Securitization

Assured Guaranty indicated it is interested in reaching a deal on PREPA bonds rather than continuing its quest for a PREPA receiver.

The $479 million Progress Residential 2019-SFR2 Trust is backed by 2,459 single-family residences, 2,452 of which were previously securitized in Progress 2016-SFR2.

Non-qualified mortgage-backed securities record issuance in the first quarter puts it on pace to top full-year volume predictions, according to Keefe, Bruyette & Woods.

The bank agreed to modify loans to struggling U.S. borrowers as part of a 2017 settlement. Instead, it’s receiving credit for financing new mortgages that likely would have been made anyway.

The senior notes to be issued in the $867 million transaction also amortize more quickly, reducing investor exposure to a potential decline in the valuation of the assets.

Investors who do not consent to proposed changes in the terms of the $655.9 million Magnetite XXII must sell their bonds (at full par) to the money manager.

The regional direct lender caters to very risky and highly leveraged borrowers (507 FICO, 163.95% LTV), but is offering relatively little credit enhancement compared to its peers.

The $687 million XAN 2019-RSO7 has 36 months to fund additional lending against properties in the collateral pool, six months longer than a 2018 transaction.

The New York-based CLO management firm also plans to change its name to reflect its parent firm, Vibrant Capital Partners.

The financial burden falls almost exclusively on lessees, so much so that some weaker airlines could eventually face financial difficulties; observers expect some pushback.

Recent transactions have been performing better than expected; S&P Global Ratings has set its expectations for cumulative net losses for COAT 2019-2 accordingly lower.

The CLO manager has priced a reissued CLO at spreads signficantly higher than rates paid since a 2017 limited refinancing.

Controlling classes of investors in commercial mortgage-backed securitizations can replace a special servicer, but before they do, they should make sure the long and potentially expensive process is worth it.

At 1%-1.2% of initial principal balance, the expected loss range for the $1.25 billion deal is the lowest ever for a GM Financial retail auto loan securitization.

Dryden 36 Senior Loan Fund, originally issued in 2014 and previously refinanced in December 2016, is also being upsized, to $712.9 million.

A joint venture between the New York firm, Migdal Insurance and the Arden Group obtained a $311 million mortgage on 1735 Market Street from Deutsche Bank and Goldman Sachs.

The $410 million Maranon Loan Funding 2019-1 will be backed by assets initially included in a December 2016 transaction.

The Structured Finance Industry Group wants Treasury and the IRS to issue a notice that a change from Libor to an alternative index would not be treated as a taxable exchange.

The captive-finance lender's focus on higher-FICO borrowers since 2016 has "manifested" in ABS loss and delinquency improvements.

Freddie Mac exchanged existing bonds from its portfolio for mirror certificates for the first time, completing a key test that is central to the creation of a uniform mortgage-backed security.