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Westlake Automobile Receivables Trust 2020-2 pools a portfolio of loans for mostly high-mileage used-vehicles financed by the privately held Westlake through independent and franchise dealers. The deal includes a $370.9 million triple-A tranche (as preliminarily rated by S&P Global Ratings and DBRS Morningstar) that benefits from 42.75% initial credit enhancement.

A Clever Real Estate survey found a significant share of new borrowers are not making their full payment.

The Information Management Network has announced it will proceed with its annual Fall ABS East securitization conference in Miami Beach, Fla. in December, featuring a “hybrid” in-person/virtual event format.

Underwriting league tables of asset-backed securities through June 11, 2020

Issuance volume of asset-backed securities for the year through June 11, 2020

The leveraged loan market, long favored by private equity firms to fund LBOs, has lagged. The largest buyers of the debt - vehicles known as collateralized loan obligations - are not purchasing as much as they used to as they deal with the wave of downgrades that has hit many of the companies they already hold.

Evidence suggests some minority-owned businesses can’t access loans, and the Trump administration is under pressure to report borrower demographics. The issue is gaining attention against the backdrop of protests over the George Floyd killing.

But deal sponsors are primarily restricting property assets to the lower risk multifamily and office buildings that lenders are more confident will weather the economic strains brought by the coronavirus pandemic.

The subprime mortgage meltdown turned Pacific Investment Management Co. off the CLO business for a decade. Now the coronavirus crisis is luring it back.

The measures extended by the Federal Housing Finance Agency include alternative methods used for certain appraisals and for verification of employment.