Glen Fest

Carvana Auto Receivables Trust 2021-N2 is the used-car retailer's ninth securitization since 2019, and the third to include a pool exclusively made of non-prime loans.

The loans, previously securitized in 2015, have a weighted-average interest rate of 8.57%, balances averaging $15,182 and remaining scheduled terms of 186 months.

The $500.2 million Morgan Stanley Residential Mortgage Loan Trust 2021-2 is supported by 547 prime-quality loans, many of them large-balance loans with outstanding obligations exceeding $1 million.

The deal was constructed under Angel Oak’s social-bond framework, in which the firm intends to use the proceeds to help finance residential loans for underserved borrowers.

Avant Loans Funding Trust 2021-REV1 is a $200 million note offering backed by loans underwritten through its Avant platform. The $500 million OneMain Financial Issuance Trust 2021-1 is the first deal of the year for OneMain, which has previously issued 23 consumer loan securitizations and five auto-loan ABS deals.

The initial $1.31 billion pool may be potentially upsized to $1.53 billion.

This week, Moody’s Investors Service projected elevated credit-loss expectations for a new subprime auto-loan securitization from Veros Credit, even though the new deal has several improved credit metrics compared to the company’s prior ABS offering in March 2020.

Verizon Master Trust, Series 2021-1 is the first series from the new platform which will periodically issue notes that – similar to bank credit-card ABS structures –will be designated to specific groups of accounts.

If the lender's trust opts to upsize its second bond offering of 2021, the $2 billion-plus transaction would be Santander's biggest in the post-crisis era.

The two companies each priced on Wednesday each firm's second aggregated pool of non-QM loans this year.

The multiborrower CMBS deal includes 71 single-tenant properties, representing more than 40% of the pool.

The bonds backed by the primarily non-prime unsecured receivables have preliminary ratings of BBB (low) from DBRS Morningstar and BBB- from Kroll Bond Rating Agency.

The rental-car firm's next securitization of its rental car fleet is just the second since the COVID-19 outbreak in early 2020, and is buoyed by pent-up business and tourist travel demand for vehicle-rental services.

Deals, trends and research in structured finance and asset-backed securities for the week of April 30-May 6

The 30-acre luxury retail development is among four investment-grade-worthy loans included in the multiborrower deal.

According to Moody’s Investors Service, nearly 73% of the 33-obligor pool for ACRES Commercial Realty 2021-FL1 are apartment buildings that lack current revenue streams due to property rehabilitation efforts or being under transition.

Defaults and delinquencies are below pre-pandemic levels for online consumer loans held in securitization pools, but Fitch is concerned normalization may be shortlived as expanded unemployment benefits and other stimulus support programs draw to a close.

The deal is CIBC's third series from the CARDS II master trust, and the second to issue U.S.-dollar denominated bonds.

The 18.3% self-employment percentage of borrowers is below the combined 2020 and year-to-date 2021 average prime RMBS level of 19.3%, according to a presale report from Kroll Bond Rating Agency.

Wisconsin Electric Power Co. will assign receivables from EC costs levied on monthly customer bill payments. The securitization strategy is expected to save ratepayers $41 million over traditional rate-based financing.