Glen Fest

That level is wide of the six new-issue CLOs that priced last week at triple-A spreads of 110 basis spoints; CLO senior notes have widened 10 basis points, on average, over the past three months.

It's the sponsor's first transaction since risk retention rules took effect; proceeds from the new five-year and 10-year notes will be used to repay note issued from the master trust in 2010.

It's another example of what appears to be tailoring tranches to meet the tenor and yield requirements of specific investors; the deal, GMS Euro CLO 2014-1, was also upsized to €508 million from €368.3 million originally.

LTC Global is one of the market leaders in a "relatively new" esoteric asset class of acquiring and financing insurance commission assets of life and healthcare insurance products, says DBRS.

The original $312 million triple-A notes are being replaced with six separately priced Class A note tranches, including two fixed-rate securities classes

The concentration of loans with terms of 73-75 months has breached 13%, after ranging from between 10-12% from five previous AART issues since 2016.

The $100 million Series 2018-1 notes will rank on an equal basis with the $900 million of notes Coinstar issued from the same master trust in May 2017, all are collateralized by nearly 20,000 coin-counting kiosks located in major retail stores.

In Santander Consumer USA's third subprime shelf offering of 2018, new cars represent 55.8% of the collateral. In previous deals dating to 2013 new-car concentrations did not exceed 40.9%.

Five classes of notes will be issued in the transaction, BBVA Consumer Auto 2018-1, which is backed by a pool of well-seasoned loans on new and used cars that will revolve for an initial period of 1.5 years.

CLO securities pay out interest pegged to the three-month London interbank offered rate, but loans used as collateral are increasingly switching to one-month Libor and the spread between the two benchmarks has widened significantly.