Glen Fest

Kubota Credit Corp.’s $800 million asset-backed transaction is not expected to generate any additional losses than forecast for the finance company’s previous ABS in 2018, according to presale reports.

The transaction involves 14,337 leases and power-purchase agreements that financed photovolatic solar-panel installations in 13 states plus Guam and the District of Columbia.

A Davis & Gilbert poll of market participants showed more expect delinquencies over the next one to two years, likely requiring credit enhancement in future deals.

The $403.1 million Atlas Senior Loan Fund XIV will have seven classes of notes, as well as a combination securities tranche that will make up all or portions of three subordinate classes.

The Lineage Logistics transaction is the largest single-borrower, large-loan deal since the Blackstone Group tapped the CMBS market for a $2.5 billion single-loan deal backed by 169 industrial properties and two data centers.

The increase in investor scrutiny of managers like Värde Partners is building up as more firms are issuing actively managed pools of short-term CRE loans.

The $161.5 million transaction backed by leasehold interests in the Jimmy Buffett-themed luxury hotel will include a $49.3M cash-out payment to the Denver-based PE firm.

The company has struggled with flat store sales as well as an open revolt from its largest franchisee group that has called for new ownership and management of the 21-state regional chain.

Proceeds from the new deal will pay down nearly $1.3 billion in outstanding debt from parent company Dine Brands Global's two prior securitizations.

Both transactions are the second this year for each of the automotive captive-finance firms, and will build on a tally of 19 prime auto loan ABS pools to date this year totaling $21.44 billion.