Securitization

JPMorgan is securitizing a $180 million, two-year commercial mortgage backed by a leasehold interest on the 24-story building in a single-asset transaction.

The pool includes loans for 23 new construction, converted or acquired assets, each in a pre-stabilization phase awaiting refinancing through a permanent agency takeout loan.

Guggenheim joins GSO/Blackstone and Bain Capital as longtime CLO managers expanding into the SME space this year.

We are one year deeper into an already extended credit cycle, so it’s even more important to focus on market complacency.

The rating agency is now considering lowering its BBB rating on the class B notes. The rating agency also downgraded the class C notes issued in the deal, for a second time, to CC from CCC+.

More collateralized loan obligations are failing weighted-average lift tests due to the dearth of available loans whose near-term maturities could provide some relief to portfolios.

Commercial aircraft are considered end-of-life after 18 years, but older passenger planes are often converted to freighter cargo. Nearly 4% of the planes in Vx’s collateral pool exceed 30 years of age, according to Kroll.

Subprime originations are climbing in multiple consumer loan categories, including mortgages, but the increase is much smaller in the home loan sector than it is in other markets, according to TransUnion.

Chicago officials say the city will complete its $3 billion securitization program with a $600 million deal as soon as January.

The $345 million COLT 2018-4 Mortgage Loan Trust has a 42% concentration of loans from the lender’s highest credit tier of high net incomes and high-cost housing within a recently launched “elite access” class of borrowers.

Accessory dwelling units are gaining attention as a way to boost the supply of rental housing; dedicated financing could help those who need it the most.

The $378.5 million transaction is more heavily leveraged than the sponsor's prior deal, completed in 2015; it is also rated one notch lower by Kroll.

Kroll assigned an AA+ to the Class A-1 tranche of EJF’s $351 million TruPS transaction, up two notches from AA- on the sponsor's prior transaction.

American Honda Finance's fourth auto-loan securitization of the year also features borrowers with higher scores and larger loans.

Proceeds from the deal, which is rated by Kroll Bond Rating Agency, will be used to repay unrated notes that the company issued earlier in 2018.

Eagle Point's CEO criticized "hyperbole" about growing risks in leveraged loans and CLOs, noting the benefits that price volatility can present to equity buyers.

Calling a $149 million transaction and securitizing the notes allows Goal Structured Solutions to benefit from a reduction in spreads since 2016.

NIBC's €476.2 million transaction has comparable credit quality to recent deals in the Netherlands; the collateral has a weighted average LTV ratio of under 80% and weighted average seasoning of four years.

The conduit's allocation is unrelated to the e-tailer's big "HQ2" announcement this week, but is one of two investment-grade loans included in Citi's new 2018-C6 commercial mortgage pool.

The structured credit specialist will more than double its $2.9 billion in assets by acquiring a portfolio of three collateralized loan obligations that Trimaran Advisors runs from KCAP Financial.