Securitization

About 8.5% of loans backing the $256.2 million transaction were reassigned from a 2015 deal; this boosted the weighted average seasoning to seven months from one month for ACA's prior deal.

More than 88% of contracts in the $800 million transaction have terms of less than 40 months; Fitch points to the increased the use of subvention at Toyota dealerships.

Brass No. 7 is Accord's ninth overall securitization of prime mortgages for owner-occupied homes and the second to feature a revolving period.

Collateralized loan obligations denominated in pounds sterling were once a tough sell; two recent deals from Barclays and PGIM indicate that this is changing.

The sponsor has increased the credit enhancement on the senior support class of notes on offer in order to offset the slightly higher risk to investors.

The credit arm of the $24 billion asset H.I.G. Capital is marketing a $458.1 million BSL CLO, its first deal since April 2015.

Widening spreads on ABS have made deposit funding relatively more attractive; the rating agency now expects full-year issuance to be at the low end of its original forecast of $40 billion to $50 billion.

Only 9.6% of €1.08 billion of collateral meets the criteria for responsible lending and borrowing set by the National Institute for Family Finance in the Netherlands, down from 22.9% for the prior deal.

The $408.4M Anchorage Capital CLO 2018-10 adds to the $5.2B-asset manager's 2018 tally of three re-issues and a refinancing — not to mention a debut European CLO.

The initial collateral for Tower Bridge Funding No. 3 consists of 1,737 loans totaling £375.5 million, and there will be a £125 million prefunding account that can be used to acquire additional collateral before the first interest payment date.

The percentage of CCC "buckets" in CLOs increased in the second quarter and they are now at levels similar to 2016, when managers struggled with concentrations of troubled energy-sector assets.

The first two transactions were initiated in March, just a few days before skin-in-the-game rules were lifted for this asset class; this time, the CLO manager is not exactly sticking its neck out.

Jeff Weinstein and Patrick Lampe join from the Chicago office of Sidley Austin; Morgan Lewis partner Philip Russell is relocating from the firm’s New York office.

Seth Frotman, whose student lending unit had been gutted in May, said the bureau's current leadership "has abandoned its duty to fairly and robustly enforce the law.”

The Congressional Budget Office has found that restructuring the mortgage market would save the government billions of dollars but may increase the cost of housing.

S&P says extended term loans and "liberal" collection policies are pushing losses and amortization toward the tail end of some lenders' securitizations — making cross-comparing performance between lenders and an issuer's own outstanding vintage deals more difficult.

DFG Investment Advisers, led by former Goldman and HVB Group veterans, will exceed $4.2B in CLO assets under management with the latest deal.

Cheap funding and marketing muscle could give it an advantage over existing lenders, but this corner of the market may not be big enough to move the needle for the bank.

Santander has commonly offered multicurrency (dollar and pound-sterling) notes through its Holmes master trust platform.

Volkswagen Bank's Driver 15 is its first German auto-loan securitization since March, as Europe's largest auto-finance company furthers a comeback from the 2015 VW diesel-engine scandal.