Glen Fest

Higher LTVs and fewer low-risk, new-car loans trumped the recent decline in managed-portfolio delinquencies and improved ABS performance since 2015.

The total volume of CLO refinancings for the month to date has reachd $11.3 billion, as managers continue to take advantage of the repeal of skin-in-the-game rules for this asset class.

The sponsor is pooling what a majority of customers are buying these days, but future gas-price shocks could depressed used-vehicle prices on the lower MPG models.

With no more concerns about triggering risk retention on its large pile of older deals, Blackstone is dusting off CLO portfolios that have long been eligible for a refi makeover.

Moody's, S&P and DBRS take divergent views of riskiness of €500 Driver Italia One; key concerns are the concentration of loans with balloon payments and lack of recourse to cars being financed.

However the collateral will total at least £370.4 million (US$424.5 million), including a £62.7 million prefunding account; the weighted average coupon of the collateral is 4%.

The high-earning pizza franchisor will use proceeds to pay off existing asset-backed financing and add $323 million for a possible dividend.

The percentage of 84-month loans has been shaved to 37.5% of the pool in SoFi's consumer loan program 2018-2 issuance, down from 45.4% in its prior transaction in January.

The LSTA has declared the era of risk retention for open-market CLOs is over, pending an unlikely U.S. Supreme Court intervention. "We believe we can exhale," the trade group said in a statement.

But GMF's deeper dive into long-term loans for a pool increasingly dominated by pricier trucks and SUVs caused a slight bump in expected ABS credit losses.

The weighted average FICO of 750 is the highest of any post-recession securitization from Hyundai Capital Americal, the joint captive-finance lender for U.S. Hyundai and Kia dealers.

Southeast Bank's Education Loan Finance division joins SoFi, Navient and Laurel Road in originating and securitizing the refinanced student loans of advanced-degree professionals.

The $31.7 billion in collateralized loan obligation deals priced year-to-date is the most in a first quarter in the post-crisis era.

The Market Center buildings in San Francisco's South Financial District includes Uber, Mindspace and TIBCO Software as tenants.

The Toronto-based fleet management giant is offering its fourth securitization since merging the operations of the former GE Capital vehicle fleet business onto its trust platform.

The increase in the delinquency rate for securitized CRE loans for March ended an eight-month streak of declines.

Fortress Investment Group's $702.8 portfolio of SME loans is the first since Softbank Group acquired Fortress in December.

Managers are regaining the ability to amend older deals that they previously locked down to maintain risk-retention exemptions.

The regional captive-finance lender for Toyota dealers has boosted the credit quality of the collateral in response to rising delinquencies in recent transactions; sub-650 FICOs have been excluded.

The non-bank lender's $299.8 million prime, high-balance deal is no surprise; it follows a warehouse securitization last year. Angel Oak is also in the market with a $238.8 million deal.