Finance

The sponsors are benefiting from a nearly $1 billion, cash-out refi loan that will pay off $627.3 million in existing debt for the Grand Canal Shoppes, a retail, entertainment and dining complex in Las Vegas.

The initial public offering of 1.2 million shares of Eagle Point Income Co. raised $23.1 million.

Peter Antoszyk and David Hillman, co-heads of Proskauer Rose LLP’s private credit restructuring group, think the dry powder that investors have access to will help ease restructurings.

The incentives are stronger than ever to work toward standardizing the documentation, language and process for loans in commercial mortgage-backed securities to be combined with PACE financing.

Jefferies is housing the initial round of $300 million in loans under a repurchase agreement with four lenders, as well as with the trust established for the transaction in Jefferies’ standing as the repo seller.

The $292.4 million Home Partners of America 2019-1 transaction pools 1,168 single-family home and townhome/condo properties that give tenants right-to-purchase options.

After rising between 2016 and 2018, the card issuer's charge-off rates are now steady. The trend reflects both the impact of tighter underwriting standards and the continued resilience of U.S. consumers.

The $1.11 billion Ford Credit Auto Lease Trust (FCALT) 2019-B has 20.2% of the securitization value tied to leases with terms over 36 months – up from 14.4% in FCALT 2019-A. It's the largest percentage for a Ford lease ABS deal since 2014.

Navient’s next securitization of private student-loan refinancing will involve only loans primarily issued to advanced-degree professionals by online lender Earnest, which Navient acquired in 2017.

Verus Securitization Trust 2019-INV2 is backed by investor loans secured by 1,042 rental properties. The loans were originated by 76 different lenders.

Occidental Management is sponsoring a single-asset, single-borrower deal through JPMorgan backed by the fee simple interest from receivables of a lease-buyback arrangement with Sprint Corp.

Nomura's unit didn't adequately monitor traders who lied to clients about the prices the firm paid for bonds and the amount of profits the traders would receive, according to an SEC statement.

For the first time, the captive-finance lender has also opted to add SOFR-based benchmark rate "fallback" plans into one of its deals, which would stand in for one-month Libor should the London interbank offered rate becomes unavailable in 2021.

Life insurance companies increased their mortgage investments to levels higher than historical norms, creating more potential danger for their portfolios in the event of a real estate downturn, a Fitch Ratings report said.

The more than $44 billion in new Ginnie Mae mortgage-backed securities that came to market in June marked the strongest month for the government bond insurer in more than two years.

After the government-sponsored enterprise patch expires, "near prime" loans over the 43% debt-to-income ratio should be qualified mortgages if they have compensating factors, according to the Center for Responsible Lending.

The U.S collateralized loan obligation market largely bid farewell to its biggest buyer earlier this year. Now Japan’s Norinchukin Bank is back.

Builder MDC Holdings' preliminary numbers for net new home orders registered their highest quarterly increase in years, adding to signs of growing demand for housing.

The global structured credit investment firm is pricing its first European deal since opening a London branch last year. It announced the hiring of its first UK-based analyst team Tuesday.

Mortgages using alternative documentation like bank statements for underwriting performed stronger than expected, but uncertainty remains about their default rates in stressed environments, Fitch Ratings said.