Fitch

CarMax, BMW, Santander and Credit Acceptance Corp. all launched deals Thursday; they add to the $35 billion in prime auto, $12.31 billion in prime lease, and $19.4 billion in subprime auto loan ABS so far this year.

Issuing bonds backed by credit-card receivables was formerly a bi-annual occurance for First National Bank of Omaha. This year, FNBO has served up a pair of transactions of its direct-issue and co-branded cards.

The deal does not even merit a BBB-plus, according to Fitch, which cites insufficient credit enhancement, exposure to high-risk obligors, and the servicer's lack of experience.

Select Portfolio Servicing grew its mortgage servicing rights portfolio by over 14% in the second quarter by targeting opportunities in the nonagency loan market.

The new master-trust issuance of Visa and Mastercard receivables from accounts originated and serviced by the lender builds the year's bank-card ABS volume to nearly $38 billion.

The French specialty lender, owned by a consortium of mutual insurers, is pooling over 54,000 loans it originated and services for clients of its shareholders.

Nissan's second U.S. lease-securitization of 2017 pools more than 71,000 contracts with $1.5 billion outstanding on cars, SUVs and cross-overs. Delinquencies remain low, but residual values are growing volatile.

Ford Motor Credit's second master trust issuance funding its dealer inventory financing has pushed floorplan ABS industry-wide past $8.5 billion, the busiest year for the asset class since 2014.

The total includes over $78 billion in new transactions; collateralized loan obligations issued post-crisis have lmited exposure to Toys R Us, which filed for bankruptcy last week.

Credit enhancement for the senior, triple-A-rated notes is in line with recent Honda transactions, but the pool of collateral is concentrated (12%) in Texas and Florida, making it vulnerable to economic disruption from hurricanes.

Mortgage investors want Freddie Mac to align its policy with Fannie Mae's when it comes to how delinquencies related to Hurricane Harvey affect credit risk transfer deals.

There are seven other CMBS issued this year with exposure to the skyscraper at 767 Fifth Avenue. In June, the owners took out a $1.47 billion whole loan that was used to refinance existing debt and pay a dividend; the largest portion was securitized in a single-asset transaction.

The rental car giant is more dependent than ever on asset-backed financing after being downgraded in May, making high yield bond issuance prohibitively expensive.

Ford Motor Credit, GM Financial and Fifth Third Bancorp are marketing a combined $3.4 billion in prime auto loan and lease asset-backed securities, according to presale reports published Thursday.

The loans, which average 15-year terms, were originated by Vistana and Hyatt Vacation Ownership. Fitch Ratings notes a slight decline in borrower credit quality, and expects a slightly higher default rate.

The new Motel 6/Studio 6 deal is collateralized by the fee income of a refi commercial loan, as well as cash-flow pledges from company-owned and franchised properties.

Fannie Mae and Freddie Mac will adjust their risk-sharing deals so that they can accommodate high loan-to-value loans refinanced under the programs replacing the Home Affordable Refinance Program.

The pricing of BlueMountain Fuji's second-ever transaction pushed the monthly new issuance total to $10.1 billion - only the third time since last November the market has eclipsed the $10 billion barrier.

The GMF Floorplan Owner Revolving Trust 2017-3 transaction is the second transaction backed by dealer inventory finance receivables to be issued by the captive lender this month.

Marjan van der Weijden, an 18-year veteran of the company based in London, Is taking over Duignan’s former role as global group head of structured finance and covered bonds.