Finance

The recently announced merger of American Airlines and US Airways may create new risk for credit card securitizations tied to the airlines brand, according to two reports published this month by Moody’s Investor Service and Standard & Poor’s.

Newtek closed on $20.9 million of securities backed by small business loans; Guggenheim placed this issue with four institutional investors.

Only vulnerable super-senior classes in CMBS are exposed to the risk of interest shortfalls that affected the super senior class of Morgan Stanley Capital I, 2007-HQ13, according to Fitch Ratings.

Fitch Ratings announced on Wednesday that the $190mn StratReal Industrial Portfolio I in BACM 2007-1 entered special servicing after struggling with weak underlying performance for two years.

The performance of securities backed by both prime and subprime U.S. auto loans improved in January, according to Fitch Ratings.

U.K. prime RMBS investors may see loss severities decrease in U.K. RMBS deals as house prices stabilize on the back of a new housing initiative announced yesterday, according to a Barclays report.

EverBank’s planned $308 million residential mortgage-backed securitization may offer investors access to a new issuer name; but the structuring stays in line with safe, prime quality deals that have dominates post financial-crisis market issuance.

Volvo priced $622 million of notes backed by transportation equipment loans and leases according to a person familiar with the transaction.

Barclays is preparing a $1 billion whole business securitization for CKE Restaurants, the parent company of Carl’s Jr. and Hardee’s, according to a person familiar with the situation.

JP Morgan is planning to issue a $616 million private label residential mortgage securitization, according to a presale report from Fitch Ratings.

Fifth Third priced $500 million of notes backed by auto loans; a $155 million, triple-A class with a WAL of 1.15 years priced at nine basis points over the Eurodollar synthetic forward rate;

The U.S. Department of Energy's (DOE)’s National Renewable Energy Laboratory (NREL) has formed a new working group with the goal to securitize solar PV assets and associated cash flows in the capital debt markets.

General Electric Capital Corp. priced $900 million of notes backed by credit card notes backed by credit card receivables on Tuesday afternoon, according to a U.S. Securities and Exchange Commission filing.

Container Applications is planning to sell $229 million of notes backed by container leases, according to a presale report published by Standard & Poor’s.

Single asset/single borrower deals continue to dominate the CMBS pipeline this week with another two deals, for a combined $1.43 billion planned this week.

Fifth Third Bank is in the market with $500 million of notes backed by prime retail auto loans, according to rating agency presale reports; it is the lender's first securitization since 2008.

Standard & Poor's preliminarily rates the $252m senior piece single-A.

The private student loan default rate remains higher than pre-recession levels despite decreasing year over year in 2013, according to Moody’s Investors Service.

Volvo plans to issue $662 million of notes backed by transportation equipment loans and leases according to a presale report published by Moody's Investors Service.