Finance

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.

The sponsor has increased the credit enhancement on the senior support class of notes on offer in order to offset the slightly higher risk to investors.

The credit arm of the $24 billion asset H.I.G. Capital is marketing a $458.1 million BSL CLO, its first deal since April 2015.

Widening spreads on ABS have made deposit funding relatively more attractive; the rating agency now expects full-year issuance to be at the low end of its original forecast of $40 billion to $50 billion.

Only 9.6% of €1.08 billion of collateral meets the criteria for responsible lending and borrowing set by the National Institute for Family Finance in the Netherlands, down from 22.9% for the prior deal.

The $408.4M Anchorage Capital CLO 2018-10 adds to the $5.2B-asset manager's 2018 tally of three re-issues and a refinancing — not to mention a debut European CLO.

The initial collateral for Tower Bridge Funding No. 3 consists of 1,737 loans totaling £375.5 million, and there will be a £125 million prefunding account that can be used to acquire additional collateral before the first interest payment date.