Finance

Ohio’s FirstEnergy Corp. subsidiaries, the Cleveland Electric Illuminating Company, Ohio Edison and Toledo Edison - are planning a $505 million utility securitization.

A large portfolio sale by a European bank is set to test market appetite for non-agency residental mortgage-backed securities (RMBS).

The Federal Housing Finance Agency should require the government-sponsored enterprises to purchase loans with deeper levels of credit enhancement in exchange for bona fide reductions in guarantee fees, the Mortgage Bankers Association said.

Santander UK is readying an £1.35 billion-equivalent securitization of residential mortgage loans, according to Standard & Poor’s; it includes a dollar tranche.

DBRS said that the automated underwriting used by non-bank specialty finance companies has led to a pick-up in small, unsecured business lending. These lenders are now considering ABS issuance.

The new issue auto ABS pipeline this week includes a new deal from Toyoto Motor Credit Corporation.

BlackRock Financial Management has re-priced two classes of a $366 million collateralized loan obligation, according to Standard & Poor’s.

The latest generation of European CLOs may expose investors to a risk that didn’t exist in most pre-crisis deals: fluctuations in foreign exchange rates.

The percentage of securitized timeshare loans with late payments declined again in the first quarter, according to Fitch Ratings.

Travellers completed a $300 million issue of three-year catastrophe bonds with a 4% coupon; the notes are rated 'BB' by Standard & Poor's.

Loan extensions create risks for investors in older European collateralized loan obligations.

World Omni Financial Corp. plans to issue a $903.8 million from its World Omni Auto Receivables Trust program.

Law firm Mayer Brown hired Lawrence Berkovich, a former counsel at Dechert, as a partner in the firm's banking and finance practice.

Goldman Sachs, Citigroup and Jefferies priced the $1.1 billion CMBS deal called GS Mortgage Securities Trust 2013-GCJ12.

CNH Capital America plans to issue its second equipment lease ABS deal of this year, the $725 million CNH Equipment Trust 2013-B.

Blackstone/GSO Debt Funds is marketing a €403.55 million collateralized loan obligation, the region's third since the financial crisis.

The pace of student loan asset-backed securitization is on track to meet expectation and Standard & Poor’s said that Federal Family Education Loan Program-backed deals dominate the new issue market.

Moody's Investors Service said today that it will review for downgrade the ratings of 28 tranches in eight U.K. residential mortgage backed securities transactions sponsored by Co-Operative Bank.

Private mortgage insurance companies and mortgage REITs are willing to take first-loss positions on government-backed MBS, according to Mortgage Bankers Association chief executive David Stevens.

JP Morgan plans to issue a $510 million, commercial mortgage-backed securitization deal backed by Marriott hotel properties called JP Morgan Chase Commercial Mortgage Securities Trust 2013-JWRZ.