Glen Fest

Unify Financial is sponsoring a $300M securitization of prime auto loans. The $3.3 billion-asset institution is only the second CU to sell securities backed by auto loans since the NCUA gave the green light for credit-union securitizations nearly four years ago.

Navient Private Education Refi Loan Trust 2021-B has an average balance of $59,226 per account. The previous four Navient securitizations of refinanced private loans had average balances between $73,498 and $79,306.

Through the Stack Infrastructure Issuer LLC (Series 2021-1), the Denver-based operator will issue $400 million in Class A-2 notes with preliminary A- ratings from S&P Global Ratings.

Almost 54% of the leases issued through Santander Consumer's Chrysler Capital unit are for terms beyond 36 months, the highest-ever share of extended-term contracts.

The bond issuance out of Fortress' CF Hippolyta master trust will finance 19 newly constructed or planned Amazon distribution and logistics facilities in 15 states.

Four months after debuting its prime-only shelf, the e-commerce used-vehicle retailer returns with a follow-up offering from borrowers with a pooled FICO average of 707.

Three announced deals from Woodward Capital, Redwood Trust and Wells Fargo are set to price before the end of the month; additional transactions are expected soon from Morgan Stanley and Goldman Sachs.

A Miami-based alternative asset manager is pooling PACE bonds acquired from Renovate America and program issuers in three states in a $63M transaction backed by property clean-energy assessments.

The latest pool reflects Dell's migration toward larger, investment-grade corporate obligors for its securitizations, in place of riskier small and medium-sized business contracts.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 26-March 4

The underlying sellers of the loans are approved lenders and servicers by Fannie Mae, Freddie Mac and Ginnie Mae.

DBRS Morningstar and S&P Global Ratings each have lower projected net losses for the $1.1 billion Westlake Automobile Receivables Trust 2021-1 transaction, in comparison to the subprime auto lender’s prior $1.4 billion securitization that priced in October 2020.

The 18 centers operated by industrial real estate management firm LBA Logistics are nearly all warehouse/distribution types, with no flex-industrial space pooled into the collateral mix.

Kroll reports the proceeds could include a shareholder distribution that would benefit majority owner The Blackstone Group.

Nearly all of the loans were originated by affiliates of Prime; a majority of the loans were for property acquisitions (26, 72.6%), with the remainder for refinance.

The deal is only the third post-crisis securitization of higher-risk manufactured housing assets, following deals in 2019 and 2020 that were sponsored by FirstKey Mortgage.

Ares Management is among five issuers to have sponsored CRE CLO transactions so far in 2021; Starwood REIT's collateral advisor has also launched a CDO for project finance and corporate infrastructure loans.

BMW Financial Services is seeking to price a $1.45 billion bond package backed by closed-end, retail auto lease contracts. Toyota Motor Credit is making a $1.5B or $2.25B offering through its extended note platform.

The transaction has a high proportion of operating lease contracts, making up 91.2% of the pool's asset value.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 19-25