Esoteric

Few changes were made from Verizon Wireless' previous transaction this year, including the standard credit enhancement levels of most of Verizon's recent DPP transactions.

After a six-month dry spell, securitization activity for marine cargo shipping container leases is starting to thaw out with a second deal this spring.

Nearly 67% of the loans in the $309 million loans and repossessed properties backing FASST 2019-HB1 were obtained from a 2017 deal that was recently collapsed.

The $254 million transaction is the first shipping container securitization of the year; the weighted average age of the vessels is 2.1 years.

Assured Guaranty indicated it is interested in reaching a deal on PREPA bonds rather than continuing its quest for a PREPA receiver.

The senior notes to be issued in the $867 million transaction also amortize more quickly, reducing investor exposure to a potential decline in the valuation of the assets.

The financial burden falls almost exclusively on lessees, so much so that some weaker airlines could eventually face financial difficulties; observers expect some pushback.

After spinning off its infrastructure-related businesses in November, it is more focused on rail manufacturing and leasing; the new deal is backed by 7% of its fleet.

Five EETCs totaling $3.9 billion have exposure to the type of jet involved in Sunday's crash; but there are none in lease ABS, which could benefit from higher valuations of replacement aircraft.

The $209.7 million FCI Funding 2019-1 also features unusually high exposure to vacant land, which is generally considered to be a riskier asset than residential or commercial property.