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President Donald Trump has chosen Kathy Kraninger, a little-known White House budget aide, as director of the Consumer Financial Protection Bureau, an administration official said.

The $100 million Series 2018-1 notes will rank on an equal basis with the $900 million of notes Coinstar issued from the same master trust in May 2017, all are collateralized by nearly 20,000 coin-counting kiosks located in major retail stores.

Underwriting league tables for asset-backed securities for the year through June 14, 2018

Issuance volume of asset-backed securities for the year through June 14, 2018

In Santander Consumer USA's third subprime shelf offering of 2018, new cars represent 55.8% of the collateral. In previous deals dating to 2013 new-car concentrations did not exceed 40.9%.

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.

Five classes of notes will be issued in the transaction, BBVA Consumer Auto 2018-1, which is backed by a pool of well-seasoned loans on new and used cars that will revolve for an initial period of 1.5 years.

CLO securities pay out interest pegged to the three-month London interbank offered rate, but loans used as collateral are increasingly switching to one-month Libor and the spread between the two benchmarks has widened significantly.

The $278.3 million RCMF 2018-FL2 also has unusually heavy exposure to apartment buildings, offices and industrial properties that are either vacant or have low occupancy levels, according to Kroll Bond Rating Agency.

The average FICO for the pool of lease obligors is at a peak level for GM Financial's shelf, but Fitch expects higher losses on resale values on a pool more heavily dependent on longer-term leases and luxury models.