John Hintze

Driven Brands is preparing a $175 million asset-backed securities deal that will provide investors with exposure to a relatively safe industry during the coronavirus pandemic.

With the coronavirus pandemic and several other factors pointing to increasing consumer demand for wireless data access and content, Diamond Communications’ current securitization includes a sizable acquisition account that may introduce new assets to the securitization pool.

Subprime auto ABS market participants do not see its outlook worsening significantly as a result of the pandemic, but most anticipate losses.

On the heels of its first CLO transaction this year, Western Asset Management is back in the market with a $355.72 million private-label RMBS offering in which a tenth of the borrowers have been granted forbearance.

Vista Point Mortgage is aggregating a collection of mostly non-conforming mortgages that it acquired from several originators.

Longstanding CLO manager Western Asset Management just priced its first deal of 2020, and despite the transaction's much more conservative structure, spreads doubled from its deal a year earlier.

Sunnova Energy in Houston plans to issue $158 million in asset-backed securities (ABS), its second term ABS securitization that relies on investors trusting its solar-loan-origination acumen, rather than its loan history.

Business development companies (BDCs) were trending ever healthier prior to the pandemic, but if the economy remains in the deep doldrums it may ultimately be their affiliated asset-management companies that investors should look to for assurance.

The collapse of dine-in revenues for restaurant chains during the outbreak is placing whole biz deals under the ratings microscope.

Credit unions have seized share in auto lending. It may not be long before the same happens in auto ABS.

Macro factors point to a solid year in the securitization market but wild cards abound, many of them political.

Rising leverage levels and prevalence of cov-lite loans raise concerns despite ongoing macroeconomic growth signs.

Marketplace consumer loan ABS volume is expected to rise in 2020, aided by strong 2019 economic tailwinds benefiting originations as well as favorable federal regulatory proposals that could encourage more securitizations.

While undeterred from the market, CLO investors may be skittish enough over price volatility and quality in loans to be more discerning of which managers' BB notes they'll take on.

The $757.2 million Chase 2019-CL1 will be structured to sell notes that are tied to a reference pool of 979 residential mortgage loans – all of which will remain on JPMorgan’s books rather than being transferred to a trust.

S&P's review of leveraged-loan deals across multiple sectors found only 17% of lenders have provisions that would disallow borrowers from transferring collateral assets to unrestricted subsidiaries outside lender reach.

Kroll Bond Rating Agency has tracked rising levels of annualized net losses in marketplace-loan securitizations except for, ironically, the riskiest pools it tracks from unsecured subprime lenders: both losses and delinquencies for subprime lenders' outstanding securitizations have fallen from September 2018 levels.

Private-label securitizations haven’t commanded a meaningful share of the mortgage-backed market in a decade. Trump administration officials seem intent on changing that

Ratings agencies have argued recently that the population of loans whose ratings fall below the lowest single-B rating – the lowest rung above the highly speculative triple-C ratings layers – will grow significantly in an economic downturn.

CBAM Partners announced the hiring away from AXA Investment Managers an executive with significant experience in the CLO and European debt markets to assist in the launch of its European credit strategies business.