Downturn worries won’t alter Carlyle’s fundraising targets
The firm's risk profile has not altered, executives said on a third-quarter earnings call Wednesday; it remains "appropriately cautious."
By
Glen Fest
Esoteric ABS
SoFi earns 1st AAA on consumer loan ABS from Kroll, DBRS, S&P
It's the first time any of the rating agencies has assigned an AAA for any securitization of consumer loans by a marketplace lender.
By
Glen Fest
Wingstop latest fast-casual restaurant to issue whole biz ABS
The $325 million deal is backed by franchise fees and royalties; the collateral does not include profits from company-owned stores.
Diamond Comm tapping ABS to fund cell tower acquisitions
It is issuing another $55 million of Series 2018-1 bonds backed by cell tower leases from its Diamond Issuer master trust; some $41 million will be deposited in a prefunding account.
Apollo Aviation marketing another $613M aircraft lease ABS
The notes are secured by a pool of 35 mid- to end-of-life aircraft, according to Fitch Ratings. The pool has a weighted average age of 13.9 years.
Sunnova’s next solar ABS locks in longer-term funding
The $262.7 million deal has an expected repayment date of 10 years from the first payment date; is also earned a lower credit rating of A- from Kroll.
Fitch expects to call out competitors on ABS ratings more often
The rating agency feels that “late-cycle credit behavior” is allowing less established issuers to rely on the securitization market more heavily for funding.
Adams Outdoors readies $505M cash-out refi of billboard business
The transaction comes six months after Adams said it was in talks about a possible merger with Fairway Outdoors and REIT conversion.
Wyndham ups credit enhancement on its latest timeshare deal
Wyndham Destinations has increased the level of investor protection on its next offering of bonds backed by timeshare loans to offset the slightly weaker collateral.
Amur preps 2nd small, mid-ticket equipment finance ABS of 2018
The $226.5 million transaction looks very similar to the previous one; the heaviest concentration of receivables is long-haul trucks (23.3%), followed by trailers (21.2%), heavy equipment (11.9%) and short-haul trucks (9.3%).
J.G. Wentworth’s next ABS features less exposure to annuities
The initial collateral for J.G. Wentworth XLII Series 2018-2 is 97.4% structured settlements, up from 96.6% for the prior deal and the highest concentration of any deal over the past five years.
Aircraft lessor founded by CIT vets taps ABS to fund initial portfolio
Zephyrus, which is owned by Virgo Investment Group (98%) and Seabury (2%), is marketing $336.6 million of fixed-rate loans with a final maturity of 2038 and a preliminary A rating from Kroll Bond Rating Agency.
Verizon gets a much easier AAA on its next handset ABS
Fitch and S&P recently trimmed default expectations for payment plans of customers with various tenures; this allows the carrier to offer less credit enhancement on its next securitization; Moody's is also rating the deal for the first time.
A-Mark closes sale of $100M notes backed by precious metals loans
The transaction was launched in early June, just as concerns about a trade war were starting to take a toll on commodities prices.
Hilton prices $350M timeshare ABS; YTD issuance in sector at $2.5B
The credit quality of obligors is up from that of the sponsor's 2017 transaction, which could help offset a decline in performance seen in recent vintages.
Trafigura issuing another $300M of notes backed by trade receivables
The deal, which comes just a year after the commodity trading firm's last securitization, represents 7.85% of assets in a revolving trust; it may be upsized to $500 million.
Morgan Lewis adds to structured finance team in Chicago
Jeff Weinstein and Patrick Lampe join from the Chicago office of Sidley Austin; Morgan Lewis partner Philip Russell is relocating from the firm’s New York office.
PACE provider’s new business model requires better funding strategy
PACE Funding Group, based in Los Gatos, Calif., recently obtained a $55 million line of credit from SunTrust Bank and Rosemawr Management and is gearing up for its second securitization later this year.
Cazenovia Creek returns with $218M bonds backed by tax liens
The transaction comes with a bigger prefunding account than the sponsor's prior deal, completed in 2015; the collateral is also more geographically diverse.
Diamond Resorts earns an AAA from S&P on next timeshare loan ABS
S&P has lowered default expectations for the $300 million of Series 2018-1 transaction, allowing the sponsor to achieve an AAA, up from A on the previous deal; Kroll is not rating the new deal.
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