Finance

Tobacco-industry loans are rare assets for CLOs, but Sound Point is ensuring none will go into its CLO XII portfolio for the remaining 20-month reinvestment period.

Nissan's is offering fewer investor protections than on its prior four securitizations; NextGear is set to close on its 10th securitization of floorplan receivables of mostly independent used-car dealers.

From financing driverless cars to dealing with Libor's demise, here are the highlights from the Structured Finance Industry Group's annual conference.

This time, the real estate investment trust is putting down some fresh equity, rather than cashing money out, in the $550 million transaction.

The new regulation, codifying requirements already in practice, is meant to help the mortgage giants prepare for the adoption of a uniform security in June.

Concerns about risks in the leveraged loan market, as well as the potential impact of new capital rules for Japanese banks, continue to weigh on collateralized loan obligations.

Three years after Verizon issued its first term securitization of device payment plans, it remains the sole issuer; Sprint, T-Mobile and AT&T appear to have other priorities.

Since most U.S. securities transactions are subject to New York law, it could be expedient to pass legislation defining Libor as SOFR plus a spread, says David Bowman, special adviser to the Fed.

Not every tranche of notes originally issued by ALM XIX has been upsized by the same amount; in fact, some of the lower-rated tranches have been cut in size.

Without the ability to issue unsecured debt nearly as cheaply as U.S. Treasury bonds, Freddie Mac could not afford to repurchase defaulted loans from MBS, Freddie CEO Don Layton said.

The captive lender is already underwriting and managing leases for GM electric cars in China; it is also buying and managing fleets for GM’s Maven ride-sharing program launched in the U.S. in 2016.

Expect even more actively managed CRE CLOs to be issued this year as investors get more comfortable with the idea of managers using proceeds from the repayment of collateral to acquire new bridge loan.

J.G. Wentworth first securitization of 2019 is backed by a similar mix of structured settlement and annuities receivables as its second deal of 2018, but the credit quality of the insurers making these payments is higher.

The €400 million RRE 1 Loan Management DAC has a 4.5-year reinvestment period and two-year non-callable period, according to presale reports.

The selloff in the CLO market in the fourth quarter of last year may have caused Eagle Point Credit Co. some short-term pain, but the closed-end investment firm expects to profit from it in the long term.

The partnership with Hallows HalseyPoint to step up the pace of recruitment of analysts and traders and open a warehouse line for loan accumulation by the end of May.

Some 35% of vehicles backing Driver UK Master Compartment 5 have diesel engines; presale reports do not indicate the percentage that meet more stringent EU emission standards.

The move, reported by The Wall Street Journal, could be part of a deeper foray into cobranded cards by Goldman, which has been expanding into consumer finance through its Marcus unit.

Industrial Logistics Properties Trust obtained a $650 million, 10-year fixed-rate mortgage on the portfolio from four banks; a $390 portion is being securitized in a single-borrower deal.

The $291 million Arroyo Mortgage Trust 2019-1 is significantly smaller then the sponsor's inaugural deal, which weighed in at $1.25 billion and was completed in April 2018.