Securitization

The online small-business lender is enjoying a payoff from its year-old push to cut costs and tighten underwriting standards. It is also set to announce another lending agreement with a major bank this year, its CEO said Tuesday.

Moody's Investors Service has revised its expectations for cumulative net losses, to 3.75% from 3.5%, because a 2016 transaction is not performing as well as expected.

A new due diligence firm created by a trio of former Clayton Holdings executives wants to shake up a static business model.

The transaction is backed by nearly three times as many Audi, Volkswagen and Skoda as VW's previous UK auto-loan ABS; it also features a longer revolving period.

The $510.2 million transaction, BDS 2018-FL1, is primarily backed by multifamily (47%) and office buildings (42.1%) originated by ROC Debt Strategies Fund II REIT.

There could be a pause in new issuance as CLO managers wait to see if the government will appeal; longer term, the pace will pick up as the playing field is leveled for smaller managers.

Nearly 52% of the pool in the captive-finance company's first 2018 vehicle-lease securitization involves contracts for popular crossover models like the Chevrolet Equinox, the GMC Acadia and Cadillac XT5.

A three-judge panel for the D.C. Circuit Court of Appeals has sided with the LSTA in its lawsuit seeking to reverse rules requiring CLO managers to hold "skin in the game" under Dodd-Frank.

The REIT has obtained a $395 million loan form JPMorgan Chase that is being used to repay existing debt of $378.9 million that was previously securitized in BAML 2014-ASHF.

Players as small as Oxford Lane and as large as the Carlyle Group have money to put to work funding risk retention and investing opportunistically; trends could attract more first-time managers.

The collateral for Navient Private Education Refi 2018-1 is similar to that of Earnest's previous deal, completed in May, but it is rated two notches higher, at, AAA by S&P Global Ratings.

Most of the collateral was acquired over the past year; that’s in contrast with the sponsor’s previous two transactions, in which a portion of the collateral was seasoned and refinanced from earlier transactions.

The deal is backed by an unusually concentrated portfolio of just 19 loans on properties being rehabbed or converted to a new use; by property type, the biggest exposure is to hospitality, at 19.7%.

Voya Alternative Asset Management is replacing and consolidating seven fixed- and floating-rate tranches with five new variable-rate classes that each gained lower rates than predecessor notes.

It's the lender's first deal since being acquired by TIAA; DBRS points to the "stellar" performance of non-securitized prime jumbo loans between 2012 and 2016.

The Los Angeles-based distressed-debt specialist has $20.5 billion in dry powder, including over $8.8 billion in uncommitted capital stored in a dormant opportunities fund.

It's the first time the private tower operator has issued from its master trust in two years; the A rated notes will be backed by a pool of 2,551 towers representing 66% of its total tower cash flow.

Westmont Hospitality Group has secured a $360 million first mortgage and $40 million mezzanine loan from Barclays and Morgan Stanley that is secured by a portfolio of 89 Red Roof locations in 25 states.

Moody's considers the $932.4 million TPG Real Estate Finance Trust 2018-1 to be highly leveraged, though not as highly leveraged as Blackstone's inaugural transaction.

It's deep and liquid, and spreads are tight. To many, a deal with a few idiosyncratic risks — not to mention cool factor — just offers a chance to pick up a little extra yield.