Moody's

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 €413 million transaction will issue exchangeable notes for the five senior tranches, allowing regulated U.S. banks the opportunity to invest, even though the portfolio includes bonds.

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.

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.

Citigroup and Goldman Sachs are securitizing a $405 million first mortgage taken out to help finance the private equity-led acquisition of the WoodSpring Suites low-priced extended-stay hotel chain.

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.

Lender and servicers are increasingly using nontraditional methods such as "hybrid" appraisals and broker price opinions in an attempt to cut costs, but some are more reliable than others.

Nissan’s deal is backed by loans and will be sized at $1 billion or $1.3 billion, depending on demand. Hyundai Capital’s $1 billion transaction is backed by leases ranging from 24 to 48 months.

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.

For the fifth time since early 2016, American Honda Finance is hedging on oversubscribed demand for its prime-loan receivables-backed notes with a potential upsizing.