Finance

Most of the collateral was acquired over the past year; that’s in contrast with the sponsor’s previous two transactions, in which a portion of the collateral was seasoned and refinanced from earlier transactions.

The deal is backed by an unusually concentrated portfolio of just 19 loans on properties being rehabbed or converted to a new use; by property type, the biggest exposure is to hospitality, at 19.7%.

Voya Alternative Asset Management is replacing and consolidating seven fixed- and floating-rate tranches with five new variable-rate classes that each gained lower rates than predecessor notes.

It's the lender's first deal since being acquired by TIAA; DBRS points to the "stellar" performance of non-securitized prime jumbo loans between 2012 and 2016.

The Los Angeles-based distressed-debt specialist has $20.5 billion in dry powder, including over $8.8 billion in uncommitted capital stored in a dormant opportunities fund.

It's the first time the private tower operator has issued from its master trust in two years; the A rated notes will be backed by a pool of 2,551 towers representing 66% of its total tower cash flow.

Westmont Hospitality Group has secured a $360 million first mortgage and $40 million mezzanine loan from Barclays and Morgan Stanley that is secured by a portfolio of 89 Red Roof locations in 25 states.

Moody's considers the $932.4 million TPG Real Estate Finance Trust 2018-1 to be highly leveraged, though not as highly leveraged as Blackstone's inaugural transaction.

It's deep and liquid, and spreads are tight. To many, a deal with a few idiosyncratic risks — not to mention cool factor — just offers a chance to pick up a little extra yield.

The Trepp CMBS Delinquency Rate for U.S. commercial real estate loans in CMBS is now 4.83%, a decrease of six basis points from the December level.

S&P Global Rating's London office made the rare move to downgrade the junior-most notes in a 2016 CLO issued by a Danish credit manager due to a deterioration in portfolio maintenance levels.

Over 94% of the collateral pool consists of diesel-engine vehicles, even though diesel cars have had waning interest among French drivers in the past decade.

All four senior tranches benefit from initial hard credit enhancement of12%, which is down from 12.25% on the senior tranches of the 2017-1 deal, 12.30% for 2016-1 and 12.90% in 2015-1.

Aegon Asset Management's new Cedar Funding CLO VII is expected to price its senior triple-A notes at 100 basis points above Libor, carrying on a 2017 trend of tightening spreads.

While tightening down on cov-lite and subordinate loans, Marathon CLO XI's rules give the asset manager more room to trade in lower-credit and DIP loans.

The Renaissance Aruba Resort & Casino went through a foreclosure in 2012, giving its mezzanine lender an equity stake; the majority owners have obtained a new $195 million loan to buy out two partners.

The deal was launched shortly after SoFi announced that Anthony Noto, the chief operating officer of Twitter, will join as CEO. It also benefits from higher credit enhancement.

The Detroit company recorded an 11% increase in car loans and leases originated during the fourth quarter, as well as a jump in yields. Ally appears to be benefiting from Wells Fargo's substantial retrenchment in auto lending.

Returns for equity investors are increasingly under pressure because of demand for the underlying loan assets, but strategies to boost returns can investors in other CLO securities at risk.

Lease contracts from the newly acquired business account for 5% of collateral for the $305.7 million transaction; the remainder is leases on construction and transportation equipment.