The $369.38 billion offering brings total issuance under the Long Island Power Authority's current authorization to $4.5 billion. It is funded by an additional restructuring charge levied on residential customers.
The $605.5 million transaction is notable for its exposure to turboprops, which are noisy and uncomfortable, but can be more fuel efficient on shorter flights, and to emerging markets.
Moody's notes that the practice masks the actual performance of the equipment lessor's recent securitizations; the rating agency has increased its expectation for cumulative net losses on the latest deal by 25 basis points, to 2.75%.
The allure of promised savings persuaded most Chicago City Council members.
The deal does not even merit a BBB-plus, according to Fitch, which cites insufficient credit enhancement, exposure to high-risk obligors, and the servicer's lack of experience.
At $307.5 million, the deal is more than twice the size the sponsor's initial transaction completed in February; it includes a prefunding account, which could introduce drift in the credit quality of the collateral.
The investment arm of Microsoft founder Paul Allen has also committed $100 million of funding to help CleanFund warehouse additional PACE assets that will eventually be securitized.
Fitch is comfortable that payment plans with terms of over 24 months are not being used for lower-credit obligors, as they are for some other kinds of consumer loans.
Most of the 181 jets used as collateral were acquired from GE Capital Corp. in 2015; proceeds from prepayments and liquidations can be used to acquire additional aircraft.
The $75 million deal is backed by financing for a variety of property types, including office buildings, manufacturing facilities and hospitals; it was privately placed with TIAA Investments.
On Friday, the U.S. International Trade Commission voted 4-0 that imported panels are crippling American manufacturers, giving President Trump until January to decide whether to impose tariffs.
Regulatory relief remains uncertain, but there's plenty to celebrate as some more esoteric asset classes, such as franchise fees and aircraft leases, move into the mainstream, while others, such as nonprime RMBS, are starting to revive.
The growth in securitizations in the esoteric asset class has drawn in more investors seeking long-duration high yield; that, in turn, is spawning more deals from new issuers filling the demand.
The bankers and lawyers who put these deals together have been working hard to broaden their appeal beyond insurance companies, the traditional buyers.
A bill to strengthen consumer protections for Property Assessed Clean Energy financing programs in California was approved by the Senate Monday and is headed to the governor’s desk for his signature.
The parent company of Dunkin' Donuts and Baskin-Robbins will use $733 million of proceeds to repay debt issued in 2015; the remainder will be used for general corporate purposes, including funding a dividend to shareholders.
The shipping container lease company is marketing $350 million of notes backed by its largest-ever portfolio of dry bulk container lease receivables.
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.
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