Esoteric

The specialty finance company is contributing all of the collateral for the $259.7 million deal; by comparison, the previous deal included collateral contributed by Goldman Sachs.

The $312 million transaction a 24-month reinvestment period, in which principal collections can be used to invest and acquire additional loans for the collateral pool.

S&P sees some potential integration risk that could materially affect the business being reinsured; in November it lowered its issuer credit ratings and financial strength ratings on Aetna.

David Klass is known for his insights into tax developments in the U.K. related to Brexit; he joins the firm after more than a decade at Gide Loyrette Nouel.

Reduced bank lines and a major shipping firm consolidations in 2018 could lead to strengthened firms shifting to alternative capital in the debt markets next year.

The initial offering is just $80 million, but transaction documents allow RFS to issue up to $500 million, as long as certain conditions are met, which could dilute the control and voting rights of the existing noteholders.

The wireless carrier has issued a total of $6.7 billion to year-to-date via four transactions; that's up from $2.65 via two deals in 2017 and a single, $1 billion deal in 2016.

Carlyle Aviation Capital's AASET 2016-1 and ACG-affiliated Merlin 2016-1 each have a single aircraft on lease to Small Planet, according to Deutsche Bank Securities.

The bonds will be collateralized by payments from 15 royalty streams on 14 patent-protected drugs and technologies and will rank pari passu with securities issued from the same master trust in 2017.

Commercial aircraft are considered end-of-life after 18 years, but older passenger planes are often converted to freighter cargo. Nearly 4% of the planes in Vx’s collateral pool exceed 30 years of age, according to Kroll.