Securitization

Retail Value Inc, which was spun off from SITE Centers last year obtained a $900 million mortgage from three banks on the 25 assets in 14 states and Puerto Rico

The deal gives ELAD, part of Israel's Tshuva Group of companies, its first industrial assets in U.S.; the 48 properties are located across eight states and 10 different markets.

The company spun out of DriveTime is paying for the privilege, however; it's offering 50.3% credit enhancement on the senior notes of the $338 million deal rated by Kroll.

The company controlled by Emerald Development Managers has already ceased originating; S&P has notes from a 2016 securitization on watch and Kroll is monitoring the situation.

Approximately 68.4% of the collateral balance in Ford Credit Auto Owner Trust 2019-A derives from contracts that benefit from subsidized rates to well-qualified borrowers.

The collateral for Towd Point Mortgage Trust 2019-SJ2 consists of 26,869 seasoned performing and reperforming loans with an average balance of $40,428.

Five EETCs totaling $3.9 billion have exposure to the type of jet involved in Sunday's crash; but there are none in lease ABS, which could benefit from higher valuations of replacement aircraft.

There are six tranches of AAA rated notes, including fixed-rate, some variable rate, and even a rare tranche of AAA rated loans.

DBRS and Kroll Bond Rating Agency also rate commercial real estate collateralized loan obligations, as does Moody’s Investors Service, though Moody’s rates only the senior tranche of deals

The $209.7 million FCI Funding 2019-1 also features unusually high exposure to vacant land, which is generally considered to be a riskier asset than residential or commercial property.

The Securities Industry and Financial Markets Association approved changes to its good delivery guidelines that ease the path to the government-sponsored enterprises issuing uniform mortgage-backed securities starting on June 3.

Nearly half of the collateral for the $268 million Bunker Hill Loan Depositary Trust 2019-1 is secured by investor properties.

The Blackstone-backed company obtained a $530 million mortgage from Goldman Sachs and JPMorgan Chase secured by 18 industrial cold storage facilities.

Nick Robinson, a 15-year Milbank veteran in advising CLO arrangers, managers and investors, joins as a partner in the New York office of the London-based firm.

With an expected March 20 closing, BMW's next lease securitization brings first-quarter deal volume to $6.5 billion, the highest three-month total in four years.

Mark Calabria, who could be confirmed as early as this month, is expected to focus on changes to Fannie Mae and Freddie Mac’s conservatorships to let the mortgage giants keep more of their profits.

Bancorp 2019-CRE5 contains 46 loans on apartment buildings accounting for 82.4% of the collateral pool; that's up from 78.8% for the sponsor's prior deal.

The $1 billion DRIVE 2019-2 is backed by loans with slightly weaker credit metrics than the lender's prior deal, forcing it to increase credit enhancement.

Paramount Equity Mortgage sold a solar finance business to SolarCity (now Tesla) in 2013; it has since rebranded itself as Loanpal and is readying its first solar loan securitization.

PGIM gains a 20 basis-point reduction in the AAA note coupon as it reduces the reinvestment period by six months