Securitization

BMW Financial Services is seeking to price a $1.45 billion bond package backed by closed-end, retail auto lease contracts. Toyota Motor Credit is making a $1.5B or $2.25B offering through its extended note platform.

The transaction has a high proportion of operating lease contracts, making up 91.2% of the pool's asset value.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 19-25

The extension rates were the highest since the peak of lender deferrals granted in the wake of the COVID-19 outbreak.

Last month, prominent investor Steve Eisman pegged Credit Acceptance Corp. as his new big short, based on a belief the subprime auto lender and its industry may come under closer CFPB scrutiny under the new administration. Analysts are taking note, as well.

The decision provides more clarity to noteholders in the state about when the six-year statute of limitations to bring a foreclosure action begins.

A majority of the loans are also junior-lien obligations, according to a presale report.

DataBank, sponsored by an affiliate of Colony Capital, is pooling ownership and leasehold stakes in 15 data centers in six cities, including the Salt Lake City market that is in high demand with West Coast companies diversifying and expanding data-center operations.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 12-18

Ratings agencies describe a "notable" concentration of alternative-income mortgages in the nonforming pool that were underwritten by Ellington-affiliated LendSure.

The Georgia lenders provides financing through a platform available through 16,000 merchants nationwide, including The Home Depot.

Early-stage delinquencies were up slightly in both prime and subprime auto ABS pools, according to the agency's report for January.

WeWork Cos. cut prices across the U.S. in the past few months, indicating that a post-pandemic recovery will come slowly for office rentals.

Neighborly Co., a franchisor of 24 home repair and maintenance service brands, is pledging franchise-fee, royalty and other related revenues from its mostly recession-proof business lines.

Morningstar Credit Ratings LLC let analysts make undisclosed adjustments that resulted in higher ratings of mortgage-backed securities for issuers that paid for the rating, the U.S. Securities and Exchange Commission said in a lawsuit against the rating agency.

The best mortgage bonds to buy now may be the ones the Federal Reserve is purchasing, because the securities might benefit the most if macro optimism fades.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 5-11

The deal is similar in size and credit metrics to Caliber’s January private-label deal, albeit with a slightly higher borrower WA FICO (742) and smaller share of dirty-current loans.

The Japanese lender will back $526 million in U.S. dollar-denominated notes with receivables of domestic new- and used-car loans from domestic borrowers.

Vornado, a publicly traded REIT, and CPPIB have invested over $64.2 million in capital improvements to the historic One Park Avenue building since 2014.