Finance

After contracting sharply last year amid regulatory uncertainty and an economic slowdown, Brazil’s structured finance market now appears to be poised for a recovery.

Spreads in the primary market have tightened so much that equity holders are calling collateralized loan obligations issued as recently as 2011 in order to fund new deals more cheaply.

Strong payment structures and high credit enhancement levels will mitigate the impact of less conservative underwriting on subprime auto loan securitizations.

Investors are signing on to auto loan securitizations that allow sponsors to add new, and potentially riskier, loans to the pools of collateral at a later date

How long until looser underwriting affects the performance of auto securitizations?

Ratings agencies have received a number of proposals for private-label residential mortgage backed securities (RMBS) and they apparently do not like what they see.

Even though issuance of credit card asset-backed securities so far this year is running ahead of the first two months of 2012, outstanding volumes of deals keeps retreating.

Freddie Mac plans to issue its third multifamily CMBS this year; a $900 million deal that will be backed by mortgages with a 5-year term.

The “qualifying residential mortgage” rules that affect securitization may be a carbon copy of the CFPB “qualifying mortgage” standards.

Special Servicers of loans in CMBS deals today don’t necessarily hold a first loss position in these deals, according to a Fitch Ratings report.

Cabela’s Incorporated plans to sell $255 million private label credit card ABS deal via its Credit Card Master Note Trust, Series 2013-I.

Utility tariff bonds continue to price wide of other off the run ABS asset classes despite offering investors strong credit and strong fundamentals, according to Wells Fargo Securities.

Stafford Butts has joined Wells Fargo Securities as a managing director focused on structured products origination and execution for the European, Middle East, and Africa region.

Sallie Mae plans to issue the first private student loans backed ABS via its $1.1 billion SLM Private Education Loan Trust 2013-A (SLM 2013-A).

Wells Fargo and RBS plan to issue WFRBS Commercial Mortgage Trust 2013-C12, a $1.2 billion CMBS conduit transaction backed by 100 commercial mortgage loans secured by 138 properties.

Moody’s Investors Service said that certain proposals for residential-mortgage backed securities the agency has received would end up with ratings between ‘A1 (sf)’ and ‘A3 (sf).'

Hyundai is in the market with a $905.406 million auto lease securitization, its third to date, according to Standard & Poor’s.

3i Group plc has closed on a $500 million deal dubbed Jamestown CLO II; it is a refinancing of the $400 million Fraser Sullivan CLO V.

JP Morgan Chase Bank will issue a $1.2 billion CMBS conduit deal call, J.P. Morgan Chase Commercial Mortgage Securities Trust 2013-C10.

Goldman Sachs plans to issue a $900 million CMBS deal secured by the fee interest in 1515 Broadway in Midtown Manhattan, N.Y.