Finance

GoldenTree Loan Opportunties XII was one of nine CLOs that were reset or refinanced on Friday alone, as managers rushed to lower payment prior to July quarterly payments to investors; the tally for June as a whole is $30.9 billion.

Commercial and multifamily mortgage debt outstanding grew $44.3 billion during the first three months of 2018, the largest first-quarter gain since before the Great Recession, according to the Mortgage Bankers Association.

That's a departure from the state student loan authority's previous offering, completed in 2017, which was backed by a mix of private and federally guaranteed student loans, and was rated one notch lower by S&P Global Ratings.

The notes, which are rated by DBRS, are backed by a mix of products to borrowers with weak credit; the pool of collateral will revolve over the first two years of the transaction.

The deal, which is expected to close this summer, would bring THL Credit’s assets in collateralized loan obligations under management to approximately $12 billion and its total assets under management to over $15.5 billion.

Lauren Hedvat, Angel Oak's managing director of capital markets, said that the rising non-qualified mortgage volume in the market has expanded the number of third-party origination loan packages for purchase.

Impac Mortgage Holdings will sell up to $600 million of non-qualified mortgage loans to Starwood Property Trust over the next 12 months that will be securitized.

The $35 million offering of fixed-rate bonds comes from a new mater trust and will be taxable; previously, the state student loan authority has funded refinance loans with the same tax-free bonds used to fund in-school lending.

Bavarian Sky UK 2 plc is as yet unsized; the collateral will initially consist of 70% new and 30% used primarily BWM and MINI vehicles, 56% of which use diesel fuel, according to Moody's Investors Service.

HPS Loan Management 9-2016 will be backed by a $750 million portfolio of broadly syndicated loans and other assets, up from $500 million originally; Moody's is only rating the two senior tranches of notes to be issued.

La Quinta is spinning off a portfolio of 2014 hotels into a real estate investment trust called CorePoint; the REIT obtained a $1.035 billion mortgage from JPMorgan Chase that is being used as collateral for mortgage bonds.

American Express prevailed Monday in an eight-year antitrust battle with the government. Here’s a look at how other card networks, banks, retailers and consumers will be affected.

With sales recovering from the the fading diesel-engine emissions scandal from 2015, Volkswagen's U.S. captive finance arm is inviting prime auto-loan investors out for a drive for the first time since 2014.

CoreVest American Finance’s next offering of rental bonds is backed by homes that are older and smaller than any of its previous transactions, according to Kroll Bond Rating Agency.

Startup Block66 is using blockchain to create a mortgage audit trail for fraud prevention purposes and also plans to enable trading of securities lenders can use to increase their liquidity.

That level is wide of the six new-issue CLOs that priced last week at triple-A spreads of 110 basis spoints; CLO senior notes have widened 10 basis points, on average, over the past three months.

The bank, which purchases loans from Mosaic, is contributing an unspecified amount of collateral for the $317 million deal; it's also the underwriter and risk retention holder, and appears to be behind the unusual structure.

The $470 million transaction has some features rarely seen now that the market for bridge loan securitization has been rehabilitated, including a "blind ramp" and a "blind reinvestment" period.

Ginnie Mae is looking to start a pilot program to securitize digital mortgages as early as 2019, but issuers would not be able to commingle loans using traditional paper files in those deals.

It's another example of what appears to be tailoring tranches to meet the tenor and yield requirements of specific investors; the deal, GMS Euro CLO 2014-1, was also upsized to €508 million from €368.3 million originally.