Fitch

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.