Glen Fest

The "second-look" financing partner for retail chains like Home Depot is offering $135.9 million of notes backed by card receivables in its first securitization.

TD Bank joins RBC and Bank of Montreal in sponsoring U.S.-dollar securitizations of prime credit-card receivables from its managed portfolio. The market is still awaiting its first U.S. institutional deal.

That's significantly wider than 121 basis points average for new CLOs backed by broadly syndicated loans that were issued in December.

The $312 million transaction a 24-month reinvestment period, in which principal collections can be used to invest and acquire additional loans for the collateral pool.

GoldenTree's $757 million CLO is the first deal seeking to price in the 2019 primary market, while Octagon Credit Investors is refinancing a $791.5M, 2014-vintage CLO (for a second time).

The collateral for the $550 million transaction is slightly weaker than that of its prior deal, but rating agencies expect cumulative net losses to be in the same range.

The two latest transactions will push announced deal volume at or above $6 billion for the first two weeks of 2019.

Physicians account for 28.8% of borrowers in the collateral pool, up from 22% for SoFi's previous student loan securitization, according to Moody's Investors Service. Notably, fewer of these, 4.2% versus 7.8%, are in residency programs.

The Japan Financial Services Agency is considering increasing capital requirements for holdings of securitizations if the sponsors do not have "skin in game."

The deal is the first credt card securitization by anyone in 2019 and features two-year floating-rate notes from RBC's master trust.

A few took advantage of deep discounts to scoop up collateral for new deals on the cheap; others swapped out some of their weakest credits for more highly rated loans.

Ford Motor Credit added a one-time seven-year revolving period to its previous open pool of auto loan receivables.

More than 45% of collateral for the $254.4 million CPSART 2019-A are either "preferred," "super alpha” or “alpha plus”; that's up from 42.4% of collateral for the prior deal.

CarMax Superstores' first $1.2B-$1.5B prime loan securitization of 2019 has its lowest concentration to date of passenger vehicles in its nearly 20 years selling notes backed by receivables.

The latest deal from the sponsor's DRIVE platform for deep subprime loans benefits from recent improvements in underwriting; both S&P and Moody's have lowered loss expectations.

Z Capital's $350M CLO can hold up to 50% of its assets in risky triple-C rated assets, giving it a wide cushion to bulk up on the growing supply of single-B loans near the CCC-rating threshold.

The market has not seen a prolonged period of widening spreads since an eight-month period before early 2016, which was the launching point for a nearly two-year run of AAA spread narrowing.

New Residential acquired its latest pool of loans from five servicers, garnering a rare pledge of P&I advances on defaulted mortgages.

The global asset manager is sponsoring its first post-crisis CLO in a €409.8 million transaction that priced through Barclays on Monday.

The collateral for GMCAR Trust 2019-1 features a higher weighted average borrower FICO than any prior GM Financial deal; it also sports a lower projected cumulative net losses from Fitch Ratings.