Dine Brands serving up another $1.6B of franchise fee bonds
Proceeds will be used to repay its $1.29 billion whole business securitization completed in 2014; the new transaction will boost leverage to 5.9X from 5.7x.
Esoteric ABS
Willis Lease adds frames to mix in next aircraft engine ABS
The initial portfolio for the $373.4 million deal consists of 55 engines and a single airframe, which represents 0.3% of the pool; airframes could rise to 10% during the reinvestment period, however.
Vistana ups exposure to Westin in next timeshare loan ABS
The sponsor has excluded receivables tied to Hyatt resorts, and as a result Westin loans account for just over half the $287 million total; the remainder are from Sheraton.
CleanFund paves way to AAA on commercial PACE securitization
Most providers of property assessed clean energy financing shoot for relatively modest credit ratings in the securitization market. But CleanFund wanted to set itself apart.
NYC’s next tax lien ABS features lower exposure to vacant lots
Just 5.1% of the $91 million of liens backing the transaction are vacant, down from 9.2% of the prior deal; this allowed the sponsor to borrower more heavily against the value of hte collateral.
Progress’ next single-family rental deal includes two classes of PIK notes
Should cash flow for subordinate classes fall short, a debt-service coverage ratio trigger would defer interest payments and prevent a default event.
By
Glen Fest
Oil & gas exposure in Enterprise fleet lease ABS keeps rising
Oil/gas services represent 13.2% of the pool of the sponsor's latest deal, up slightly from 12.8% in the prior deal. EFM has observed rising demand from these obligors in the past year, as the industry has somewhat stabilized.
Volvo offers up 2nd floorplan ABS for U.S.trucking, equipment dealers
The $300 million issue is secured by receivables from inventory financing for 160 Volvo- and Mack-branded trucking and construction equipment dealers.
By
Glen Fest
Fight for control of Harley Marine spooks whole biz investors
The $455 million in bonds issued by the company just two months ago have sold off sharply, according to Kroll Bond Rating Agency, which is trying to reassure investors.
By
Glen Fest
Next generation of esoteric asset-backeds
Evan as the broader securitization market takes a breather, unusual deals from off-the-run asset classes continue provide diversification – and the opportunity to pick up yield.
Air Lease’s third aircraft lease ABS finances a younger fleet
The $450 million Thunderbolt II Aircraft Lease transaction involves 18 aircraft representing the younger planes in Air Lease's $13 billion portfolio of owned and managed passenger jets.
By
Glen Fest
Wyndham earns AAA on next timeshare ABS, but at a steep price
The AAA-rated Class A notes benefit from 61.79% “hard” credit enhancement, which is 30.25 percentage points higher than the senior tranche of the previous deal rated by Fitch, which was rated two notches lower at A.
Mosaic’s next solar ABS has Goldman’s fingerprints all over it
The bank, which purchases loans from Mosaic, is contributing an unspecified amount of collateral for the $317 million deal; it's also the underwriter and risk retention holder, and appears to be behind the unusual structure.
Florida firm debuts with $202.7M of insurance commission ABS
LTC Global is one of the market leaders in a "relatively new" esoteric asset class of acquiring and financing insurance commission assets of life and healthcare insurance products, says DBRS.
By
Glen Fest
Marriott pays up for AAA on next timeshare loan securitization
The borrowers in the pool of collateral have lower FICO scores, and the size of a prefunding account has risen to 25% of the initial balance from 16% for Marriott's prior deal, completed in August 2017.
Trinity’s 1st railcar lease ABS in 4 years features newer cars
The $482.5 million deal comes to market as demand for railcar leases is picking up as the result of a boost in intermodal traffic that began last year, according to S&P Global Ratings.
By
Glen Fest
Precious metals dealer A-Mark taps securitization to boost margin lending
The El Segundo, Calif. company is selling $100 million of bonds backed by a revolving pool of loans secured by precious metals as well as some of its own inventory of cash and gold, silver, platinum, and palladium.
Vivint Solar tapping securitization market for $347M
Unlike several recent transactions by other solar panel financiers, which were backed by loans, the $347.5 million Vivint Solar Financing 5 is backed by leases and power purchase agreements.
How California’s proposed building standards will boost solar ABS
Requiring solar panels for all newly constructed residences is good news for investors who finance these systems, if only because it will help keep developers afloat, according to Moody’s Investors Service.
Sprint merger reduces bankruptcy risk for spectrum ABS, Moody’s says
Sprint’s planned merger with T-Mobile should reduce the likelihood of a default on $7 billion of notes backed by leases on its spectrum licenses, according to Moody’s Investors Service.
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