The equipment-leasing sector has suffered its share of stress this year, with industry-wide obligor credit woes trickling into deals and pushing spreads far outside historic levels. Though all-in yields are down, in line with interest rates - which could make securitization attractive despite the widening - origination volume is down as well, reflecting a slump in capital spending.

Still, through the end of the year, the market could see as many as six more transactions. Depending on whether or not a rumored one-off $1 billion deal for a one-time issuer comes to fruition, issuance could reach $7 billion, modestly shy of last year's $9.7 billion. This mystery deal (details on which sources have been hesitant to leak) is said to involve the sale of the company, and should feature a wrap. The transaction would apparently be a hybrid commercial risk/equipment lease securitization.

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