Glen Fest

Santander has commonly offered multicurrency (dollar and pound-sterling) notes through its Holmes master trust platform.

Volkswagen Bank's Driver 15 is its first German auto-loan securitization since March, as Europe's largest auto-finance company furthers a comeback from the 2015 VW diesel-engine scandal.

The $502 million Diamond CLO represents the first securitization of small/medium enterprise loans since Blackstone in the second quarter relaunched a direct lending business.

SUVs account for 41.3% of receivables backing HAROT 2018-3; that's up from 37.9% of Honda's prior deal and the first time exposure has increased since early 2017.

Once refinanced, the $406 million Park Avenue Institutional Advisors CLO 2016-1 will be non-callable for two years and can be actively managed for up to five years.

The $449.2 million Carlyle Direct Lending CLO 2015-1R is the 11th deal the global alternative asset manager has refinanced this year.

Nearly half the loans were derived outside J.P. Morgan's retail channel, a level not seen in its conforming and prime jumbo securitizations since 2017.

Execs at both closed-end funds say expectations for an eventual rise in defaults are driving their strategy to extend reinvestment periods on CLOs in their portfolios.

The single-loan securitization is through Morgan Stanley on suburban properties mostly concentrated in the Washington, D.C., area.

TPG Capital is including its newly acquired first-lien interest in a Microsoft-leased office campus in Redmond, Wash., in a portfolio of suburban office properties it is financing through a new two-year commercial loan.

Westlake increased the size of all eight classes of notes by at least 37% as investor demand surges for subprime ABS paper

The distressed-debt manager now manages 26 U.S. CLOs totaling $15.5 billion, the most of any domestic CLO market manager.

The £325 million Dryden 63 CLO, sponsored by PGIM, will issue six classes of sterling-denominated notes; Barclays’ £4.5 billion Sirius Funding is issuing three tranches in three different currencies.

The Series 2018-3 consists of five tranches of fixed-rate, two-year notes and the Series 2018-4 consists of five tranches of floating-rate, three-year notes.

Loans backing the $1.2 billion AmeriCredit Automobile Receivables Trust 2018-2 have the highest weighted average FICO score in the history of the platform.

While Carlyle has been judicious with new issuance, it had a busier second quarter in refinancing older deals; several more will be ripe for refinancing in the third quarter.

The $259.1M transaction amortizes features a lower-than-average annual amortization (7.2%) and a longer-than-usual weighted-average list test, and a hiigh concentration of dry containers.

"Administrative" issues from a merger of servicing centers had caused a spike in its 2017 corporate auto-fleet lease delinquencies. But the Toronto fleet manager's late-payment problems have subsided this year.

Towd Point Mortgage Funding 2018 Auburn 12 Plc is backed by 2,913 properties, all of which were previously securitized in the sponsor’s 2015-vintage Auburn Securities 9 portfolio.

Recent documentation tweaks that afford "excessive amounts of flexibility" to CLO managers can introduce "material, and even unquantifiable, risks" into transactions, according to the rating agency.