Finance

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 26-March 4

The deal is also the first to come to market since BlueGreen Corp’s $131 million BXG Receivables Note Trust 2020-A last October.

The underlying sellers of the loans are approved lenders and servicers by Fannie Mae, Freddie Mac and Ginnie Mae.

Ratepayer bond securitizations have helped utilities defray litigation expenses or finance 'stranded costs' related to deregulation since the '90s . A new wave appears imminent, driven by green-energy conversion needs and relieving the burden of pandemic-related consumer assistance.

DBRS Morningstar and S&P Global Ratings each have lower projected net losses for the $1.1 billion Westlake Automobile Receivables Trust 2021-1 transaction, in comparison to the subprime auto lender’s prior $1.4 billion securitization that priced in October 2020.

The 18 centers operated by industrial real estate management firm LBA Logistics are nearly all warehouse/distribution types, with no flex-industrial space pooled into the collateral mix.

Kroll reports the proceeds could include a shareholder distribution that would benefit majority owner The Blackstone Group.

About $4 billion in value was erased from 118 retail-anchored properties with commercial mortgage-backed securities debt after reappraisals triggered by payment delinquencies, defaults or foreclosures.

The deal is only the third post-crisis securitization of higher-risk manufactured housing assets, following deals in 2019 and 2020 that were sponsored by FirstKey Mortgage.

Citigroup restated fourth-quarter results after writing down a portion of a loan to Revlon it now owns after losing a court battle.

BMW Financial Services is seeking to price a $1.45 billion bond package backed by closed-end, retail auto lease contracts. Toyota Motor Credit is making a $1.5B or $2.25B offering through its extended note platform.

The transaction has a high proportion of operating lease contracts, making up 91.2% of the pool's asset value.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 19-25

The extension rates were the highest since the peak of lender deferrals granted in the wake of the COVID-19 outbreak.

Hildene Capital, which is pressuring CIB Marine to issue subordinated debt to redeem preferred stock, has nominated two individuals to stand for election to the company's board.

Last month, prominent investor Steve Eisman pegged Credit Acceptance Corp. as his new big short, based on a belief the subprime auto lender and its industry may come under closer CFPB scrutiny under the new administration. Analysts are taking note, as well.

The $16.9 billion in issuance marked the biggest annual number seen since the government-sponsored enterprise reconstituted its risk sharing program in 2013.

The decision provides more clarity to noteholders in the state about when the six-year statute of limitations to bring a foreclosure action begins.

A majority of the loans are also junior-lien obligations, according to a presale report.

DataBank, sponsored by an affiliate of Colony Capital, is pooling ownership and leasehold stakes in 15 data centers in six cities, including the Salt Lake City market that is in high demand with West Coast companies diversifying and expanding data-center operations.