Glen Fest

“We won’t, unless you get a policy mistake or you get a massive market accident,” he said at the annual ABS East confab in Miami.

Verizon Owner Trust 2019-C will be offering $953.9 million in bonds via Barclays, including $850 million in a Class A-1 tranche split between fixed- and floating-rate notes.

An opening day panel for ABS East focused on the growing number of choices investors have in asset classes and structural options.

A Philadelphia commercial property developer is refinancing a loan for a renovated complex, according to S&P Global Ratings.

The original $436.5 million whole-business securitization deal that closed in May 2018 has already been downgraded twice, due in large part to dueling lawsuits between ousted founder Harvey Franco and Australia-based Macquarie over the past year.

The $428 million Progress Residential 2019-SFR4 transaction will feature eight classes of notes secured by a single loan taken out by the Maryland-based REIT.

Out of 83 commercial mortgages in the transaction, the collateral pool contains 75 loans secured by multifamily/manufactured housing properties, according to presale reports.

The transaction will raise proceeds from note sales to pay off existing debt, as well as potentially provide a dividend to majority-owner Blackstone, according to a presale report from S&P Global Ratings.

The third issuance from the master trust has a higher average interest rate and greater expected losses than previous pools due to the inclusion of more higher-risk marketplace loans.

Moody's has raised its expected loss levels for Ford Motor Credit's 2019-3 and 2019-4 floorplan receivables portfolios after applying junk status to the unsecured debt ratings to FMC and parent Ford Motor Co.

Deutsche Bank analysts said the newly downgraded junk status for Ford and its captive-finance subsidiary could mean more dependence on securitization to offset expected higher bank financing costs.

HPEFS 2019-1 is the debut $807 million offering sponsored by Hewlett-Packard Financial Services Co. (HPEFS), in an asset-backed offering backed by business leases and loans that are financing small-ticket PC, networking and mobility equipment for both large and small businesses.

The idea of forgiving student debt has gained traction in the Democratic presidential debates. Undiscussed so far: the significant impact any program could have on the roughly $175 billion of securities backed by student loans.

Managers appear to be increasingly safeguarding portfolios from a potential downturn by dumping distressed assets.

Driven Brands, which operates and manages over 2,700 Maaco, Meineke and other branded auto-service stores, is marketing $275 million in a new issuance from its master trust established four years ago.

Ally Bank, Capital One Auto Finance and BMW Financial Services of North America launched new note offerings, which will add to the year-to-date of $35.2 billions across 32 prior deals.

Charge-offs in prime bank cards fell to 3.01%, a third consecutive month in the sector. Meanwhile, retail-card ABS had its best charge-off performance since October 2018.

In an SEC filing, the Chicago-based airlines announced it had priced three classes of enhanced quipment trust certificates for the delivery of nine Boeing widebody aircraft and 10 regional Embraer jets.

A Silicon Valley mega-office-tower complex that is home to both Amazon and Facebook corporate offices is making another appearance in a conduit commercial mortgage-loan securitization.

EJF Capital is launching its seventh securitization of subordinated bank debt, via a CDO vehicle that allows smaller banks to raise capital more cheaply and efficiently for regulatory purposes.