Securitization

A collective sigh must have fallen across weathered European collateralized loan obligation (CLO) managers when news emerged about H.J. Heinz Co.’s decision to forgo selling a European portion of its $12 billion LBO financing in mid-March.

Private student loan backed securities issued pre-crisis are past their most perilous years but structural flaws could still prove hazardous for investors.

Until recently private student loans were the laggards in the recovery of the U.S. securitization market, but demand is picking up.

As new deal volume in the private label RMBS market continues to ramp up, so do questions from investors about how these deals will evolve over time.

There’s been plenty of talk about using securitization to finance solar energy, but to date, no deals; the Department of Energy’s National Renewable Energy Laborator wants to jumpstart the process.

U.S. CLO Managers March to Europe

Deal economics of European CLOs are improving, trumping regulatory challenges and a shortage of collateral

Citibank priced its $1.75 billion credit card securitization, Citibank Credit Card Issuance Trust, Class 2013-A1, the second credit card deal to price this week.

The Structured Finance Industry Group's membership keeps growing.

Standard & Poor's Sounds Alarm on Covenant-Lite Loans in CLOs

Westgate Resorts plans to issue $140 million of notes backed by timeshare mortgage financings via its Westgate Funding 2013-1 securitization deal.

The Higher Education Loan Authority of the State of Missouri plans to issue a $970.8 million Federal Family Education Loan Program (FFELP) –backed student loan securitization deal.

The Trepp CMBS delinquency rate posted a 47 basis point drop in April, its lowest reading in more than two years.

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to move ahead with the development of a common securitization platform.

CMBS special servicers had a busy April, liquidating $1.62 billion in loans, according to a Tuesday Trepp report.

Turkish Catastrophe Insurance Pool (TCIP) issued a $400 million catastrophe bond Bosphorus 1 Re Ltd. Series 2013-1.

Dealer floorplan ABS continues to gain traction as issuance volumes are boosted by rising vehicle sales and the refinancing of maturing transactions.

Standard & Poor’s said that, so far, credit card ABS have surpassed the $8 billion pace set in 2012 but consumer aversion to credit card debt is likely to keep issuance volumes below its forecasted $40 billion total for 2013.

Fitch Ratings said that student loan securitizations backed by rehabilitated Federal Family Education Loan Program (FFELP) loans tend to be riskier than non-rehab FFLEP deals.