Securitization

World Omni Auto Receivables Trust continues to focus solely on Toyota models, and has the potential to issue up to $1.1 billion in notes.

DriveTime extends financing to borrowers who have subprime credit profiles, generally with limited credit histories, modest incomes or prior credit difficulties.

Starting out as a consumer lender in 2012, Plenti began to make auto loans through its proprietary platform in 2017 and also offers peer-to-peer lending access.

Expanded prime and non-prime mortgages underpin the pool in the deal, issuing $459.8 million in notes.

Toyota had granted payment deferrals up to 120 days to eligible borrowers during the pandemic, and then resumed old deferral practices as of June 30, 2020.

The 10 largest loans in the deal have high balances, ranging from $2 million to $2.9 million, and California represents half of it’s geographic concentration.

RFS Asset Securitization could issue additional notes, up to $500 million, at any time during the revolving period, which could be as soon as June 2024.

Industry observers say they expect current market conditions to support healthy deal flow through the end of 2021.

In a deal underwritten by RBC, the initial note balance could either be $1.2 billion or $1.7 billion, depending on market conditions at the time of pricing.

Most of the pool, 63.7%, consists of new agricultural equipment, followed by new construction equipment and new turf equipment.

While the underlying pool of loans is of strong credit duality, concerns abound about how COVID’s economic impact could negatively affect pool performance.

The survey results signal a greater willingness on the part of portfolio managers to carry or add additional credit risk to their portfolios.

The third transaction for 2021 is largely secured by automobile contracts issued to subprime buyers of new and used automobiles and motorcycles.

Primarily, the underlying mortgage collateral consists of 1,982 peak-vintage seasoned and re-performing loans, about 90% of which have been modified.

Single-family rental houses and townhomes underpin the securitization, with a feature to transfer or obtain a release of any property that meets conditions.

The Fed has pledged to maintain the pace of purchases until “substantial further progress” is made on employment and inflation.

The sweet 'WBS' deal will raise funds from Nothing Bundt Cakes' vast franchise operation to repay corporate debt and help fund general corporate purposes.

Market conditions suggest that the SFR has positive forward momentum, with a healthy stream of deals in the securitization pipeline through the end of 2021.

KBRA highlights regulatory issues surrounding the deal and sector.

KBRA says credit quality is assessed via the firm's internal assessments.