Securitization

CVC Credit Partners is preparing a $490 million collateralized loan obligation, according to rating agency reports.

Fannie Mae priced its inaugural issue of $675 million of bonds transferring the credit risk on mortgages that it insures.

Santander Consumer USA plans to issue a securitization backed by prime/nonprime auto loan receivables from its Chrysler Capital Auto Receivables Trust, the issuer’s first deal to veer away from subprime.

A €350 million ($473 million) catastrophe bond providing coverage for AXA Global P&C just closed,

Navistar is back in the market with a $200 million dealer floorplan ABS deal that has been assigned preliminary ratings by Moody’s Investors Service.

CarFinance is coming down the pike with a $304-million securitization of subprime auto loans. It's the company's third asset-backed ever.

Standard & Poor’s is considering criteria changes that would make it more difficult for a structured finance transactions to earn a rating above the "sovereign ceiling," or the rating of the nation in which it is domiciled. The proposed criteria would cut the maximum ratings differential to four notches from the current six, in most cases.

Until recently, the residual interest in student loan securitizations was a tough sell, but there have been at least two issues of bonds backed by excess cash in these deals, and Fitch Ratings expects to see more.

Bulk sales of distressed CMBS assets by special servicers help drive delinquencies down in the space but may expose senior mezzanine/AJ tranches to losses.

Morgan Stanley and Bank of America priced $1.27 billion of commercial mortgage backed securities, according to a regulatory filing.

Ally Financial plans to issue a fourth offering of bonds backed by subprime auto loans, according to filing with the Securities and Exchange Commission.

Fannie Mae issued $5.7 billion in multifamily mortgage-backed securities in the third quarter backed by newly originated loans, compared to $8 billion in the prior quarter.

A bipartisan group of 66 members of the House of Representatives are letting the Federal Housing Finance Agency know they don’t want to see the loan limits on Fannie Mae and Freddie Mac reduced.

The increased uncertainty over the Federal debt limit has “dampened” structured finance issuance, according to Standard & Poor’s.

J.G. Wentworth plans to issue a $210 million ABS backed by structured settlement payments and like its previous deals this year, the pool includes lotto winnings.

Mortgage experts said at the California Association of Realtors sponsored conference, that the future of mortgage finance will depend on a model that still includes a government guarantee.

OneSavings Bank had its £167 million ($266 million), privately-placed, U.K. RMBS that is backed by non-conforming mortgages rated by Standard & Poor’s.