Finance

The percentage of CCC "buckets" in CLOs increased in the second quarter and they are now at levels similar to 2016, when managers struggled with concentrations of troubled energy-sector assets.

The first two transactions were initiated in March, just a few days before skin-in-the-game rules were lifted for this asset class; this time, the CLO manager is not exactly sticking its neck out.

Jeff Weinstein and Patrick Lampe join from the Chicago office of Sidley Austin; Morgan Lewis partner Philip Russell is relocating from the firm’s New York office.

Seth Frotman, whose student lending unit had been gutted in May, said the bureau's current leadership "has abandoned its duty to fairly and robustly enforce the law.”

The Congressional Budget Office has found that restructuring the mortgage market would save the government billions of dollars but may increase the cost of housing.

S&P says extended term loans and "liberal" collection policies are pushing losses and amortization toward the tail end of some lenders' securitizations — making cross-comparing performance between lenders and an issuer's own outstanding vintage deals more difficult.

DFG Investment Advisers, led by former Goldman and HVB Group veterans, will exceed $4.2B in CLO assets under management with the latest deal.

Cheap funding and marketing muscle could give it an advantage over existing lenders, but this corner of the market may not be big enough to move the needle for the bank.

Santander has commonly offered multicurrency (dollar and pound-sterling) notes through its Holmes master trust platform.

Volkswagen Bank's Driver 15 is its first German auto-loan securitization since March, as Europe's largest auto-finance company furthers a comeback from the 2015 VW diesel-engine scandal.

Peter S. Kalikow, a leading New York City real estate investor, is tapping the securitization market for a cash-out refinancing of a 1.3 million-square-foot, 48-story building at 101 Park Ave.

Annaly Capital Management will be able to proceed with a delayed exchange offer needed for its acquisition of MTGE Investment Corp. because it has been able to satisfy incomplete deal conditions.

Borrowers who were once delinquent but are now making timely payments account for a quarter of the collateral, more than the student loan servicer's past two deals.

PACE Funding Group, based in Los Gatos, Calif., recently obtained a $55 million line of credit from SunTrust Bank and Rosemawr Management and is gearing up for its second securitization later this year.

The $502 million Diamond CLO represents the first securitization of small/medium enterprise loans since Blackstone in the second quarter relaunched a direct lending business.

The transaction comes with a bigger prefunding account than the sponsor's prior deal, completed in 2015; the collateral is also more geographically diverse.

New investor appetite for mortgages over $1 million is motivating more nonbank lenders to offer super jumbo loans, often with weaker credit terms than traditional banks.

The expiration of Annaly Capital Management's offer to purchase MTGE Investment Corp. was delayed until Sept. 7 so the two real estate investment trusts have more time to satisfy deal conditions.

SUVs account for 41.3% of receivables backing HAROT 2018-3; that's up from 37.9% of Honda's prior deal and the first time exposure has increased since early 2017.

Similar to the sponsor's prior transaction, however, the collateral includes a large portion of loans underwritten using bank statements to verify borrower income: 49%.