Esoteric

LTC Global is one of the market leaders in a "relatively new" esoteric asset class of acquiring and financing insurance commission assets of life and healthcare insurance products, says DBRS.

The borrowers in the pool of collateral have lower FICO scores, and the size of a prefunding account has risen to 25% of the initial balance from 16% for Marriott's prior deal, completed in August 2017.

The $482.5 million deal comes to market as demand for railcar leases is picking up as the result of a boost in intermodal traffic that began last year, according to S&P Global Ratings.

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.