Fitch

The U.S. CLO manager breaks the ice with its first euro-denominated deal, which priced Friday and will close in May when it is about 75% ramped up.

The deadline to appeal the rollback of risk-retention requirements for CLO managers expired at midnight last night, but Voya Alternative Asset Management is not taking advantage.

Just over 20% of the balance are hotel loans, including the second-largest loan in the collateral pool, a $59.9 million portion of a $132.9 million loan used in a cashout refinancing of the Hilton Clearwater.

The gap between long and short reinvestment periods for U.S. collateralized loan obligations that reset rates has widened in 2018 as managers contend with different market signals, says Fitch.

CBAM, the leading CLO issuer by volume in 2017, had a shorter non-call for its senior-note stack; Apex has split the AAA paper into three variable-priced tranches.

The transaction fills out the original available $7 billion capacity of the Sprint Spectrum trust program, which markets notes backed by the sale-leaseback receivables from Sprint's portfolio of spectrum licenses.

Credit enhancement on the senior tranches of notes to be issued is unchanged from the prior six deals, at 24.38%; monthly payment rates by dealers continues to trend upward at 40.5%.

The performance of outstanding transactions issued via the Capital Auto Receivables Trust platform is weakening, so rating agencies are demanding additional investor protections.

Discover's master trust is issuing $800 million in its first deal since October; Scotiabank has priced US$600 million in card receivables in its first cardholder account securitization in two years.

Allstate Investment Management's latest collateralized loan portfolio includes a five-year-plus reinvestment period, and some added leeway on credit metrics and performance tests.

Growing competition may prompt commercial mortgage-backed securities issuers to accept higher loan-to-value ratios in their deals.

Avoca CLO V was issued only the second default rating of a subordinate global CLO in the last four years, the result of an unpaid subordinate tranche in an early deal liquidation by manager KKR.

Credit support on the senior tranche of the $800 million transaction is 19.25%, up 250 basis points on the comparable tranche of the sponsor's previous deal to offset the impact of falling used car prices.

Verizon Wireless' sixth overall securitization of device-payment plans includes more subprime borrowers, but delinquencies remain low in its managed portfolio.

GoldenTree's dual-market CLO manager affiliate is launching its first European CLO after debuting with two U.S. deals totaling more than $1.4 billion in 2017.

Despite the bankruptcy of its second-largest retail client, Comenity Bank is upsizing the first private-label card securitization of the year to $591 million.

The all-senior note structure is backed by $812 million in loans, and supported by low 3.5% credit enhancement based on low historical loss rates of John Deere securitizations.

It will use proceeds from the issuance of $640 million of bonds backed by wireless tower leases to help repay two deals totaling $755 million that were issued in 2013.

The pooling of loans and leases for Volvo- and Mack-brand trucking and construction equipment is modeled largely on the credit and portfolio characteristics of seven prior securitizations by Volvo's VFS subsidiary.

Lease contracts from the newly acquired business account for 5% of collateral for the $305.7 million transaction; the remainder is leases on construction and transportation equipment.