Finance

Nearly 67% of the loans in the $309 million loans and repossessed properties backing FASST 2019-HB1 were obtained from a 2017 deal that was recently collapsed.

The manager's Sound Point Euro CLO 1 Funding DAC is the only deal so far in 2019 to be issued for a first-time issuer in the EU region.

The initial portfolio for the $601.7 million deal features high exposure to lower-rated single-B loans, though that will likely drop when it is fully ramped.

Investors include New Orleans sports franchise owner Gayle Benson, placing the hotel under local ownership for the first time since it was built in 1976.

The transaction is the fourth by the New York-based affiliate of Hayfin Capital Management since its merger with the U.K. asset manager.

The $254 million transaction is the first shipping container securitization of the year; the weighted average age of the vessels is 2.1 years.

The sponsor acquired the buildings over the past 12 years; now it has obtained a mortgage on each from JPMorgan Chase for a total of $174 million.

Two deals Exeter completed in 2018 are performing worse than Moody's expected so its looking for additional losses on this deal; S&P sees losses in the same range as four prior deals.

Urfer co-founded a business with the banking automation pioneer John Diebold, worked for Chase Manhattan and other major banks, and played an important role in the Nixon administration, phasing out exchange controls.

Losses on Conn’s consumer loans are stabilizing, and the electronics and appliance store chain sees an opportunity to reduce the level of credit enhancement for its latest securitization.

The $746.2 million PFP 2019-1's biggest exposure by property type is to multifamily, but the single largest asset is a $71 million portion of a mortgage on a Dallas office building.

Assured Guaranty indicated it is interested in reaching a deal on PREPA bonds rather than continuing its quest for a PREPA receiver.

The $479 million Progress Residential 2019-SFR2 Trust is backed by 2,459 single-family residences, 2,452 of which were previously securitized in Progress 2016-SFR2.

Non-qualified mortgage-backed securities record issuance in the first quarter puts it on pace to top full-year volume predictions, according to Keefe, Bruyette & Woods.

The bank agreed to modify loans to struggling U.S. borrowers as part of a 2017 settlement. Instead, it’s receiving credit for financing new mortgages that likely would have been made anyway.

The senior notes to be issued in the $867 million transaction also amortize more quickly, reducing investor exposure to a potential decline in the valuation of the assets.

Investors who do not consent to proposed changes in the terms of the $655.9 million Magnetite XXII must sell their bonds (at full par) to the money manager.

The regional direct lender caters to very risky and highly leveraged borrowers (507 FICO, 163.95% LTV), but is offering relatively little credit enhancement compared to its peers.

The $687 million XAN 2019-RSO7 has 36 months to fund additional lending against properties in the collateral pool, six months longer than a 2018 transaction.

The New York-based CLO management firm also plans to change its name to reflect its parent firm, Vibrant Capital Partners.