Weekly Wrap: Castlelake revives aircraft ABS sector
Deals, trends and research in structured finance and asset-backed securities for the week of Jan.15-21
Esoteric ABS
Trinity sponsoring $406.8M railcar equipment notes offering
The railcar equipment notes are secured by a portfolio of 5,770 units which are almost all being utilized through full-service leases.
By
Glen Fest
Fitch continues downgrade actions across aviation ABS deals
Downgrades applied to deals sponsored by Carlyle Aviation and Avolon Aerospace reflect the continued deterioration of airline credit quality and aircraft values afflicting nearly all issuers, the ratings agency reported.
By
Glen Fest
Loanpal solar loan ABS closes record deal
The issuer included a record volume of loans in the collateral pool for a solar securitization.
By
Glen Fest
S&P downgrade watch dropped for TGI Friday whole-biz notes
The casual-dining chain showed improved 3Q performance numbers as it adapted to COVID-19 restrictions with expanded pickup-and-delivery service options.
By
Glen Fest
Startup Dext launches debut medical-equipment ABS deal
The firm, based in the Portland, Ore. area, will market $123.7 million in notes secured by mission-critical equipment such as MRI machines it finances for hospitals and medical offices.
By
Glen Fest
Global Jet Capital’s $522M deal thaws moribund aircraft ABS issuance
The deal, backed by loans and leases on 55 corporate jets, is the first transaction to price since the coronavirus outbreak cratered the global air travel industry.
By
Glen Fest
Minority-owned Loop Capital leads Verizon deal in breakthrough ABS transaction
Loop Capital Markets was lead underwriter and joint bookrunner on an upsized $1.2 billion deal that serves as the first asset-backed market transaction to feature a minority-owned firm as a lead.
By
Glen Fest
Weekly Wrap: Fixed income analysts eye shades of potential ‘blue wave’
Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 23-29
By
Glen Fest
Driven Brands offering second whole-biz securitization of 2020
Automotive services chain operator Driven Brands is pursuing its next whole-business securitization, despite a recent sales decline among its franchise stores due to slowing economic conditions related to the pandemic.
By
Glen Fest
Dunkin’ Brands says it’s in talks to be acquired by Inspire
The deal would take the donut chain private and tie it to franchise chains that also regularly issue whole-business securitizations – including Arby's, Sonic Drive In and Jimmy John's – under the Roark Capital-backed Inspire Brands umbrella.
Verizon dials up third handset ABS deal of 2020
Like previous deals, the trust will have a revolving pool of assets for up to two years, in which sponsor Cellco Partnership (doing business as Verizon Wireless) can replace paid-off agreements with new agreements that meet minimum pool standard requirements.
By
Glen Fest
Pagaya plans first publicly rated securitization of marketplace loans
Pagaya Investments, which purchases loans from MPL platforms using AI-driven technology, is sponsoring a $423.9 million transaction, according to a ratings agency presale report.
By
Glen Fest
Aided by online sales growth, Wingstop plans $450M debt refinancing
The 1,400-store chicken wings chain, which has benefited from carry-out dining trends during the pandemic, will sponsor its second whole-business securitization since 2018.
By
Glen Fest
Enterprise launches second corporate-fleet securitization of 2020
The transaction will be the second corporate-fleet ABS deal to price this month, following Wheels Inc.'s $505 million transaction that closed Sept. 11.
By
Glen Fest
Weekly Wrap: Fewer college football crowds mean more hotel woes
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 11-17
By
Glen Fest
S&P downgrades bonds in 23 aircraft lease/engine securitizations
S&P stated lessors are confronted with the increasingly troubled financial health of airlines, which has led to a sharp drop in aircraft values and lease rates as well as an array of requests for deferrals or delayed payments on rental contracts.
By
Glen Fest
NYSERDA green bonds issue holds higher loss outlook than prior series
COVID-19 and the inclusion of secondary tier loans for borrowers with lower FICOs is prompting Kroll to project credit losses nearly a third higher than the authority's 2018 solar-loan bond series.
By
Glen Fest
Weekly Wrap: TALF funds largely absent from ABS dealmaking
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 4-10
By
Glen Fest
Fitch: Expiring deferrals may lead to near-term spike in MPL defaults
The ratings agency reports that the MPL industry might reckon with a potential spike in defaults as borrowers are rolled out of two- and three-month COVID-19 hardship programs.
By
Glen Fest
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