed to Trinity’s two prior deals in the past year.

The transaction is the first securitization sponsored by the auto finance company since S&P Global downgraded four classes of subordinate notes in prior transactions due to higher-than-expected losses.