Finance

Apartment buildings account for 78.8% of the $341 million balance of the deal; that's up from 58% of a $304 million deal completed in March.

SoFi’s $577.5 million offering is the sponsor’s 23rd rated term student loan ABS transaction, while Massachusetts’ $164 million offering is only its second deal.

The captive-finance lenders will be the leading issuers of U.S. auto lease-backed securitizations in 2017 at the close of their latest deals launched this week.

The deal, which Fitch did not name in its report, appears to be VCO CLO 2018-1. The agency said the transaction might not even merit a single-A rating, given the high single-sector concentration.

The Federal Housing Finance Agency issued a proposal Wednesday that would require mortgage giants Fannie Mae and Freddie Mac to align their policies on cash flows for current mortgage-backed securities, and eventually for a uniform security when it is implemented next year.

The credit quality of obligors is up from that of the sponsor's 2017 transaction, which could help offset a decline in performance seen in recent vintages.

J.P. Morgan Asset Management is not disclosing why it is retiring the $1B Palm Lane Credit Opportunities Fund; the fund was previously being considered for a spinoff.

Housing finance reform is still likely years away, but a growing chorus of lawmakers say the government guarantor has the ability to clear the path to a final plan.

The deal, which comes just a year after the commodity trading firm's last securitization, represents 7.85% of assets in a revolving trust; it may be upsized to $500 million.

The $300 million transaction has a six-month prefunding period during with the last $50 million of loans will be acquired; it can be actively managed for three years.

Caliber Home Loans’ next offering of subprime mortgage bonds includes a new product offered to borrowers with a stronger credit profile than its other programs – but also less equity in their homes.

Nearly a third of borrowers, 29.5%, backing the $500 million transaction are making timely payments, up from 27.4% for the prior deal and higher than the lender’s previous two deals.

TCI Capital assigned two CLO deals totaling $1 billion that it was managing for Columbia Management Investment Advisers, after Columbia resigned its subadvisory role.

Moody’s expects losses on Drive Auto Receivables Trust 2018-4 to reach 25% of the original balance over the life of the deal, down from 26% for its prior deal.

The real estate investment trust is securitizing a $225 million mortgage on a portfolio of 10 hotels owned by Taylor Woods and Howard Wu, founders of Urban Commons.

Investor appetite for deeply subordinated debt is increasing even as the industry starts to consolidate; problems at Honor Finance demonstrate the limits of relying on overcollateralization to offset losses.

About 8.5% of loans backing the $256.2 million transaction were reassigned from a 2015 deal; this boosted the weighted average seasoning to seven months from one month for ACA's prior deal.

More than 88% of contracts in the $800 million transaction have terms of less than 40 months; Fitch points to the increased the use of subvention at Toyota dealerships.

Brass No. 7 is Accord's ninth overall securitization of prime mortgages for owner-occupied homes and the second to feature a revolving period.

Collateralized loan obligations denominated in pounds sterling were once a tough sell; two recent deals from Barclays and PGIM indicate that this is changing.