ABS

KBRA says credit quality is assessed via the firm's internal assessments.

Both the prime and non-prime auto loan ABS sectors are seeing activity.

Existing and future domestic franchise agreements, plus royalties on company-operated restaurants are some company lines of revenue pledged to the 2021-1 trust.

The deal will test the resilience of structure’s credit mitigation measures, considering Hertz's dependence on air travel and pending emergence from Chapter 11.

Auto and credit card securitizations benefited from more rational consumer behavior, whole CLO issuance remained strong for both new issuance and refinancing deals.

ACC Trust 2021-1 is the issuer’s fifth transaction, and is backed by subprime auto leases extended directly to borrowers through its 68 owned dealerships

The $319 million transaction has significant exposure to Puerto Rico, with outstanding issues, but benefits from solid enhancements.

The USQ Rail II Series 2021-3 is a master trust that will have two issuing entities, one registered for the U.S. and another for Canada.

The wireless communication infrastructure company plans to use proceeds from the issuance to help finance a $1.6 billion acquisition of a smaller company.

The chicken-menu specialty chain will use the proceeds to refinance existing debt.

The newer planes are being delivered to financially strong carriers such as JetBlue Airways, Delta Air Lines and India’s popular IndiGo low-cost airline.

The deal is the second securitized transaction floated under recent California state legislation authorizing a flurry of utility securitizations.

Deals, trends and research in structured finance and asset-backed securities for the week of May 14-20

Trinity’s railcar collateral qualifies as an eligible green asset, since freight transportation serves as a lower carbon-emissions alternative to big-rig trucking for land-based goods transport.

Taking each element of ESG - environment, social, governance - a dv01 principal says the firm is gathering the comprehensive list of authoritative sources and entities needed to build an ESG definition.

Avant Loans Funding Trust 2021-REV1 is a $200 million note offering backed by loans underwritten through its Avant platform. The $500 million OneMain Financial Issuance Trust 2021-1 is the first deal of the year for OneMain, which has previously issued 23 consumer loan securitizations and five auto-loan ABS deals.

The initial $1.31 billion pool may be potentially upsized to $1.53 billion.

This week, Moody’s Investors Service projected elevated credit-loss expectations for a new subprime auto-loan securitization from Veros Credit, even though the new deal has several improved credit metrics compared to the company’s prior ABS offering in March 2020.

Verizon Master Trust, Series 2021-1 is the first series from the new platform which will periodically issue notes that – similar to bank credit-card ABS structures –will be designated to specific groups of accounts.

Deals, trends and research in structured finance and asset-backed securities for the week of May 7-13