ABS

Delinquencies and defaults are at or near historic lows as tracked by Fitch, while rising monthly payment rates show consumers are increasingly paying down balances.

Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 28-Dec. 3

The third offering of bonds secured by non-guaranteed private student loans has a senior-note weighted average life of just 3.44 years, compared to over five years each for two prior Navient SLABS deals this year.

The WA FICO of 710 contrasts with the range of 554 to 635 in recent Carvana securitizations centered on subprime borrowers.

The move would alleviate near-term risks and potential disruption with legacy securitization and structured-finance portfolios should all key Libor rates cease publication after 2021, as originally planned.

Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 20-27

The issuer included a record volume of loans in the collateral pool for a solar securitization.

The debut issue from its initial master-trust offering will repay a bridge loan taken out by Roark Capital for its October 2020 acquisition the commercial and residential restoration and cleaning franchisor.

Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 13-20.

The California fintech plans to issue $80.7 billion in securities backed by consumer installment loans made in conjunction with banks.

Genesis Financial Solutions is pursuing a $135.9 million securitization of credit card receivables, including riskier point-of-sale credits that should provide investors with attractive spreads.

The franchisor and operator of restaurants under the Carl’s Jr. and Hardee’s brands, CKE Holdings priced a $400 million transaction below pricing guidance that slightly increases the private-equity-held company’s leverage.

Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 6-12

Auto-loan securitizations from AmeriCredit and Santander add to a briskly flowing 2020 subprime-deal pipeline, while Ford and JPMorgan are marketing notes backed by prime-loan receivables.

The casual-dining chain showed improved 3Q performance numbers as it adapted to COVID-19 restrictions with expanded pickup-and-delivery service options.

Signs of weakness are showing in commercial real estate where property values have begun falling. The report also said that hedge fund leverage has remained elevated and that life insurers are reaching debt levels not seen since the 2008 financial crisis

The firm, based in the Portland, Ore. area, will market $123.7 million in notes secured by mission-critical equipment such as MRI machines it finances for hospitals and medical offices.

The deal, backed by loans and leases on 55 corporate jets, is the first transaction to price since the coronavirus outbreak cratered the global air travel industry.

Loop Capital Markets was lead underwriter and joint bookrunner on an upsized $1.2 billion deal that serves as the first asset-backed market transaction to feature a minority-owned firm as a lead.

A global shortage of yield-bearing assets for investors seeking to generate income is boosting the popularity of funds that back lawsuits in return for a slice of the proceeds if they win.