Glen Fest

PIMCO is resecuritizing a large swathe of mostly non-qualified home loans that were previously bundled in 2016-2017 mortgage-backed securities, according to presale reports.

“Buy here, pay here” auto lender Byrider’s improvements in recent ABS collateral performance and operational servicing changes are gaining favor with ratings analysts.

According to Covenant Review, HPS Investment Partners is among the first CLO managers to plan on the use of a forward-looking SOFR term rate to price coupons if Libor benchmark rates disappear after 2021, as expected.

Hilton Resorts Corp. will add up to $21 million in additional collateral after the closing of its Hilton Grand Vacations Trust 2019-A transaction, its first of the year.

Moody’s said the Fed’s cuts – the first in a decade by the central bank – will boost real estate and consumer ABS collateral by helping lenders uphold underwriting standards and provide affordable debt options to borrowers.

Bank of America is tapping the commercial mortgage-backed securities market to refinance the debt on its namesake Manhattan office building, providing BofA and building co-owner The Durst Company with a hefty cash-equity payout.

The 14 deals priced the week of July 22 included 10-year deals that have bought 2019 volume to $73 billion, or just shy of the comparable $75 billion mark in 2018, which had record total volume of $129 billion.

S&P stated that as more loans stretch into 72 months or even 84 months as a result of rising new-vehicle prices, auto ABS investors must be mindful of increased credit risks that accompany extended-term loans.

Angel Oak Mortgage Trust 2019-4 involves 1,551 loans, according to ratings agency presale reports. Nearly 84% of the loans have borrowers who do not meet the CFPB’s qualified mortgage standard.

The deal follows Starwood Capital Group's first transaction in residential mortgage securitization in March.

The initial public offering of 1.2 million shares of Eagle Point Income Co. raised $23.1 million.

Two decades after "Bowie Bonds," $560M in new asset-backed notes will allow investors to buy into revenue streams of SESAC's 35,000 musical acts.

While property assessed clean energy financing slows elsewhere (especially California), a renewables push through both NYC and state measures may turn the Empire State into a new focal point for PACE.

Jefferies is housing the initial round of $300 million in loans under a repurchase agreement with four lenders, as well as with the trust established for the transaction in Jefferies’ standing as the repo seller.

The marketplace lender is marketing its third deal of 2019, and second issuance of notes through a newly formed master trust backed by unsecured consumer loans.

The $292.4 million Home Partners of America 2019-1 transaction pools 1,168 single-family home and townhome/condo properties that give tenants right-to-purchase options.

The $1.11 billion Ford Credit Auto Lease Trust (FCALT) 2019-B has 20.2% of the securitization value tied to leases with terms over 36 months – up from 14.4% in FCALT 2019-A. It's the largest percentage for a Ford lease ABS deal since 2014.

An IACPM quarterly survey released Thursday revealed a growing share of managers who expect to see an unfavorable spread environment amid growing signs of softening in the credit market, along with early indications of weakness in European and U.S. manufacturing.

Navient’s next securitization of private student-loan refinancing will involve only loans primarily issued to advanced-degree professionals by online lender Earnest, which Navient acquired in 2017.

The RMBS transaction is only the second deal JPMorgan's trust has issued for non-qualified loans issued under asset-level exceptions for high-net-worth and self-employed borrowers.