Securitization

Pagaya Investments, which purchases loans from MPL platforms using AI-driven technology, is sponsoring a $423.9 million transaction, according to a ratings agency presale report.

Blackstone Group is sponsoring a $1 billion commercial real estate CLO transaction, backed by a portfolio of pari passu participations in commercial mortgages for primarily lower-grade office, mixed-use and hotel properties.

Moody’s Investors Service sees improved recovery prospects for the U.S. restaurant industry next year, buoyed by projected revenue growth of 15% despite ongoing concerns of the length and impact of the coronavirus pandemic.

Pretium, by taking over Front Yard's 14,000-plus rental properties, will become the second-largest operator of cash-flowing single-family rental housing in the U.S.

While using the 30-day SOFR as its index, Freddie Mac structured the deal so it could shift to a one-month term if and when that rate is approved.

The ratings agency reports that asset-backed securities backed by small-ticket equipment leases and loans is subject to greater volatility from small-business payment deferrals.

This year will top the total volume generated in the housing boom year of 2003. Meanwhile, next year's 30-year FRM is predicted to stay at 2.8%.

Lenders’ loan modifications have temporarily reduced the delinquency rate of loans in CMBS deals for the second month in a row, according to Moody’s Investors Service, but the temporary nature remains cause for concern.

Credit Acceptance Corp. is pursuing its third senior-subordinate auto-loan securitization of 2020, providing investors with bonds backed by risky collateral as well as a long and successful track record issuing asset-backed securities.

For investors seeking rich yields, mortgage-insurance provider Radian Guaranty is approaching the market with a $488 million transaction that is offering greater credit enhancement than a similarly structured deal earlier this year, pre-pandemic.

As the ongoing pandemic raises major questions over the fate of commercial real estate, the Benchmark 2020-B20 Mortgage Trust deal approaching the market has as a significantly higher concentration of office properties.

The performance of U.S. credit card securitizations is continuing to improve, according to Fitch Ratings, but the asset class's ongoing health will depend significantly on what emerges from political squabbles in Washington, D.C.

IPFS Corp. is approaching the asset-backed securities market with its seventh deal in 2020 backed by a revolving pool of insurance premium finance loans, an asset class posing relatively little risk to investors, at least for now.

Navient Solutions has approached the market with $780 million securitization of Federal Family Education Loan Program loans, following a similarly structured transaction completed in early August. In a report published Oct. 12, Moody's Investors Service highlighted the elevated risk to those assets during the current pandemic.

The recent decrease in the rate at which current loans became impaired could further encourage the cautious return of the non-QM market currently underway.

Investors continued to tap the COVID-19-driven emergency facility for SBA loan pool purchases, secondary CMBS notes, and private SLABS.

Just 45% of U.S. consumers plan to go to a shopping mall this season, down from 64% who visited last November and December, according to an International Council of Shopping Centers survey released Friday.

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

Prestige's new $377M securitization has a collateral pool in which over 44% of the loans are from borrowers with recent Chapter 7/13 discharges.

The 1,400-store chicken wings chain, which has benefited from carry-out dining trends during the pandemic, will sponsor its second whole-business securitization since 2018.