Esoteric

It's the first time any of the rating agencies has assigned an AAA for any securitization of consumer loans by a marketplace lender.

The $325 million deal is backed by franchise fees and royalties; the collateral does not include profits from company-owned stores.

It is issuing another $55 million of Series 2018-1 bonds backed by cell tower leases from its Diamond Issuer master trust; some $41 million will be deposited in a prefunding account.

The notes are secured by a pool of 35 mid- to end-of-life aircraft, according to Fitch Ratings. The pool has a weighted average age of 13.9 years.

The $262.7 million deal has an expected repayment date of 10 years from the first payment date; is also earned a lower credit rating of A- from Kroll.

The rating agency feels that “late-cycle credit behavior” is allowing less established issuers to rely on the securitization market more heavily for funding.

The transaction comes six months after Adams said it was in talks about a possible merger with Fairway Outdoors and REIT conversion.

Wyndham Destinations has increased the level of investor protection on its next offering of bonds backed by timeshare loans to offset the slightly weaker collateral.

The $226.5 million transaction looks very similar to the previous one; the heaviest concentration of receivables is long-haul trucks (23.3%), followed by trailers (21.2%), heavy equipment (11.9%) and short-haul trucks (9.3%).

The initial collateral for J.G. Wentworth XLII Series 2018-2 is 97.4% structured settlements, up from 96.6% for the prior deal and the highest concentration of any deal over the past five years.