Finance

The senior term tranches to be issued by CarMax Auto Owner Trust 2017-3 have initial credit enhancement of 7.61%, up from 6.85% and 5.45% in its two prior deals.

Property Assessed Clean Energy loans can no longer be offered in unincorporated areas of Kern County, Calif. The controversial loans, meant to promote energy efficiency, began in California and are now offered in a number of states.

Banco Santander plans to go ahead with a proposal to increase control of its U.S. subprime auto loan unit, after the business passed the Federal Reserve's stress test last month, according to people familiar with the matter.

A joint venture between Paramount Group and a wealthy New York family is tapping the commercial mortgage bond market to refinance a 52-story trophy office building in midtown Manhattan.

Progress Residential's lastest pooling of 2,080 rental homes - all secured by a single-borrower mortgage - includes 719 homes rolled over from paid-off SFR securitizations.

BANK 2017-BNK6 is a transaction backed by 72 fixed-rate commercial property loans covering 189 properties, including midtown Manhattan's iconic General Motors Building.

Chinese banks and insurance companies represent a new and potentially large source of capital that could crowd out U.S. banks as investors in collateralized loan obligations.

The two firms jointly obtained three separate loans totaling $706.7 million from Citigroup and Morgan Stanley on 52 retail properites with a combined 7 million square feet.

Moody’s expects cumulative net losses of 0.55% of the collateral, while Fitch takes a more conservative view; it expects net losses to reach 1% due to a deterioration in the construction equipment sector.

The senior notes benefit from initial credit enhancement of 29.5%, nearly three percentage points higher than the same tranche of the sponsor's previous transaction.

The collateral for the deal is heavily concentrated in the top three lessees, Quatar Airways, American Airlines, and Asiana; the deal permits the three to account for up to 65% of the portfolio.

AutoGravity of Irvine, Calif., has received $30 million in equity financing from VW Credit, according to a source familiar with the matter.

The German automaker was compelled to shift funding to asset-backeds in the wak of an emissions cheating scandal; it has now resumed issuing unsecured debt

The £310.3 million (US$401.26 million transaction, Twin Bridges 2017-1, is backed by 965 prime mortgages underwritten to UK landlords by Paratus AMC Ltd., formerly known as GMAC-RFC.

Loans between 61 and 72 months at origination decreased to 49.5% of the collateral for GM's latest transaction, down from 51.3% from the sponsor's April deal.

The first Bavarian Sky securitization of Swiss BMW auto leases since April 2013 will be split between Euro and Swiss franc (CHF) denominations.

Towd Point Mortgage Trust 2017-3 is smaller the the sponsor's two previous deals of the year, but the credit quality of the collateral is remarkably similar.

The liquidation of Veneto Banca and Banca Popolare puts increasing pressure on other banks in the Eurozone to reduce their holdings of bad loans, according to Fitch Ratings; it remains to be seen whether securitization will play a significant role.

It's the largest increase in five years; the percentage of securitized commercial mortgages behind on payments is now 5.75%, according to Trepp.

Angel Oak was able to secure triple-A credit ratings for its next offering of nonprime residential mortgage bonds, despite offering considerably less credit enhancement.