Securitization

The sponsor has only identified $552 million of collateral for the $610 million deal; it has another four months to put the remaining $88 million to work in additional assets.

Just over 20% of the balance are hotel loans, including the second-largest loan in the collateral pool, a $59.9 million portion of a $132.9 million loan used in a cashout refinancing of the Hilton Clearwater.

Together with $26.4 million of unrated notes that the REIT will retain in order to comply with risk retention rules, the total amount outstanding from the American Tower I master trust will be nearly $1.81 billion.

Are American college students using their student loan dollars wisely? A LendEDU study explored how those funds are spent.

The majority of the collateral for the $326 million OBX 2018-1 comes from two called Bear Stearns deals originally issued in 2005; the remainder was acquired by the mortgage REIT in the whole-loan market.

The money manager is preparing to refinance a $400 million deal originally printed in March 2016 that is currently grandfathered from risk retention rules - without bringing the deal into compliance.

The €413.5 million BlackRock European CLO V is the fourth euro-denominated CLO to launch this month, and asset manager's first since BlackRock Euro CLO IV priced in November.

Octagon is refinancing a 2013-vintage CLO for the second time, while Anchorage is using the assets of a deal issued in 2012 (and later refinanced in 2016) for its first new-issue deal of 2018.

Issuance of Ginnie Mae securities backed by reverse mortgages rose above $1 billion for the second time in two years, according to the government agency's latest monthly report.

DBRS has assigned a BBB rating to a single tranche of certificates issued in what may be the first-ever rated securitization of servicing fees left over after subcontracting payment collections.

The $1.1 billion BENCHMARK 2018-B3 is backed by 45 loans secured by 89 properties contributed by Deutsche Bank (42.8%), JPMorgan Chase (35.3%) and Citibank (21.8%), according to rating agency presale reports.

The gap between long and short reinvestment periods for U.S. collateralized loan obligations that reset rates has widened in 2018 as managers contend with different market signals, says Fitch.

Medical residents are considered to be good credits but have less free cash flow than fully practicing doctors; the loans did not have a big impact on overall credit metrics of the $900 million deal.

Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.

The transaction is backed by 6,857 loans with a total balance of $835 million, or roughly 13% of the $6.4 billion of commercial vehicle and equipment loans in Mercedes-Benz Financial Services USA.

Moody’s expects net losses over the life of NAVSL 2018-2 to be about 0.95%; that's up slightly from 0.9% for Navient's prevous deal, NAVSL 2018-1 due to the longer remaining terms of the collateral.

CBAM, the leading CLO issuer by volume in 2017, had a shorter non-call for its senior-note stack; Apex has split the AAA paper into three variable-priced tranches.

First the House and now the Senate have included provisions in their regulatory relief bills that bankers say would go a long way toward clearing up confusion over how to treat high-volatility commercial real estate loans.

Just one year after it got a $1.05 billion loan from a trio of banks (Goldman, BofA and Citi), Blackstone has obtained a new, $1.3 billion loan from two more banks: Barclays and Deutsche.

The security that was incorporated into the index is backed exclusively by loans on green building certified properties; the GSE is still working on acceptance of financing for green upgrades.