S&P

The first subprime auto ABS deal for 2018 is the 30th overall for Consumer Portfolio Services, with caters to deep subprime borrower pools.

AXA Investment Advisors' two primary-issue CLOs in 2017 were each priced within the past month.

The collateralized loan obligation market is ending the year at nearly full throttle with nearly $18 billion in new deal/refi volume month-to-date, with more on the way.

Despite boosting credit enhancement, the sponsor was only able to earn an 'A' from S&P Global Ratings, which cited heightened competition and adverse borrower selection.

The bonds, which are backed by royalty payments and franchise fees, are expected to close in January; proceeds will be used in part to refinance a 2015 transaction.

Carlyle Euro CLO 2017-3 is the latest under its new shelf managed by affiliate CELF Advisors, with a AAA coupon of just 75 basis points over three-month Euribor.

The deal will relaunch with a weighted average spread (4.22%) and excess spread (2.86%) well above the three-month industry average for issued U.S. CLOs.

The largest loan is for the first phase of State Farm’s two-year-old Park Center Phase 1 office tower complex that the firm constructed in Dunwoody, Ga.

Nearly one-third of the vehicles in CIG Financial's $172 million transaction have mileage above 100,000; the highest-mileage car financed has 197,387.

The aerospace components manufacturer, one of the largest-held obligors in U.S. CLOs, is consolidating loans and tightening coupon spreads from 300 to 275 basis points over Libor.

That's only half as large as the lender's four previous deals, which ranged from $1.02 billion and $1.12 billion; company executives recently touted a shift toward more financing from deposits.

Over 80% of collateral for the $2 billion transaction consists of trucks, SUVs and crossovers; the deal is also the largest that the captive finance company has sponsored in the last three years.

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.

Over 80% of the cars are diesel-engine vehicles, bringing potential volatility to the portfolio cash flows given the public debate over potential panning such cars in several European urban centers.

HPS Investment Partners is adding a new name to one of its legacy Highbridge CLOs, as well as piling on extensive changes to note structure, deal terms and restrictions on some higher-risk assets.

The proportion of collateral that will be acquired after the CPS Auto Receivables Trust 2017-D closes is 33.3%, or $66 million, from the 29.7% level from the sponsor's prior deal in July.

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.

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.

GM Financial is following similar actions by American Honda, Santander, Fifth Third and USAA to limit Texas exposure in securitizations, but the captive-finance lender has extended the exclusion to Florida loans as well.