Securitization

LCM 28 can pay noteholders across the capital stack based on three-month Libor or "any applicable" alternative - including one-month Libor.

The transaction's note size is to be determined, but is backed by €750M in lease-backed receivables, compared to €1.5 billion in VW's most recent German lease ABS in May.

The transaction comes six months after Adams said it was in talks about a possible merger with Fairway Outdoors and REIT conversion.

The Oak Brook, Ill.-based manager is adding interest-only notes as well as a subordinate, single-B rated tranche in an extension of a 2016 CLO.

Wyndham Destinations has increased the level of investor protection on its next offering of bonds backed by timeshare loans to offset the slightly weaker collateral.

Wells Fargo is planning its first post-crisis offering of bonds tied to U.S. home loans without government backing, according to people familiar with the matter.

The average exposure is well under the overcollateralization cushions for CLO managers, who also had plenty of notice about ATD's longstanding leverage concerns and supplier issues well before the Chapter 11 filing.

Consumer Portfolio Services' fourth auto-loan securitization of the year has a 3.97% share of loans previously assigned to CPS asset-backed portfolios, compared to an 11.97% share in its last transaction.

DriveTime is making less-risky loans under a $750 million contract purchase agreement with Ally Financial; it appears that the sponsor is also funding some of this lending through its own securitization platform.

The firm's fourth deal of the year has loss projections less than half of its earlier deals, with an influx of aged, pre-crisis option ARM loans with little delinquency history.

A two-year-old lawsuit by the CFPB may be languishing, but nine members of the Teachers Federation of America sued the student loan servicing giant alleging that it misled borrowers in public service professions in order to line its pockets.

FASST 2018-1 has a lower weighted average loan-to-value ratio than prior deals by either the sponsor or rival Nationstar; this lessens the risk of loss, though liquidation timelines may be longer.

The $226.5 million transaction looks very similar to the previous one; the heaviest concentration of receivables is long-haul trucks (23.3%), followed by trailers (21.2%), heavy equipment (11.9%) and short-haul trucks (9.3%).

Two of the three largest loans in the $951 million deal are $50 million slices of loans on the Aventura Mall in Florida and the Christiana Mall in Delaware.

A growing number of asset managers are waking up to the opportunity to lend to small and medium-sized companies, and much of this direct lending is making its way into the securitization market.

The four-year-old transaction is still in its original reinvestment period, but the collateral has had growing levels of defaulted and triple-C rated assets.

Blackstone Real Estate Income Trust obtained a $257 million mortgage from Barclays on 17 hotels with a total of 2,189 rooms across seven states; it still has $177 million of equity in the properties.

First Foundation sold loans to Freddie Mac to free up space for higher-yielding credits. It then bought the securities that were formed to replace other, lower-yielding assets through an often overlooked program.

Similar to estimates published by Moody's and Morningstar, the data provider reckons that more than half of the loans are securitized by Fannie, Freddie or Ginnie.

The spread on the AAA rated notes issued by KKR 23 CLO is unchanged from the manager's prior deal, but three of four subordinate tranches are priced wider than the June transaction.