S&P

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.

DriveTime's improving loss performance in recent securitizations allowed it to relax the enhancement levels on its first securitization of the year.

The transaction is the second this year involving Santander's Chrysler Capital preferred-lender unit; in January Santander sold bonds on its first-ever deal backed by Fiat Chrysler leases.

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.

Verizon Wireless' sixth overall securitization of device-payment plans includes more subprime borrowers, but delinquencies remain low in its managed portfolio.

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 $410 million Ares XXXVIII CLO was the first U.S. collateralized loan obligation to reset, reprice or be issued since Angelo Gordon completed its Northwoods Capital XVI transaction on Feb. 15.

The No. 5 global shipping container lessor is marketing $250M in bonds backed by $573.2M in marine cargo ship containers. The portfolio has an unusually high concentration of dry containers.