What does the first downgrade of a subprime auto securitization since the credit crisis say about the state of lending?

Much of this direct lending is finding its way into the securitization market, as big names like GLO/Blackstone and Bain Capital join what had been a clubby market of firms issuing middle market CLOs. There are already concerns about the impact on credit quality.

Summer is when things typically slow down. No better time to float some of the more esoteric asset classes

A year after regulators announced that Libor would be phased out, it's unclear what will replace it as a benchmark for loans

This may be the most liquid and well-bid part of the CMBS market

Single-family homes are scarce and capitals is cheap, so investors are extending their reach with 'infil' projects

Carveouts spared CRE-backed assets from tax reform damage: corporate loans and lease ABS weren't so lucky