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ASR122817-club

Marketplace lenders bring securitization in-house

By sponsoring their own deals these matchmaking platforms are providing liquidity to multiple loan investors. They can also ensure that bond offerings are regular and uniform.

(Full story here.)
Apartment rehab
elixirfoto - stock.adobe.com

TOP 10 of 2017: CRE-CLOs move into the mainstream

Commercial real estate collateralized loan obligations appeal to investors now because they issue short-term, floating-rate notes; several nonbanks, including the Blackstone Group, are using them to finance bridge lending.

(Full story here.)
ASR071217-PACE
Carolyn Franks - stock.adobe.com

PACE industry embraces consumer protection

Facing increasing concerns about consumer protections, the Property Assessed Clean Energy industry is embracing the kinds of underwriting and disclosure standards more commonly associated with residential mortgages.

(Full story here.)
ASR121517-lease

Tax reform could raise funding costs for lessors

Limiting the deductibility of interest to a percentage of a taxpayer's income will make securitization uneconomical for auto and equipment rental companies, the Structured Finance Industry Group says.

(Full story here.)
ASR061517-GM
General Motors Building
DANIEL ACKER/BLOOMBERG NEWS

Carving up CMBS loans, but not risk

The trend of putting ever-smaller pieces of the same commercial mortgages into multiple transactions means investors can end up with more exposure to a single property than they realize.

(Full story here.)
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FFELP back in investors’ good graces

Navient and Nelnet avoided downgrades on some $18 billion of bonds with the help of recent technological innovations; this helped restore investor confidence, allowing them to resume issuance.

(Full story here .)
ASR_fitchjet1011

Global Jet's inaugural lease ABS grounded

In a rare example of a rating agency calling out a competitor, Fitch Ratings published an unsolicited report on the deal, which was rated by Kroll Bond Rating Agency; this caused some investors to take a closer look.

(Full story here .)
Coinstar
David Bell

Whole Biz ABS moves beyond restaurant chains

What helped to grow the market in 2017, even as foot traffic declined and same-store sales growth slowed across the quick serve dining industry, were structural innovations that widened the investor base.

(Full story here.)
ASR122217-CL0

CLO managers come to grips with risk retention

Many raised large amounts of capital to put to work in the equity, or riskiest slices of their deals, allowing them to resume issuing new deals just as new loan issuance was taking off.

(Full story here.)
subprime autos
Sunrise at a jam packed parking sales lot with many rows of automobiles.
Michael O'Keene/mokee81 - stock.adobe.com

Santander dives back into subprime auto

The Dallas consumer lender plans to boost originations again after retooling and taking stock, even as other lender scale back in the face of rising defaults and delinquencies.

(Full story here.)
Allison Bisbey
Editor-in-Chief, Asset Securitization Report
Marketplace lending CLOs Student loan ABS
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