Securitization

The German automaker continues to reduce its reliance on asset-backed financing as fallout from an emissions scandal fades.

Roughly 52% of the properties backing Tricon American Homes 2017-SFR2 were obtained through the May acquisition; 19.4% were previously securitized by Silver Bay.

The Dan Gilbert-controlled skyscraper has apportioned $70M of a $102M whole-loan refinancing to the Wells conduit.

By comparison, rehabilitated loans accounted for just 19.5% of the collateral for the servicer’s July offering and 10% of its May offering.

The €173.3 million deal is backed by loans originated by the former Catalunya Banc, which were purchased at discount by the Blackstone Group in 2014.

Three broadly syndicated deals printed in December have senior, AAA-rated tranches that pay just 107 basis points over Libor - the lowest coupon of the year.

The deal, BXMT 2017-FL1 weighs in at $1 billion, making it more than twice as large as most CRE-CLOs issued this year; its size isn't the only unusual feature, however.

The Trepp CMBS delinquency rate is now 5.18%, a decrease of three basis points from the October level; declines were limited to the industrial, multifamily and office subindexes.

The $160 million cell tower deal is the first since T-Mobile and Sprint abandoned merger talks that could have reduced lease renewals.

The new deal is smaller, at $130.1 million, and the collateral is almost entirely of PV systems financed through third-party loan agreements.

Junk-rated firms pay little tax, and so won't benefit much from a lower corporate rate. And this benefit could be offset by a limit on the interest deduction.

Testing of the common securitization platform is taking longer than expected, but the Federal Housing Finance Agency said it won't delay the 2019 launch of Fannie Mae and Freddie Mac's new single "uniform mortgage-backed security."

The dramatic tightening in loan spreads this year made it difficult for the CLO manager to manage to various performance metrics of its deals, and this required building flexibility into deals being refinanced.

Despite boosting credit enhancement, the sponsor was only able to earn an 'A' from S&P Global Ratings, which cited heightened competition and adverse borrower selection.

The issuer, Avis Budget Rental Car Funding, is a master trust, and the $400 million of notes to be issued in the Series 2017-2 transaction rank pari passu with the issuer’s other outstanding series of notes.

The German-based transport finance company is marketing a $722.5 million transaction secured by lease proceeds on a portfolio of 36 mostly older passenger jets.

Keith Krasney joins this week from Locke Lord, where he chaired the securitization group. He advises clients on secondary market transactions involving mortgage loans.

In its third securitization of cash-out auto loans, OneMain will for the first time include originations from the 1,000 legacy offices acquired from CitiFinancial.

Introducing limits on federally guaranteed loans to graduate students, instead of letting them borrow whatever schools charge, would create a multibillion-dollar opportunity for private lenders.

CHT 2017-CSMO will issue six classes of notes in the $1.38 billion transaction, which will refinance a 2016 mortgage securitization and provide funds for renovation.