Securitization

Compared with other tax lien transactions, PVOne 2023-1 has a much smaller initial redemption value, and has one of the lowest numbers of liens, at 9,681. Its weighted average loan-to-value (LTV) ratio is 8.8%.

Scores between 601-650 account for 72.02% of the FICO distribution on FCRT 2023-1, compared with 46.65% on the FCRT 2023-1, according to KBRA.

With 24 sponsors, the collateral pool comprises mostly full-term interest-only loans, 97.4%. Otherwise, amortizing balloons make up the next highest percentage of loans, at 2.6%.

In a "Nirvana scenario" market experience all the gain (an end to nasty price increases for consumers) without much pain (a spike in unemployment or a major hit to the stock market).

AGCO Finance is the originator of the assets backing the transaction, and Barclays Capital is the lead underwriter.

BofA's first auto loan securitization since 2012 will be backed by a pool of new and used automobile and light truck loans originated by the bank.

Executives at both companies warned that softening car prices will likely fall further as inventory grows, a welcome sign for inflation-weary buyers but worrisome for dealers facing new pressure on profit margins.

Some of the biggest investors will soon be less able to buy, according to Lauren Basmadjian, co-head of liquid credit and head of U.S. loans and structured credit at Carlyle Group. 

After catching the eye of a senior executive at Deutsche, UMB Financial soon reeled in a team that expanded its trust services into the current comprehensive and tech-assisted operation.

Closed-end second lien mortgages make up the collateral for the security offering.

The pool contains 59% non-qualifying mortgages and 41% investment properties.

The private equity giant's diversification of offerings and penchant for alternative investments has helped the company grow far beyond its buyout roots.

Just 309 prime-quality loans back the note issue.

The deal is Canadian Imperial Bank of Commerce's seventh series from the CARDS II master trust.

The Securities and Exchange Commission said it is "not in a position to file" a brief giving its view on whether leveraged loans are securities, sidestepping a request to weigh in on a long-running lawsuit that may have major implications for the $1.4 trillion market for risky debt.

Even as UBS Group plans extensive job cuts for Credit Suisse's workforce, there's at least one place where it's growing: the business of buying leveraged loans and bundling them into bonds.

The notes are secured by the issuer's right to title and interest in over 9,000 outdoor advertising sites in a dozen markets.

Income from single-family rental properties, distributed across more than a dozen states and 34 areas, back the notes. The deal should close later this month.

The private equity giant will serve as the investment manager for Vertical Capital Income Fund, a fund that is moving away from investing in residential mortgages to focus on the riskiest tranches of collateralized loan obligations. 

For large banks, the agencies wanted to go above the global standards for residential mortgages, as well as some business loans, to avoid giving those lenders a competitive advantage over smaller peers, according to another person familiar with the proposal.