The Latest

Toyota Financial Services has promoted a company insider to replace Mike Groff, who is retiring at the end of this month.

The company is marketing another $550 million of bonds backed by MSRs; proceeds will be used to repay the remaining $500 million of notes issued last year at wider spreads.

The £325 million Dryden 63 CLO, sponsored by PGIM, will issue six classes of sterling-denominated notes; Barclays’ £4.5 billion Sirius Funding is issuing three tranches in three different currencies.

The Series 2018-3 consists of five tranches of fixed-rate, two-year notes and the Series 2018-4 consists of five tranches of floating-rate, three-year notes.

If President Trump’s tariffs on steel and other products stay in place long, big U.S. importers would be hurt and pass on the pain to their midsize and small-business suppliers — which are the bread and butter of commercial lending.

The OCC has simplified language detailing how fintech charter applicants will clear requirements for meeting community needs. The move has some consumer groups worried.

The eligibility criteria for loans that can be acquired are “more liberal” than recent CRE CLOs rated by Kroll; they are also more liberal than those of Hunt’s initial CRE CLO, completed last year.

Underwriting league tables for asset-backed securities for the year through August 2, 2018

Issuance volume of asset-backed securities for the year through August 2, 2018

The sponsor has excluded receivables tied to Hyatt resorts, and as a result Westin loans account for just over half the $287 million total; the remainder are from Sheraton.