Glen Fest

The initial portfolio for the $601.7 million deal features high exposure to lower-rated single-B loans, though that will likely drop when it is fully ramped.

Investors include New Orleans sports franchise owner Gayle Benson, placing the hotel under local ownership for the first time since it was built in 1976.

The transaction is the fourth by the New York-based affiliate of Hayfin Capital Management since its merger with the U.K. asset manager.

The $254 million transaction is the first shipping container securitization of the year; the weighted average age of the vessels is 2.1 years.

Investors who do not consent to proposed changes in the terms of the $655.9 million Magnetite XXII must sell their bonds (at full par) to the money manager.

The regional direct lender caters to very risky and highly leveraged borrowers (507 FICO, 163.95% LTV), but is offering relatively little credit enhancement compared to its peers.

The New York-based CLO management firm also plans to change its name to reflect its parent firm, Vibrant Capital Partners.

The financial burden falls almost exclusively on lessees, so much so that some weaker airlines could eventually face financial difficulties; observers expect some pushback.

Recent transactions have been performing better than expected; S&P Global Ratings has set its expectations for cumulative net losses for COAT 2019-2 accordingly lower.

The CLO manager has priced a reissued CLO at spreads signficantly higher than rates paid since a 2017 limited refinancing.

At 1%-1.2% of initial principal balance, the expected loss range for the $1.25 billion deal is the lowest ever for a GM Financial retail auto loan securitization.

The six youngest aircraft in the fleet are leased to three emerging market airlines: Air China, China’s Juneyao Airlines out of Shanghai, and Air India Express.

Dryden 36 Senior Loan Fund, originally issued in 2014 and previously refinanced in December 2016, is also being upsized, to $712.9 million.

The $410 million Maranon Loan Funding 2019-1 will be backed by assets initially included in a December 2016 transaction.

That's notably shorter than previous deal backed by lines of credit to dealers, in which the collateral will revolve over a period of 10 years.

The captive-finance lender's focus on higher-FICO borrowers since 2016 has "manifested" in ABS loss and delinquency improvements.

Ares' transaction priced at spreads similar to its prior deal in February but wide of its initial 2019 transaction in January; Golub beat the spread of its prior BSL CLO, in February.

These deals offer clear benefits for managers looking to lower funding costs; a survey from JPMorgan indicates investors have their own reasons for liking them.

THL Credit is marketing its first middle-market CLO in a $410.5 million portfolio backed by receivables from its direct-lending originations.

Moody's assigned an Aa1 to the Class A notes to be issued by the $215.8 million BFNS 2019-1; that's one notch higher than the comparable tranche of its prior deal.