Finance

The shakeout in the sporting goods industry continued to impact commercial mortgage bonds, as Sports Chalet is closing stores that are tenants in properties backing 11 CMBS loans.

Senate Banking Committee Chairman Richard Shelby, R-Ala., is seeking input from the Government Accountability Office and the Congressional Budget Office on the future of policies dealing with Fannie Mae and Freddie Mac.

BMW AG is securitizing its fourth pool of auto loans to German consumers and business customers in a €800 million transaction through its Bavarian Sky S.A. platform.

Morgan Stanley and Bank of America Merrill Lynch are using a regional mall in Oklahoma City to dress up another highly leveraged offering of commercial mortgage bonds.

Napier Park Global Capital, the hedge fund spun out of Citigroup, has found a new way to raise money to invest in railcars.

Onex Credit Partners is launching its first CLO of 2016, and 11th overall, following up a 2015 when the private equity group issued three collateralized loan obligations of mostly similar sizes.

As financial regulators consider how to fit the burgeoning marketplace lending industry into the existing regulatory structure, banks and consumer advocacy groups are beginning to question how community reinvestment and anti-redlining statutes might be applied, if at all.

A $388.5 million securitization is being planned for a single commercial loan to the Palisades Center Mall in New York, a metro super-regional mall emerging from two years of renovations and major retail tenant poachings by a rival development.

Golden Credit Card Trust Series 2016-3 and 2016-4 will each include three classes of notes with the size of the issuance to be determined. The floating-rate Class A notes have been given an early ‘AAA’ rating by Fitch for each series, and will be offered in a rule 144A sale in the United States.

Invesco Senior Secured Management has priced a new $406.25 million CLO with a high ratio of first-lien secured loans already identified for the portfolio.

Ford issued its second ABS pool of retail auto loans this year in its $1.32 billion Ford Credit Auto Owner Trust 2016-B platform, which is the automaker’s fourth overall Reg AB II-compliant transaction. Nissan is looking to price the Nissan Auto Receivables 2016-B Owner Trust that will market $1.2 billion in notes of new and used prime auto loans.

Kroll Bond Rating Agency added its voice to the chorus of credit rating agencies downplaying the risks of mortgages that fail to comply with new consumer disclosure rules.

The prodigious growth of marketplace lending has been fueled by the seemingly insatiable appetite of hedge funds and other yield-hungry investors. But in recent months, much of that institutional money has fled the market just as quickly as it arrived.

Credit managers are less pessimistic about widening spreads over the next three months, but are growing more worried about a worsening global corporate default trend, according to the latest quarterly IACPM survey.

Morningstar has issued preliminary ratings on a small pool of $59.7 million in prime- and subprime-rated motorcycle loans through ThunderRoad Motorcycle Trust 2016-1.

The long-time slump in oil prices is negatively affecting a narrow band of CLOs and asset-backed securities invested in energy industry assets. But the lower fuel costs are bringing improved consumer payment performance on mortgages and car loans, according to Moody’s.

Federal appeals court judges hearing a case challenging the constitutionality of the Consumer Financial Protection Bureau appeared highly receptive to arguments that the agency's single-director structure violates the Constitution.

This is the third GSE risk-sharing bond issuance that Fannie Mae has issued this year, and also the fourth that exposes investors to actual losses – rather than estimated losses – of the underlying single-family mortgages.

Carlyle Global Market Strategies Euro CLO 2016-1 was launched with target par of €400 million (US$457.1 million). Credit Suisse Asset Management is also looking to issue €400 million in notes through Cadogan Square CLO VII B.V.