Securitization

The lease deal – Santander’s sixth ABS of Chrysler Capital leases since 2017 – has a higher proportion of leases with original terms longer than 36 months (44.5%) than prior deals through the platform.

The data management and analytics firm has tapped Craig Phillips, a former top aide to U.S. Treasury Secretary Steven Mnuchin, as a senior adviser for the five-year-old firm’s business and product development activities in the mortgage loan space.

Toyota Motor Credit Co. is sponsoring a $1.25 billion loan-backed transaction (potentially upsized to $1.75 billion), while regional Toyota captive finance lender World Omni Finance Corp. is sponsoring an auto-lease deal at either $766.5 million or $962.9 million.

Sallie's first student-loan securitization of the year comes a week after SLM Corp. announced plans to sell more loans from its portfolio to fund a share buyback program.

Clarion Partners will tap the CMBS market to help finance a multiyear renovation of older Courtyard by Marriott-branded hotel properties it co-owns through a joint venture.

Historically low interest rates, low unemployment and positive yet slowing economic growth will support stable U.S. structured finance asset performance in 2020.

The loan participation is part of a debt refinancing package that paves the way for expanding the Parkmerced mega-development.

The Justice Department had issued subpoenas in 2014 and 2015 to GLS and other subprime lenders regarding underwriting criteria for lending as well as representations and warranties for loans being securitized, according to Kroll.

Trade associations representing mortgage lenders and securities market participants are asking the Federal Housing Finance Agency to rethink a plan to restrict pooling options for loans sold into uniform mortgage-backed securities.

Treasure Island Hotel & Casino is the latest Las Vegas casino tapping the commercial-mortgage securitization market as it winds up a multi-year, exhaustive renovation program.

Natixis will be marketing bonds as well loan-specific certificates tied to a $160 million first-mortgage taken secured by an Amazon headquarters building in Seattle, and a $92.5 million loan backed by a newly built addition to NYC's sprawling Memorial Sloan-Kettering Cancer Center campus.

The newly acquired industrial portfolio of transportation centers in major markets adds to Blackstone's global holdings of logistics properties in major transit hubs.

The $430.2 million PSMC 2020-1 transaction is a pool of 602 large-sized loans with an average loan balance of $715,978, all of which meet CFPB's QM standards.

Impact investing has long centered on environmental and social purpose, but governance could make huge strides as an ESG consideration in 2020.

Mercedes-Benz, Nissan and Ford will market up to $3.86 billion in new prime auto-lease securitizations, adding to a pipeline that opened up with Hyundai's deal last week.

Fannie Mae is sponsoring a $1.03B CRT transaction, while Caliber Homes Loans, New Residential and Onslow Bay fill the non-QM pipeline

Macro factors point to a solid year in the securitization market but wild cards abound, many of them political.

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.