Banking

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

CoreLogic, known in the real estate industry for its home-price indexes, plans to sell a $4 billion offering to help finance its buyout by Stone Point Capital and Insight Capital.

Many of the biggest whales in collateralized loan obligations are returning to the $900 billion market after spending much of last year on the sidelines, a shift that could make one of Wall Street’s biggest credit machines run even hotter.

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

Loanpal, a provider of residential-solar loans in the U.S., is planning an initial public offering this year that could value the company at more than $10 billion, according to people with knowledge of the matter.

The consumer bureau is proposing to give companies until January 2022 to comply with one rule regarding communications from collectors and another clarifying disclosure requirements.

Bankruptcy courts saw a greater-than-average number of filings in the first quarter, though a year-on-year decline highlights the impact of cheap cash flowing to troubled borrowers.

For investment firms that profit by buying the debt of troubled companies, it looked like the opportunity of a lifetime: a $1 trillion pile of distressed bonds and loans in the Americas alone as the pandemic sent markets into meltdown last March.

The leveraged loan market has long been the favored financing source for private equity firms looking to juice returns on corporate takeovers and to reward themselves with payouts before selling their acquisitions.

However, the number of borrowers who failed to remit payment but were not yet 30 days overdue increased.

Kovensky, whose departure from the posts is effective April 1, will stay on as a board member at the $17 billion credit management division of Onex Corp. Co-CEO Jason New will become head of credit as part of the transition, while Peter Zaltz will become chief investment officer.

Yellen announced she has revived a hedge fund working group so agencies can “share data, identify risks and work to strengthen our financial system."

The Spanish bank is broadening its lending to speculative-rated borrowers from its traditional focus on high-grade debt, Noya said in an interview. It’s been building a team to get more high-yield mandates in Europe and the U.S.

A recent statement by acting Director Dave Uejio is the clearest signal that the agency plans to revive strong underwriting standards that the Trump administration eliminated.

Don Mullen, founder and chief executive officer of Pretium Partners, says that corporate debt could underperform mortgages this year, with fewer defaults likely for real estate loans and higher recoveries for mortgage-backed instruments.

Complaints to the Consumer Financial Protection Bureau jumped 54% to 542,300 in 2020. Concerns about credit reports have long outnumbered those in other categories and jumped significantly as a share of the total from 2019.

U.S. companies including Hilton and Avis are so anxious to lock in low borrowing costs now, before inflation fears push yields even higher or close the market altogether, that they’re paying millions of dollars in penalties to refinance debt early.

Two banking bills signed by Gov. J.B. Pritzker carry implications for payday lenders, auto title lenders, credit unions and nonbank mortgage lenders. Pritzker, a Democrat, said the bills will address racial-equity gaps in the state.

A PIMCO-sponsored HELOC securitzation, as well as a mortgage-insurance linked transaction, are the latest examples of issuers getting a head start on switching to an expected replacement benchmark for Libor.

The $1.18 billion deal is also the first to include Tesla’s mid-range Model Y vehicle (with an MSRP of $54, 119) that makes up 36% of the securitized value of the TALT 2021-A pool, according to a presale report from Moody’s Investors Service.