The Latest

The $1.1 billion BENCHMARK 2018-B3 is backed by 45 loans secured by 89 properties contributed by Deutsche Bank (42.8%), JPMorgan Chase (35.3%) and Citibank (21.8%), according to rating agency presale reports.

As the agency pulls back its enforcement efforts, it opens the door for state authorities to pursue more cases against financial startups for their data collection and privacy practices.

The gap between long and short reinvestment periods for U.S. collateralized loan obligations that reset rates has widened in 2018 as managers contend with different market signals, says Fitch.

Medical residents are considered to be good credits but have less free cash flow than fully practicing doctors; the loans did not have a big impact on overall credit metrics of the $900 million deal.

Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.

Under Richard Cordray, the consumer bureau had questioned whether affiliations between small-dollar lenders and sovereign tribes are exempt from state laws, but observers say the agency’s acting chief has signaled a more welcoming approach.

Issuance volume of asset-backed securities for the year through March 15, 2018

Underwriting league tables for asset-backed securities for the year through March15, 2018

The transaction is backed by 6,857 loans with a total balance of $835 million, or roughly 13% of the $6.4 billion of commercial vehicle and equipment loans in Mercedes-Benz Financial Services USA.

Moody’s expects net losses over the life of NAVSL 2018-2 to be about 0.95%; that's up slightly from 0.9% for Navient's prevous deal, NAVSL 2018-1 due to the longer remaining terms of the collateral.