Finance

Citigroup Global Markets is lead underwriter on the fourth issuance through Toyota’s ABS Green Bond program. The deal references two potential pools to be securitized.

A pool of subprime auto loans, new and used, and approved with a heavily automated, technology driven and multi-step process underpin a $559 million deal.

The wireless communication infrastructure company plans to use proceeds from the issuance to help finance a $1.6 billion acquisition of a smaller company.

DeVito takes over on June 1, replacing interim CEO Mark Grier, who returns to his seat on the government-sponsored agency's board.

After a colossally “brutal” period in the beginning of the COVID-19 outbreak last year, a recent report from Kroll Bond Rating Agency noted that business development corporations mostly rebounded by year-end 2020 to bring a sense of renewed optimism into the alternative-lending space.

The bonds will be backed by a first-lien mortgage on Willowbrook Mall, a 1.52-million-square-foot shopping center in Houston.

The chicken-menu specialty chain will use the proceeds to refinance existing debt.

The company provides a secondary market outlet for its retail and wholesale lending corporate sibling as well as for small balance commercial loans.

Investment Management Corp. of Ontario is investing $400 million to a customized portfolio, with the goal of capitalizing on Are’s all-weather approach, taking advantage of opportunistic dislocations and market inefficiencies. The remaining $100 million will be allocated to the flagship Ares Pathfinder fund.

The newer planes are being delivered to financially strong carriers such as JetBlue Airways, Delta Air Lines and India’s popular IndiGo low-cost airline.

The deal is the second securitized transaction floated under recent California state legislation authorizing a flurry of utility securitizations.

Deals, trends and research in structured finance and asset-backed securities for the week of May 14-20

Trinity’s railcar collateral qualifies as an eligible green asset, since freight transportation serves as a lower carbon-emissions alternative to big-rig trucking for land-based goods transport.

Carvana Auto Receivables Trust 2021-N2 is the used-car retailer's ninth securitization since 2019, and the third to include a pool exclusively made of non-prime loans.

The $1 billion bond, which follows similar issuances by Citigroup, JPMorgan Chase, Bank of America and Truist Financial, gives a big role to broker-dealers owned by minorities, women and disabled veterans.

Federal Reserve Vice Chair Randal Quarles has made it clear that banks failing to make the transition away from the benchmark rate could face supervisory consequences.

Issuance of capital market instruments aimed at protecting one government-sponsored enterprise from distressed mortgage credit events staged a relatively quick rebound in 2020, a new Federal Housing Finance Agency report shows.

It’s become nearly impossible to find yield amid the ongoing spread compression across credit markets. One of the last harbors for value, securitized debt, still offers upside in some specific areas, though returns are quickly diminishing.

The loans, previously securitized in 2015, have a weighted-average interest rate of 8.57%, balances averaging $15,182 and remaining scheduled terms of 186 months.

The $500.2 million Morgan Stanley Residential Mortgage Loan Trust 2021-2 is supported by 547 prime-quality loans, many of them large-balance loans with outstanding obligations exceeding $1 million.