Triton launches 2nd marine container lease ABS of 2017
The shipping container lease company is marketing $350 million of notes backed by its largest-ever portfolio of dry bulk container lease receivables.
The shipping container lease company is marketing $350 million of notes backed by its largest-ever portfolio of dry bulk container lease receivables.
Average FICOs are declining in both lenders' pools, and Nissan Motor Acceptance Corp. is including more borrowers with sub-700 scores in its prime portfolio than in three prior auto-loan securitizations.
Credit and charge-card issuers have sharply increased levels of asset-backed issuance, but not at the expense of their use of secured, wholesale sources of funding, according to a Fitch Ratings report.
The bonds are supported by the monthly income stream and underlying property values of 3,480 single-family rentals, most of which Tricon acquired from Silver Bay Realty Trust in a February merger.
The RBC master trust's latest issuance of card receivables-backed bonds will be issued in split U.S.-and Canadian- dollar denominations. Comenity, through its World Financial Network trust, will be adding to its 10 outstanding deals with a $394m private-label card ABS.
The completed securitization features seasoned, pre-crisis commercial mortgages acquired from GE Capital, CNL Financial, PMC Property and CIT Group.
Borrowers have an average FICO of 749, up two points from its earlier transaction this year and the highest of any past HART transaction; and the concentration of borrowers with FICOs lower than 650 is down four percentage points, at just 3%
The first-time $780.8 million notes offering from Sky is primarily backed by leases to international emerging-market airlines, but the passenger jets in the pool are relatively new with an average fleet age of only 3.4 years.
Belgium-based diamantaire Diarough is offering $150 million in notes backed primarily by its inventory of rough and polished diamonds, according to a presale report from Kroll Bond Rating Agency.
Borrowers have higher FICOs than the prior transactions and fewer of then live outside the U.S. and Canada; however the loans are also less seasoned.
A higher proportion of borrowers have a “spotty pay history,” and the loans are more geographically concentrated than recent deals, but this is somewhat mitigated by higher borrower equity, says Fitch Ratings.
The transaction, PFS Financing Corp. 2017-B, consists of a $282 million senior tranche provisionally rated triple-A, and an $18 million unrated subordinate tranche. Both tranches have legal, final maturities in July of 2022.
As of March 31, the early-stage delinquency rate was just 2.5% of total all private student loans, according to MeasureOne, up five basis points from the same point in 2016.
The senior tranche of triple-A rated notes to be issued benefits from 38.65% credit enhancement, up over 10 percentage points from 27.25% for the comparable tranche of the sponsor's previous deal.
The senior, triple-A rated tranche of notes to be issued benefist from 38.65% credit enhancement; that's up over 10 percentage points from 27.25% for the comparable tranche of the sponsor's previous deal.
Nelnet's offering is backed by federally guaranteed loans; Darien Rowayton Bank's is backed by private loans refinancing the debt of borrowers with prestigious degrees and high incomes.
Barclays Bank and American Express are offering a combined $1.19 billion of bonds backed by credit card receivables, according to rating agency presale reports.
Loans with terms between 73 months and 75 months comprise 15.6% of the collateral for DRIVE Auto Receivables Trust 2017-2, up from 0.5% in 2017-1; yet Moody's Investors Service is holding its loss expectations stable.
The collateral has the highest concentration of longer-term loans of any Toyota deal to date: 42.6%; that's up 3.7 percentage point from the sponsor's previous deal.
Fitch Ratings expects net losses to reach 1.45% over the life of the deal, down from prior deals, thanks to the introduction of a selection criteria that stipulates a minimum FICO score of 650.
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