Glen Fest

Home Partners of America distinguishes itself from other single-family home lessors by offering right-to-purchase options. But for the majority of properties in its new asset-backed deal – a recycling of homes pooled in its first securitization – the purchase option has been bypassed or expired.

Sean Solis has been a partner at Dechert since 2014, advising collateralized loan obligation managers and arrangers through the hoops on U.S. and European risk-retention regulations.

A continued "oversupply" of CLO deals, along with expectations for new debut or returning managers in the absence of risk-retention requirements, is expected to keep activity flowing.

Monthly repayment rates, a key credit metric, are improving, but Ally Financial's second dealer inventory financing transaction of the year includes fewer dealers from its highest-ranked internal credit tier.

The closed-end fund, a major investor in CLO equity. directed resets of four deals that it controls in the first quarter; this helped end a yearlong slide in its weighted average portfolio yield.

Industrywide, car sales were down last year, but there were record purchases of Civics and brisk second-half sales of the redesigned Accord; this is reflected in the model concentrations of HAROT 2018-2.

The commercial real estate lender, which is controlled by Canadian and Singapore sovereign wealth funds, included some unusual features in the deal, such as a two-year revolving period.

According to Morgan Stanley, seven of 15 new European CLOs in the pipeline are debut or re-entry deals involving U.S. asset managers.

Stabilizing farm incomes are expected to help boost the performance of the sponsor's managed portfolio, which experienced a rise in 2015-2017 delinquencies, as well, according to ratings agency reports.

CKE Restaurant Holdings is tapping the securitization market to refinance its existing debt and potentially fund a dividend payout to its private equity sponsor Roark Capital.

Trucks and SUVs make up 84.7% of the collateral for $1.58 billion Ford Credit Auto Owner Trust 2018-A, reflecting consumer declining demand for passenger vehicles.

The London interbank offered rate has its faults, but at least it compensates for counterparty risk; not so the benchmark being touted as a replacement.

The credit characteristics of borrowers are similar to those of the insurer's previous transaction in March, with a weighted average FICO of 777, income of $243,738 and liquid reserves of $236,904.

The Dallas-based lender, a unit of the global banking giant Banco Santander, was able to lower credit enhancement on the senior notes to 63.55% from 65.25% on the previous deal in February.

AmeriCredit returns to securitization for the first time since November with a $1.1 billion deal, while Flagship's $223 million deal, its second of 2018, takes a step back in collateral quality.

The senior tranche of Credit Acceptance Auto Loan Trust 2018-2 benefits from initial credit enhancement of 51.61%, up from 49.93% in a February deal; it comes from additional subordination.

The average AAA note coupon of 103 basis points above Libor widened from 98.4 in March, which had been the tightest CLO spread level in approximately five years.

The deal provides inventory financing for 279 Daimler AG-affiliated dealers from a pool of more than $3 billion in receivables.

While DBRS maintained a rating of AA for the Lendmark Financial's first ABS of 2018, S&P issued an A rating after estimating higher net losses on the underlying subprime accounts.

Toyota Motor Credit $1.25B deal is its second captive-finance receivables securitization of 2018, with an upsizing option to $1.6 billiion.