Morgan Stanley

The bond offering is already more than two times oversubscribed, according to people familiar. Demand for available bonds that were not already committed is around four times or more.

Fitch gave the resort a B+ property quality grade, and it increased its loan-to-value hurdles by 8.75% to reflect the collateral quality.

The size of the debut deal, led by structuring advisors Morgan Stanley and Barclays Plc, hasn't been determined.

Subway has asked Morgan Stanley and Barclays Plc to put together the debt package in the form of a whole business securitization, arranging in-person events in Boston, New York and Los Angeles starting May 8.

Aside from the cash flow stabilization, another credit positive to the deal, TAH Operations is property manager to the portfolio, and has strong processes and controls.

A financial services veteran, Peter Akwaboah joins the government-sponsored enterprise after serving as a managing director for Morgan Stanley, where he led technology and innovation strategy.

HBAN will service the transaction, with an A3 rating for long-term, senior unsecured debt, an A2 long-term credit assessment, and P-1 for short-term deposits.

The underlying transactions pay on a pro-rata basis, but that can switch to sequential pay if performance triggers, which can be addressed, are breached.

In many ways the pool exhibits prime characteristics that are in line with other transactions from the MSRM platform, with an original FICO score of 772, an original loan-to-value ratio of 73.9%, and an original cumulative LTV of 74.2%.

Two weeks after Ted Pick rose to CEO, the company slightly revised its long-term targets for efficiency, return on tangible common equity and other metrics. Yet, Pick says, "there's not a change in strategy" after the departure of his predecessor, James Gorman.