Securitization

A March 13 settlement between 17 U.S. states, the District of Columbia, and Puerto Rico and several tobacco manufacturers should have a positive impact on cash flows for certain bonds backed by such payments, Fitch Rating said.

A deposit-insurance rule change that takes effect April 1 has been spurring issuance of collateralized loan obligations, according to Barclays.

Banks are expected to start buying riskier portions of collateralized loan obligations in response to a deposit-insurance rule change that takes effect next month.

Moody’s Investors Service slammed its rival ratings agencies for their recent assessment of a CMBS deal backed by a single, large loan, the mortgage on the Altamonte Mall in Altamonte Springs, Fla.

General Electric Capital Corp. priced $766 million of notes backed by transportation equipment loans and leases; the eight-year triple-A tranche pays interest of 0.90% a year.

Pinebridge Investments said today it closed its first collateralized loan obligation of 2013 after upsizing the deal to $598 million.

The Alaska Student Loan Corporation is planning a securitization of Federal Family Education Loan Program Loans, according to a presale published today by Fitch Ratings

Ford Motor Credit priced a $1.032 billion auto lease securitization; the 1.08-year, AAA-rated tranche yields 15 basis points over the eurodollar synthetic forward rate.

Moody’s Investors Service today placed 60 tranches of securitizations on review for downgrade in the economically beleaguered countries of Spain, Italy and Ireland.

An A class for a total $142 million priced at 95 basis points over the eurodollar synthetic forward.

JG Wentworth priced $216 million of notes backed by structured settlement payments, according to a person familiar with the transaction.

American Express is jumping back into the structured finance market for the first time this year with an offering of $555.55 million of credit card notes, according to a presale report published today by Fitch Ratings.

Unison priced a $147 million cellular tower securtization today; an 'A'-rated tranche with a weighted average life of 6.98 years yields 3%, according to a person familiar with the transaction.

Wyndham Worldwide priced a $300 million timeshare loan securitization; the senior tranche yields 100 basis points over the interpolated swaps curve, according to a person familiar with the transaction.

Redwood Trust is preparing its fourth private-label residential mortgage backed securitization, according to a presale report published today by Fitch Ratings.

Chargeoffs and delinquencies on U.S. credit card-backed securities resumed their downward trajectory in February following a temporary increase in January, according to Fitch Ratings.

Moody’s Investors Service has changed how it incorporates sovereign risk into structured finance transactions.

O’Melveny & Myers has poached Jaroslaw C.K. Hawrylewicz from Barclays Capital.

Unison is in the market with a $147 million cellular tower securitization; it follows on the heels of a $1.8 billion deal from industry goliath American Tower last week.