Esoteric

The El Segundo, Calif. company is selling $100 million of bonds backed by a revolving pool of loans secured by precious metals as well as some of its own inventory of cash and gold, silver, platinum, and palladium.

Unlike several recent transactions by other solar panel financiers, which were backed by loans, the $347.5 million Vivint Solar Financing 5 is backed by leases and power purchase agreements.

Requiring solar panels for all newly constructed residences is good news for investors who finance these systems, if only because it will help keep developers afloat, according to Moody’s Investors Service.

Sprint’s planned merger with T-Mobile should reduce the likelihood of a default on $7 billion of notes backed by leases on its spectrum licenses, according to Moody’s Investors Service.

A class action filed last week alleges that Renovate America and Renew Financial failed to provide consumer protections promised to L.A. County, that this constitutes elder abuse, and the county is complicit.

The higher rating from Kroll Bond Rating Agency came at a steep price: The senior tranche of notes to be issued benefits from 78% credit enhancement; Dividend's prior deal was rated single-A.

The latest transaction is the first to include fees associated with the Take 5 Oil Change brand acquired in 2016; they will rank pari passu with outstanding notes issued in 2015 and 2016.

Together with $26.4 million of unrated notes that the REIT will retain in order to comply with risk retention rules, the total amount outstanding from the American Tower I master trust will be nearly $1.81 billion.

The transaction is backed by 6,857 loans with a total balance of $835 million, or roughly 13% of the $6.4 billion of commercial vehicle and equipment loans in Mercedes-Benz Financial Services USA.

Triton Container Finance VI is the second marine-cargo shipping container ABS to launch this year, and will be Triton's third since June 2017.