Esoteric

From efforts to fix the London interbank offered rate to changes in online lenders' funding programs, here are some of the highlights of the Structured Finance Industry Group's 2018 confab in Sin City.

Verizon Wireless' sixth overall securitization of device-payment plans includes more subprime borrowers, but delinquencies remain low in its managed portfolio.

Panels account for just 15% to 20% of the total cost of residential installations, so the impact on demand is going to be relatively muted; utility-scale installations will be hit harder.

The $144 million transaction consists of two classes of notes, compared with a single tranche for the initial deal, which was redeemed early in September 2017; the sponsor can also purchase additional liens on assets in the collateral pool.

The No. 5 global shipping container lessor is marketing $250M in bonds backed by $573.2M in marine cargo ship containers. The portfolio has an unusually high concentration of dry containers.

The new transaction, the $608 million Business Jet Securities, Series 2018-1, is less than half the size of the $1.48 billion deal pulled in September; it also appears to be less risky, by several measures.

Moody's Investors Service has revised its expectations for cumulative net losses, to 3.75% from 3.5%, because a 2016 transaction is not performing as well as expected.

It's the first time the private tower operator has issued from its master trust in two years; the A rated notes will be backed by a pool of 2,551 towers representing 66% of its total tower cash flow.

All four senior tranches benefit from initial hard credit enhancement of12%, which is down from 12.25% on the senior tranches of the 2017-1 deal, 12.30% for 2016-1 and 12.90% in 2015-1.

Lease contracts from the newly acquired business account for 5% of collateral for the $305.7 million transaction; the remainder is leases on construction and transportation equipment.