Banking

Strong growth, continued low-cost borrowing and an oil rally are all contributing to a friendly backdrop for high-yield issuance.

OnDeck Asset Securitization Trust III comes to market for its fifth term securitization.

The persistently slow reduction in the number of borrowers at risk of default indicates that while loan performance overall is improving, a substantial pool of mortgages will need workouts when forbearance ends.

STWD 2021-FL2 is pricing a $1.27 billion managed commercial real estate commercial loan obligation that allows the issuer to reinvest principal proceeds.

Crédito Real targets borrowers with little or no credit history as well as bad credit, who are undocumented or were recently discharged from federal bankruptcies.

Surging used-car prices — brought on by a combination of strong consumer demand and limited new-vehicle supply — are boosting loan yields and profits at the Detroit company.

Deals, trends and research in structured finance and asset-backed securities for the week of April 9-16

Fewer obligors with troubled loans improved default exposure for managers of broadly syndicated CLOs, and provided deeper cushions for overcollateralization tests.

United follows in the footsteps of recent deals by Michaels Cos. and Triton Water Holdings Inc. that favored loans over bonds.

Also launching deals last week were Santander Consumer USA and DriveTime Automotive Group, according to ratings agency presale reports.