Commercial lending

Mercedes-Benz, Nissan and Ford will market up to $3.86 billion in new prime auto-lease securitizations, adding to a pipeline that opened up with Hyundai's deal last week.

The $243 million transaction – Small Business Lending Trust 2020-A – is backed by a static pool of 1,930 loans originated and serviced by an affiliate of the U.K.-based lender.

In a letter to the agency's inspector general, the 15 lawmakers pointed to specific cases where they said the bureau departed from legal standards in deciding not to require restitution.

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

The delinquency rate for commercial mortgage-backed securities ended 2019 at its lowest point in nearly 11 years, aided by increased issuance and the resolution of legacy transactions, Fitch Ratings said.

Hyundai Auto Lease Securitization 2020-A will have a collateral pool with more than a quarter of underlying leases exceeding 43 months – compared to just 19.4% in its previous lease ABS transaction that priced last August.

The BSL CLO will have two-year noncall and five-year reinvestment periods, and brings Seix' total CLO AUM to $3.8 billion.

Political uncertainty, sector-specific concerns as well as interest rate and labor trends may continue to depress commercial and industrial lending in the coming months.

The company asserted in the statement that S&P’s action was driven more by the distressed trading levels of Serta’s loans in the secondary market rather than the company’s “financially solvent” status.

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.