Glen Fest

That's a departure from the firm's existing fund, which acquires controlling stakes in CLOs through "equity" holdings; the new fund will be advised by the same principals, Tom Majewski, Daniel W. Ko and Daniel M. Spinner.

Tikehau CLO IV B.V. will control €400 million (UA$466.5 million) in mostly European leveraged loans and high-yield bonds (with an allowance for up to 25% of non-euro-denominated assets), according to Fitch Ratings.

OneMain can add qualifying loans to the pool of collateral for the first two years of the transaction; by comparison, its two prior deals featured one-year revolving periods.

When the transaction closes on July 23 it will be renamed Fortress Credit VSL VI; additional collateral, nearly half (48%) of the total, in fact, will come from another CLO, Fortress VI.

The U.S. captive finance arms of Nissan North America and Daimler AG (Mercedes-Benz) have joined CarMax in sponsoring prime-loan asset-backed portfolios adding to a deal spree totaling $61.3 billion so far in 2018.

The 1,210-loans backing Gemgarto 2018-1 all finance owner-occupied loans, and none rely on self-certified or "fast-track" loans, according to presale reports from Moody's Investors Service and DBRS.

The Dallas-based lender's third foray into the deep subprime ABS market in 2018 arrives as recent Santander DRIVE securitizations are performing well with recently lowered loss expectations from S&P Global Ratings.

New collateral can be added to the $824.2M Ford Credit Auto Owner Trust REV 2018-2 until 2023; that's two years less than the revolving period on its prior deal, completed in January.

The €414.2 million CVC Cordatus Loan Fund XI will issue exchangeable shares for four classes of notes; this allows the fund to hold bonds without putting itself off-limits to U.S. banks.

In the U.S., the 12-month trailing default rate fell to 3.4% in June from 4% in March, while in Europe it declined to 2.2% from 2.8% over the quarter. Globally, defaults stood at 2.9%, down from 3.4% in the first quarter.