ABS

Navient Solutions has approached the market with $780 million securitization of Federal Family Education Loan Program loans, following a similarly structured transaction completed in early August. In a report published Oct. 12, Moody's Investors Service highlighted the elevated risk to those assets during the current pandemic.

Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 2-8

Prestige's new $377M securitization has a collateral pool in which over 44% of the loans are from borrowers with recent Chapter 7/13 discharges.

The 1,400-store chicken wings chain, which has benefited from carry-out dining trends during the pandemic, will sponsor its second whole-business securitization since 2018.

A New York-state proposal to shift trillions of dollars in securities contracts from Libor- to SOFR-based benchmarks is gathering dust. That worries bankers and investors on on how to proceed with the next steps toward a replacement rate as Libor's post-2021 expiration grows nearer.

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 25-Oct. 1

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 18-24

Market conditions allowed for a larger bond issuance, as well as interest rate pricing that was less than half that of the coupons the captive-finance lender offered investors from its prior May issuance of auto loan asset-backed securities.

The rental-car company is mulling two tentative offers for loans of about $1 billion to $1.5 billion. The proposals came from a group of Hertz’s unsecured creditors and a separate set of first-lien creditors.

The loans, which are not federally guaranteed, are refinancings of student-loan debt held by prime borrowers primarily with advanced medical degrees.

The transaction will be the second corporate-fleet ABS deal to price this month, following Wheels Inc.'s $505 million transaction that closed Sept. 11.

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 11-17

S&P stated lessors are confronted with the increasingly troubled financial health of airlines, which has led to a sharp drop in aircraft values and lease rates as well as an array of requests for deferrals or delayed payments on rental contracts.

The prospective payout is so alluring to investors that they’ve placed three times as many orders as bonds and loans available for sale. That allowed Delta to boost the size of the deal from an original $6.5 billion, enough for the company to rule out the need for any federal aid.

The captive-finance lender for U.S. Mercedes-Benz deals closed on its second transaction of the year, and the first auto-lease ABS to price since July.

COVID-19 and the inclusion of secondary tier loans for borrowers with lower FICOs is prompting Kroll to project credit losses nearly a third higher than the authority's 2018 solar-loan bond series.

Liberty Lending, Upstart Network and Regional Management Corp. are looking to price bonds backed by pools of unsecured consumer loans, amid market worries about the sectors' potential challenges during the COVID-19 outbreak.

Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 4-10

Colony has sold offices in Europe, industrial properties and grocery-anchored shopping centers in the U.S. In May, it announced plans to restructure seven portfolios of hotels with $3.5 billion of debt.

The ratings agency reports that the MPL industry might reckon with a potential spike in defaults as borrowers are rolled out of two- and three-month COVID-19 hardship programs.