Finance

Junk-rated firms pay little tax, and so won't benefit much from a lower corporate rate. And this benefit could be offset by a limit on the interest deduction.

Testing of the common securitization platform is taking longer than expected, but the Federal Housing Finance Agency said it won't delay the 2019 launch of Fannie Mae and Freddie Mac's new single "uniform mortgage-backed security."

The dramatic tightening in loan spreads this year made it difficult for the CLO manager to manage to various performance metrics of its deals, and this required building flexibility into deals being refinanced.

Despite boosting credit enhancement, the sponsor was only able to earn an 'A' from S&P Global Ratings, which cited heightened competition and adverse borrower selection.

The issuer, Avis Budget Rental Car Funding, is a master trust, and the $400 million of notes to be issued in the Series 2017-2 transaction rank pari passu with the issuer’s other outstanding series of notes.

The German-based transport finance company is marketing a $722.5 million transaction secured by lease proceeds on a portfolio of 36 mostly older passenger jets.

Keith Krasney joins this week from Locke Lord, where he chaired the securitization group. He advises clients on secondary market transactions involving mortgage loans.

In its third securitization of cash-out auto loans, OneMain will for the first time include originations from the 1,000 legacy offices acquired from CitiFinancial.

Introducing limits on federally guaranteed loans to graduate students, instead of letting them borrow whatever schools charge, would create a multibillion-dollar opportunity for private lenders.

CHT 2017-CSMO will issue six classes of notes in the $1.38 billion transaction, which will refinance a 2016 mortgage securitization and provide funds for renovation.

The deal is similar to several sponsored by Jefferies that used the same moniker, Station Place, but were backed by revolving pools of mortgages originated by multiple lenders.

Kroll expects cumulative net losses on the collateral for American Credit Acceptance 2017-4 to be as high as 29.9%; the senior notes have 66.35% initial credit enhancement.

New Residential Investment Corp. is planning to purchase Shellpoint Partners in the first half of next year for $190 million with an additional earn-out over the next three years.

Carlyle Euro CLO 2017-3 is the latest under its new shelf managed by affiliate CELF Advisors, with a AAA coupon of just 75 basis points over three-month Euribor.

This time it’s the JW Marriott Phoenix Desert Ridge Resort & Spa, a 950-room, full-service resort. A $365 million first mortgage on the property from Morgan Stanley is being securitized via MSC 2017-JWDR.

A $40 million slice of the original, $600 million mortgage on the 2 million-square-foot portfolio is one of the largest of 38 loans used as collateral in UBS 2017-C6, a $684.7 million conduit.

The Show Me State passed legislation enabling residential and commercial PACE financing in 2010; however, Renovate America only started funding assessments through the Missouri Clean Energy District three months ago, in August 2017.

For now, performance continues to improve, but the percentage of borrowers of traditional private student loans seeking temporary payment relief rose to 2.5% from 2.0% as a result of Hurricanes Harvey and Irma.

The deal will relaunch with a weighted average spread (4.22%) and excess spread (2.86%) well above the three-month industry average for issued U.S. CLOs.

Collateral for the deal, which is structured as a master trust, can reach €30B of loans originated by the bank's building-savings affiliate, its retail operations and its private-bank unit.