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Private equity firms are hitting the U.S. leveraged loan market at the fastest pace in years to fund shareholder payouts with about $8.6 billion of dividend recapitalization deals launched this month.

More defaults will lead to an increase in distressed sales, and that will drive down prices, CoreLogic said.

Bondholders could see principal losses if, due to the way the documents are worded, the rate is frozen at the last published amount.

The loans, which are not federally guaranteed, are refinancings of student-loan debt held by prime borrowers primarily with advanced medical degrees.

The transaction will be the second corporate-fleet ABS deal to price this month, following Wheels Inc.'s $505 million transaction that closed Sept. 11.

Bank of America Chief Executive Brian Moynihan called for another round of federal stimulus to help the U.S. reach a full economic recovery from the coronavirus pandemic.

Underwriting league tables of asset-backed securities through Sept. 17, 2020

Issuance volume of asset-backed securities for the year through Sept. 17, 2020

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 11-17

Home starts fell more than forecast in August, reflecting less construction of apartments and a decline in the tropical storm-hit South, representing a pause in momentum for a housing market that's been a key source of fuel for the economy.