Fitch

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.