Securitization

The average AAA note coupon of 103 basis points above Libor widened from 98.4 in March, which had been the tightest CLO spread level in approximately five years.

While DBRS maintained a rating of AA for the Lendmark Financial's first ABS of 2018, S&P issued an A rating after estimating higher net losses on the underlying subprime accounts.

Toyota Motor Credit $1.25B deal is its second captive-finance receivables securitization of 2018, with an upsizing option to $1.6 billiion.

Fannie Mae's first-quarter profits were enough for it to rebuild its minimum capital buffer and pay the Treasury Department dividend after being forced to take a draw during the previous fiscal period.

Sprint’s planned merger with T-Mobile should reduce the likelihood of a default on $7 billion of notes backed by leases on its spectrum licenses, according to Moody’s Investors Service.

The overall delinquency rate for securitized U.S. commercial real estate loans is now 4.36%, a decrease of 19 basis points from the March level.

“We’re comforted by the fact our position in the market is so strong, and our ability to gain [loan] allocation is quite important," co-CEO Kewsong Lee says.

Banyan Street Capital and Balandis Real Estate are tapping the commercial mortgage bond market to help finance the revitalization of a mixed-use development in downtown Atlanta.

Qualifying borrowers have their maximum monthly payment reduced to 15% of the total of the household income, but the maximum dollar amount that can be extended is capped at $4 million.

The €300 million Taurus 2018-1 also finances Italian retail assets that the Partners Group, based in Switzerland, purchased from the Blackstone Group in February.

Hunton Andrews Kurth LLP (formerly Hunton & Williams and Andrews Kurth Kenyon) has named Robert A. Davis Jr. as special counsel in its tax and ERISA practice.

Borrowers can get better rates elsewhere, so they're repaying ahead of schedule, leaving banks in the lurch. The steps lenders would have to take to keep the business could be prohibitively expensive.

The REIT obtained a $782.7 million mortgage from three banks; proceeds, along with $202 million of mezz loans and $33 million of cash, will be used to repay existing debt.

A consortium including GPP and TIAA has obtained a $500 million mortgage on a 672,581- square-foot portion of the 2.7-million-square foot Ala Moana Center in Honolulu.

RAC King (d/b/a American Car Center) has expanded rapidly since being acquired in a 2016 leveraged buyout; now it's bundling most of its portfolio into collateral for bonds.

The $826.6 million transaction, GPMT 2018-1, represents about two-fifths of the $2.4 billion portfolio of the REIT, which was spun out of Two Harbors Investment last year.

The seventh-largest loan (3.9% of the pool) is secured by 181 Fremont Street in San Francisco, has a credit opinion of BBB, reducing overall leverage in the $766 million conduit.

Angel Oak Commercial Lending provide both short- and long-term financing for projects in multifamily, industrial, mixed use, retail, office, self-storage and other sectors.

The real estate investment trust is issuing $450 million of five-year notes backed by rights to excess servicing strips of Fannie Mae loans.

The Tennessee community bank garnered a triple-A from two credit rating agencies for its inaugural securitization this month of loans refinancing the debt of borrowers with advanced degrees and high-paying jobs.