Finance

The conduit transaction will carry a $120 million portion of a $750 million debt financing package for Facebook's newly built Oculus R&D center near San Francisco.

The diverse group of loans in the servicing rights portfolio offers a potentially attractive recapture opportunity and would be a sizable transaction for their era.

Also launching deals last week were Santander Consumer USA and DriveTime Automotive Group, according to ratings agency presale reports.

The inaugural securitization includes 447 30-year loans with average balances of $863,206.

The $1.15 billion CarMax Auto Owner Trust 2021-2 could potentially be upsized to $1.56 billion, according to presale reports from Fitch Ratings and S&P Global Ratings. CarMax upsized its first deal of the year that priced in January.

Deals, trends and research in structured finance and asset-backed securities for the week of April 2-8

The FFELP loans carry a minimum 97% guarantee of principal and interest from the U.S. Department of Education.

Bankruptcy courts saw a greater-than-average number of filings in the first quarter, though a year-on-year decline highlights the impact of cheap cash flowing to troubled borrowers.

The two buildings included in the single-borrower transaction were both 94.8% leased as of February 2021.

Horizon Land Co. is securitizing a $488 million single-asset, single-borrower loan that will fund its purchase of 93 rent-site communities in the Midwest and Southwest regions.

Deals, trends and research in structured finance and asset-backed securities for the week of March 26-April 1

The deal will be Ford's 14th securitization from its FordREV shelf, which has eight outstanding deals that remain in their revolving periods.

Starting Thursday, firms should stop issuing new loans, bonds and securitizations tied to the discredited benchmark, according to the Bank of England.

The compact-tractor manufacturer is supporting its first 2021 securitization with 4.75% CE, after two previous deals were closed with 5.5% enhancement levels to account for potential COVID-19 macroeconomic disruption.

A continuing macroeconomic recovery fueled by the federal government's stimulus payments to consumers has benefited GMF as well.

The Spanish bank is broadening its lending to speculative-rated borrowers from its traditional focus on high-grade debt, Noya said in an interview. It’s been building a team to get more high-yield mandates in Europe and the U.S.

A white paper released Monday by the Alternative Reference Rates Committee outlined how issuers could (and perhaps should) model new floating-rate transactions using a compounded version of the interbank overnight rate instead of Libor.

The lasting effects of work-from-home practices driven by the COVID-19 pandemic could slash some office property values to less than half of their original value – and lead to rating downgrades on affected CMBS transactions, according to Fitch Ratings.

Troubled properties aren’t coming to market because owners have little pressure to sell. Commercial real estate prices have held up – or even risen – because so much money is chasing so few deals.

The first-time securitization by the online commercial-finance will involve more than half of the San Francisco-based company's managed accounts portfolio.