Finance

Renewable Funding, a/k/a Renew Financial Group, is structuring its second round of Property Assessed Green Energy (PACE) green bonds this year financing residential renewable energy and energy efficiency projects for California homeowners.

Several banks, including Fifth Third Bancorp and Citizens Financial Group, plan to scale back indirect auto lending, citing increased competition and narrowing spreads. Others are reducing exposure by selling off large chunks of auto loans — though they remain committed to auto lending.

NorthStar Realty Finance and Latitude Management are marketing a pair of commercial real estate collateralized loan obligations.

The rating agency has changed the way it assesses the risk of combo notes, a hybrid debt and equity instrument, to account for what happens to them when a deal is refinanced. This could result in downgrades on existing combo notes issued by 38 collateralized loan obligations. It could also complicate the way future combo notes are structured.

The Apollo Aviation Securitization Equity Trust 2016-2 is supported by the receivables of 35 aircraft leases to 22 airlines in 20 countries, with an initial portfolio value of $792.2 million – which is almost a quarter of the investment management firm’s $3.1 billion in total aviation assets under management.

You can’t pull money out of thin air, but that’s what Sprint Corp. appears to be doing by entering into a sale-and-leaseback agreement for a portfolio of licenses granted by the U.S. government

Earnest is marketing its fourth offering of bonds backed by refinance student loans, according to DBRS.

The number of unbanked households in the U.S. has continued to decline in recent years despite a slowing-down of the economic recovery, the Federal Deposit Insurance Corp. found in itsbiennial survey unbanked and underbanked households.

The debt consolidation loans originated by GE are backed by French homes, in a deal arranged by Morgan Stanley and the second true-sale securitization of debt consolidation receivables. The deal builds on a smaller initial €871.2 million SapphireOne issuance in July.

Santander Consumer may be scaling back its presence in the subprime auto market, but the loans it makes to prime quality borrowers purchasing Chrysler, Jeep and Dodge vehicles are performing so poorly that Fitch now considers them to be “midprime.”

Wells Fargo is marketing another offering of commercial mortgage bonds that relies on a few relatively high quality loans to boost the overall credit metrics of the collateral pool.

Moody's Investors Service concluded its review of five federally guaranteed student loan securitizations either sponsored by or administered by Nelnet. The rating reviews take into account the slower rate of repayment of the collateral.

Structured settlement finance company J.G. Wentworth is seeking to close next week on its first securitization of 2016 with a portfolio of receivables from court judgement, annuity and lottery proceeds purchased from consumer claimants.

The Consumer Financial Protection Bureau decried an appeals court ruling last week that found its single-director structure unconstitutional, saying the opinion was "wrongly decided" and had "no basis in the text of the Constitution or in Supreme Court case law."

Goldman Sachs will take "a very deliberate and methodical approach" to building its online lending platform,

Managers are refinancing at least 13 collateralized loan obligations totaling $9 billion as the deadline to comply with risk retention approaches.

The second commercial mortgage securitization designed to comply with risk retention is backed by a single loan on a Manhattan skyscraper.

Colony Starwood Homes, a former major investor in distressed loans now focusing on managing single-family home rentals, is structuring a new asset-backed deal of SFR income offering the largest cash flow projection of any recent peer deals in the nascent asset class.

The national headquarters building for Huntington National Bank in Columbus, Ohio, is among the 101 properties securing 60 commercial loans in an office-centric, $953.2 million securitization pieced together by Morgan Stanley, Bank of America Merrill Lynch and three other lenders/sellers.