Securitization

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.

The Trepp CMBS Delinquency Rate for U.S. commercial real estate loans in CMBS is now 4.83%, a decrease of six basis points from the December level.

S&P Global Rating's London office made the rare move to downgrade the junior-most notes in a 2016 CLO issued by a Danish credit manager due to a deterioration in portfolio maintenance levels.

Over 94% of the collateral pool consists of diesel-engine vehicles, even though diesel cars have had waning interest among French drivers in the past decade.

All four senior tranches benefit from initial hard credit enhancement of12%, which is down from 12.25% on the senior tranches of the 2017-1 deal, 12.30% for 2016-1 and 12.90% in 2015-1.

Aegon Asset Management's new Cedar Funding CLO VII is expected to price its senior triple-A notes at 100 basis points above Libor, carrying on a 2017 trend of tightening spreads.

While tightening down on cov-lite and subordinate loans, Marathon CLO XI's rules give the asset manager more room to trade in lower-credit and DIP loans.

The Renaissance Aruba Resort & Casino went through a foreclosure in 2012, giving its mezzanine lender an equity stake; the majority owners have obtained a new $195 million loan to buy out two partners.

The deal was launched shortly after SoFi announced that Anthony Noto, the chief operating officer of Twitter, will join as CEO. It also benefits from higher credit enhancement.

The Detroit company recorded an 11% increase in car loans and leases originated during the fourth quarter, as well as a jump in yields. Ally appears to be benefiting from Wells Fargo's substantial retrenchment in auto lending.

Returns for equity investors are increasingly under pressure because of demand for the underlying loan assets, but strategies to boost returns can investors in other CLO securities at risk.

Lease contracts from the newly acquired business account for 5% of collateral for the $305.7 million transaction; the remainder is leases on construction and transportation equipment.

Wall Street's home buying spree amounts to a huge bet that the homeownership rate will stay low and rents rise; that's far less certain under the new tax code, according to Fannie Mae's chief economist Douglas Duncan.

JPMorgan is bundling portions of the first mortgages on six towers in what was once the Jersey City Medical Center into collateral for $200 million of commercial mortgage bonds.

The single-B rated company is facing a large cash requirement as it ramps up production of its Model 3; but leases backed by electric vehicles pose additional risks for investors in asset-backeds.

The $407 million Crown Point 4 is also the first CLO in nearly three years for Valcour, which was last in the market with the $400 million Crown Point III in March 2015.

Varde VMC Lender, a Minneapolis firm specializing in distressed commercial real estate, has branched out to financing offices and apartment buildings being upgraded or repurposed.

The deal is the first vehicle loan securitization for the London affiliate of South Africa's FirstRand Group since November 2016.

The private investment firm has obtained a $471 million mortgage from Goldman Sachs secured by 85 properties with a total of 10,764 keys operating under the InTown Suites flag.

Refi loans that the servicing behemoth is making through Earnest do not require the same amount of seasoning as new in-school loans, and so can be securitized much sooner.