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.