Esoteric

The initial portfolio for the $373.4 million deal consists of 55 engines and a single airframe, which represents 0.3% of the pool; airframes could rise to 10% during the reinvestment period, however.

The sponsor has excluded receivables tied to Hyatt resorts, and as a result Westin loans account for just over half the $287 million total; the remainder are from Sheraton.

Most providers of property assessed clean energy financing shoot for relatively modest credit ratings in the securitization market. But CleanFund wanted to set itself apart.

Just 5.1% of the $91 million of liens backing the transaction are vacant, down from 9.2% of the prior deal; this allowed the sponsor to borrower more heavily against the value of hte collateral.

Should cash flow for subordinate classes fall short, a debt-service coverage ratio trigger would defer interest payments and prevent a default event.

Oil/gas services represent 13.2% of the pool of the sponsor's latest deal, up slightly from 12.8% in the prior deal. EFM has observed rising demand from these obligors in the past year, as the industry has somewhat stabilized.

The $300 million issue is secured by receivables from inventory financing for 160 Volvo- and Mack-branded trucking and construction equipment dealers.

The $455 million in bonds issued by the company just two months ago have sold off sharply, according to Kroll Bond Rating Agency, which is trying to reassure investors.

Evan as the broader securitization market takes a breather, unusual deals from off-the-run asset classes continue provide diversification – and the opportunity to pick up yield.

The $450 million Thunderbolt II Aircraft Lease transaction involves 18 aircraft representing the younger planes in Air Lease's $13 billion portfolio of owned and managed passenger jets.