Securitization

The selloff in the CLO market in the fourth quarter of last year may have caused Eagle Point Credit Co. some short-term pain, but the closed-end investment firm expects to profit from it in the long term.

The partnership with Hallows HalseyPoint to step up the pace of recruitment of analysts and traders and open a warehouse line for loan accumulation by the end of May.

Some 35% of vehicles backing Driver UK Master Compartment 5 have diesel engines; presale reports do not indicate the percentage that meet more stringent EU emission standards.

The move, reported by The Wall Street Journal, could be part of a deeper foray into cobranded cards by Goldman, which has been expanding into consumer finance through its Marcus unit.

Industrial Logistics Properties Trust obtained a $650 million, 10-year fixed-rate mortgage on the portfolio from four banks; a $390 portion is being securitized in a single-borrower deal.

The $291 million Arroyo Mortgage Trust 2019-1 is significantly smaller then the sponsor's inaugural deal, which weighed in at $1.25 billion and was completed in April 2018.

OHA Credit Funding 2 offers nine classes of fixed- and floating-rate notes backed by corporate senior loans, including a rare tranche of single-B rated notes.

SmartStop Asset Management is tapping the securitization market to help finance the $350 merger of two real estate investment trusts that it manages, cashing out $56 million of equity in the process.

Navient Corp. shares surged after Canyon Capital Advisors said it could boost a $3.1 billion takeover offer that was rejected by the student-loan servicer.

More than 83% of the vehicle-lease value in Ford Motor Credit's $1.1 billion lease securitization is tied into trucks, minivans and utility models.

The 24% concentration of 61-month or longer loans is American Honda Finance's lowest from its prime auto loan ABS shelf since late 2017.

The rating agency has developed rating criteria for bonds backed by oil and gas royalties, though such deals would be capped at the 'A' rating category.

CIG is marketing $161.9 million in bonds backed by auto loans made through independent dealers, while RAC is placing a $174.5 million securitization of used-car leases.

Octagon Investor Partners 40 limits “covenant-lite” loans to 60% of its portfolio, below the 65% cap on it's previous new-issue deal completed in November.

Although mostly active as a middle-market CLO manager, asset manager Golub Capital is printing a new open-market CLO sourced by its large-corporate loan investments.

The real estate investment trust obtained $230 million of loans from four banks: Citi, Barclays, BofA and Deutsche. A $200 million first mortgage is being securitized.

The global insurance firm, which operates a three-year-old CLO management affiliate, has now launched private credit unit that will pursue controlling interests in deals managed by others.

The online lender founded by Renaud Laplanche contributed half of the collateral for the $226.9 million transaction. It's also retaining a 5% economic interest in the deal.

The Renaissance and Grand Hyatt Seattle, both sponsored by R.C. Hedreen, account for 14.2% of the assets in the $774.1 million JPMCC 2018-COR4.

Late payments on loans backing commercial mortgage bonds continued falling at the start of the year, due to strong new issuance volume and continued resolutions for precrisis loans by special servicers, according to Fitch Ratings.