Securitization

The Federal Deposit Insurance Corp. has so far managed to stay out of the growing battle over how the U.S. fintech sector should be regulated, but that appears likely to end as one of the nation’s largest online lenders announced plans to apply for a specialty banking charter soon.

S&P and DBRS have diverged on rating the senior notes in a $175.26 million securitization of private student-loan refinancings from Earnest Operations. Also, Comenity Bank has a new private-label card transaction through its World Financial master trust.

Goldman Sachs is marketing nearly $1 billion of commercial mortgage bonds backed primarily by office and retail properties.

A Dutch mortgage lender is planning a second “green” securitization of €400.7 million in home loans for properties meeting certain energy efficiency and low-carbon footprint guidelines.

Construction lending could make a comeback if bankers persuade Congress to reform capital and other complicated rules on so-called high volatility CRE loans. But will regulators go for it?

Barclays’ U.S. credit card master trust is issuing $632.9 million in new notes backed by a revolving pool of primarily co-branded card receivables.

A leading non-life insurance premium financing (IPF) provider in the UK is preparing an asset-backed transaction backed by a pool of £1 billion in payment-plan receivables.

The former Bear Stearns headquarters building at 245 Park Avenue, a long-time home to cornerstone financial services tenants as well as Major League Baseball, is the sole property backing a new single-borrower $500 million commercial mortgage securitization.

Apollo's MidCap Financial Services Capital Management is marketing its second mid-market CLO of the year in the $1.05 billion Woodmont 2017-2 Trust transaction. Also, 3i is refinancing a 2014 Jamestown CLO deal, and the Vermont Student Assistance Corp. issues is latest series of notes backed by private student loan originations.

Acting Comptroller of the Currency Keith Noreika is floating the possibility of reinterpreting the Volcker Rule, which compelled collateralized loan obligations to divest high yield bonds, or risk losing their biggest customers - U.S. banks.

Ally Bank is marketing another $1 billion auto loan securitization, its third of the year.

Federal Housing Finance Agency Director Mel Watt appears poised for a showdown with Congress over how to handle Fannie Mae and Freddie Mac’s dwindling capital buffers.

The Consumer Financial Protection Bureau plans to launch an inquiry into small-business lending, the first step toward crafting a rule for the collection and reporting of small-business lending data.

Palmer Square refinances 2013 CLO, cutting spread on AAA-rated tranche to below 100 basis points; Dryden refinances 2014 European CLO: Five Guys cooking up $440M Whole Business securitization.

Commercial truck lessor Automotive Rentals Inc. is sharply reducing exposure to oil & gas exploration clients in its new $575.2 million fleet securitization of specialty vehicle leases.

Palomar Specialty Insurance Co. said Wednesday closed on its first catastrophe bond. The $166 million Torrey Pines Re will provide Palomar with protection against multiple perils over a three-year period.

Borrowers have had an uphill battle maintain a class action against student loan servicers; this could change as a result of the Trump administration’s efforts to dismantle the CFPB.

Social Finance’s new $530 million consumer loan securitization, it’s third of the year, is the first to earn a double-A, from both Kroll Bond Rating Agency and S&P Global Ratings.

Fannie Mae and Freddie Mac issued proposals Monday to create pilot programs for loans on mobile homes, part of an ambitious federal effort to find creative solutions for underserved and rural housing markets.

Textainter is selling $300M in notes backed by global leases for marine cargo containers, marking the third esoteric container ABS of 2017.