Esoteric

Deals, trends and research in structured finance and asset-backed securities for the week of Aug. 28-Sept.3

The Dallas-based chain was forced to advance additional principal payments on its asset-backed notes after trailing 12-month sales fell below $1.5B.

The $300 million transaction would be the fourth deal to price since early August, following more than a year's absence of activity in global shipping container securitizations.

The transaction is the first in two years for MidCap, which provides startup and expansion financing for biosciences/healthcare and technology firms backed by VC and private equity.

Stack Infrastructure has raised nearly $1.4B in the ABS market since last year to construct and manage build-to-suit "hyperscale" data centers, reportedly for tech giants like Amazon, Apple, Google and Microsoft.

Total Engine Asset Management, or TEAM, is sponsoring an ABS totaling $$256.98 million backed by leases and asset values of 30 engines on lease (or contracted to lease) to 13 airlines in 11 countries.

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

Octane Receivables Trust 2019-1 is a $210.9 million transaction involving fixed-rate loans to prime and non-prime borrowers financing the purchase of all-terrain and utility-task vehicles, as well as dirt bikes, motorcycles, mowers, tractors, snowmobiles and personal watercraft.

Instead of marketing securities backed by commercial property mortgages, STORE Capital chooses the more esoteric option of securitizing the income from its triple-net leases – a similar strategy to REITS such Spirit Realty Capital and SCP Financial.

The tech-driven asset management firm announced it had closed a $115 million asset-backed securities deal led by Cantor Fitzgerald, with unsecured consumer loans acquired from Prosper Marketplace.