Busy December pushes 2017 U.S. ABS issuance to $510B
With ideal macroeconomic fundamentals of economic growth and low interest rates still in place, S&P Global sees no reason for issuance to slow in 2018.
Esoteric ABS
TOP 10 of 2017: Whole Biz ABS moves beyond restaurant chains
What helped to grow the market in 2017, even as foot traffic declined and same-store sales growth slowed across the quick serve dining industry, were structural innovations that widened the investor base.
By
Glen Fest
Lebanese rental fleet securitization breaks new ground
The Kurban Group, a Lebanese travel conglomerate, recently closed on a rental fleet securitization that, despite its small size, represents some notable "firsts."
Looming end of advance refundings draws Illinois tobacco deal to market
The Railsplitter Tobacco Settlement Authority will price a $679 million current and advance refunding of tobacco bonds.
SFIG: Tax reform would hurt auto, equipment lease securitization
Two proposals, limiting deductibility of interest and like-kind exchanges, would make securitization uneconomical for auto and equipment lessors, according to the industry trade group.
This structured settlement ABS comes with unusual risk: mortality
The collateral for the $59.9 million transaction from DRB Capital includes life-contingent structured settlement receivables; when the beneficiary dies, the insurer stops making payments.
J.G. Wentworth tapping securitization market while in Chapter 11
A prepackaged restructuring will not disrupt servicing of the company's assets-backeds because the servicing subsidiary is not part of the filing.
Diamond Comm calling on securitization market
The $160 million cell tower deal is the first since T-Mobile and Sprint abandoned merger talks that could have reduced lease renewals.
Tesla Energy returns with second solar ABS since October
The new deal is smaller, at $130.1 million, and the collateral is almost entirely of PV systems financed through third-party loan agreements.
By
Glen Fest
DVB makes second trip to U.S. aircraft lease ABS market
The German-based transport finance company is marketing a $722.5 million transaction secured by lease proceeds on a portfolio of 36 mostly older passenger jets.
By
Glen Fest
Renovate America’s next PACE deal has exposure to Missouri
The Show Me State passed legislation enabling residential and commercial PACE financing in 2010; however, Renovate America only started funding assessments through the Missouri Clean Energy District three months ago, in August 2017.
Diamond Resorts ups reserve accounts for timeshare ABS
The move convinced Kroll Bond Rating Agency to upgrade $95 million of securities, some of which had been under review for a possible downgrade for over a year; Kroll affirmed the ratings of another $63 million of bonds.
Moody’s: AT&T/Verizon JV a long-term negative for cell-tower ABS
The deal could put downward pressure on market lease rates and renewals in wireless tower ABS portfolios serviced by Crown Castle, American Tower, and SBA Communications.
By
Glen Fest
MassMutual pursues follow-up $801.5m equipment finance ABS
For the first time in five years, MassMutual has a second securitization within a calendar year backed by loans and leases to large corporates, including federal government agencies.
By
Glen Fest
Rabobank’s DLL readies debut equipment lease securitization
The deal, DLL Securitization Trust 2017-A, is unusual in that it is backed almost entirely by agricultural equipment; other lessors such as CNH and John Deere securitize a mix of agricultural and construction equipment.
Commercial aircraft lessor Wings making 1st trip to securitization market
The $480 million transaction is backed by 19 primarily narrowbody aircraft with a weighted average life of 7.2 years on lease to 17 lessees located in 14 countries.
Volvo prepping 1st equipment dealer floorplan securitization
The $300 million deal is a first for the Swedish manufacturer. Nissan also plans to issue as much as $1.25 billion of retail auto dealer floorplan notes.
PCL readies as-yet unsized premium finance securitization
In addition to insurance premiums, borrowers in the pool use the loans for annual membership fees of sport or leisure facilities or professional bodies.
Tesla (SolarCity) returns to leases for next solar securitization
While the company still relies heavily on sales of solar panels, these purchases are now funded by third-party lenders, rather than in-house.
Renew’s next PACE deal includes prefunding account
The latest deal features slightly higher exposure to Florida, where Renew has not been operating as long as it has in California.
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