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.
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.
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.
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.
The agency’s consolidation of supervision and enforcement policy into one office could compromise the independence of those deciding when to investigate alleged wrongdoing by banks and others, critics of the move say.
Like previous deals, the trust will have a revolving pool of assets for up to two years, in which sponsor Cellco Partnership (doing business as Verizon Wireless) can replace paid-off agreements with new agreements that meet minimum pool standard requirements.