Securitization

CarMax Auto Superstores is securitizing a “slightly improved” pool of prime auto loans in its new $1.2 billion loan-backed securitization, according to S&P Global Ratings.

The delinquency rate for commercial mortgage-backed securities ended 2019 at its lowest point in nearly 11 years, aided by increased issuance and the resolution of legacy transactions, Fitch Ratings said.

Hyundai Auto Lease Securitization 2020-A will have a collateral pool with more than a quarter of underlying leases exceeding 43 months – compared to just 19.4% in its previous lease ABS transaction that priced last August.

A New York-based real estate investment firm is financing its acquisition of a portfolio of nationally branded hotels in the commercial mortgage securitization market, via Goldman Sachs.

SoFi Professional Loan Program 2020-A Trust is a $482.3 million bond offering, backed by a pool of approximately $500 million in loans taken out by post-graduate professionals from high-income fields.

The five largest loans in the pool are each $60 million participations in larger whole loans, including a portion of a $1.6 billion loan recently underwritten for the Bellagio Hotel and Casino in Las Vegas.

The older loans have boosted the $260M CPS 2020-A pool seasoning to nine months, compared to CPS’ standard vintage of loans under one month that usually collateralize CPS ABS platform issues.

GMF’s $1.269.9 billion asset-backed transaction will be secured by a pool of loans that has a slightly lower weighted average FICO, higher collective LTV and longer average terms compared to prior deals issued via GMF’s securitization platform.

New securitizations backed by Home Equity Conversion Mortgages fell 14% in 2019 as interest in originating proprietary products increased, according to New View Advisors’ analysis of public and private data.

Bridge REIT LLC is sponsoring a securitization backed mostly by transitional and rehab multifamily properties via Wells Fargo.

The BSL CLO will have two-year noncall and five-year reinvestment periods, and brings Seix' total CLO AUM to $3.8 billion.

Redwood Trust’s next mortgage-backed securitization consists almost entirely of older mortgages it originally sold off, but has since reacquired to assign to its first deal of the new year.

Rising leverage levels and prevalence of cov-lite loans raise concerns despite ongoing macroeconomic growth signs.

As the 2020s begin, perhaps it’s best to borrow a page from the Fed’s 2019 playbook: Take your best shot at forecasting the road ahead, but don’t hesitate to react to important new information.

Marketplace consumer loan ABS volume is expected to rise in 2020, aided by strong 2019 economic tailwinds benefiting originations as well as favorable federal regulatory proposals that could encourage more securitizations.

According to a press release, the securitized loans “primarily” consist of Asia-Pacific and other loans not normally included in the company's rated ABS transactions.

The inaugural securitization for the Los Angeles-based lender will include $34.86 million in Class A notes, with an initial BBB rating from S&P Global Ratings.

The owner of the MacArthur Center Mall in Norfolk, Va., has defaulted on a $750 million loan which includes the property as collateral.

DBRS Morningstar's presale report raises concerns that the securitized loan for Onni Group's Wilshire Courtyard faces considerable risks from the business volatility of its largest tenant.

The Financial Stability Board's report, released on Thursday, falls short of any lofty expectations to clarify risks within leveraged loans and CLOs. If anything, it may only amplify the paranoia around the asset class.