Blue Owl Asset Leasing 2024-1 issued $278 million in equipment ABS
Blue Own Asset Leasing's notes benefit from a reserve account representing 1% of the pool balance, overcollateralization, and a senior-subordinate repayment structure.
Esoteric ABS
Cars, planes and restaurants boost asset-backed debt sales to highest since financial crisis
The heavy issuance partly stems from banks offloading loans from their books ahead of new capital rules.
Regulatory glitch amendment expected to boost C-PACE financing in NYC
Local Law 79 affects roughly 15,000 commercial real estate buildings in New York City, a market ripe for securitization.
By
Amilda Dymi
GoodLeap prepares to issue $378 million in sustainability home loans
The notes receive credit enhancement from overcollateralization, and an initial reserve.
Hipgnosis to sell $1.47 billion of bonds tied to music royalties
An independent valuation said that the total catalog is worth about $2.36 billion, based on projected cash flow from the assets. More than 70% of the songs were released more than 10 years ago.
Mulligan Funding returns to sponsor second ABS from business loans
The $120 million deal is larger than the inaugural transaction from 2023, and includes expandable notes, plus a 36-month revolving period.
Concord returns to raise $850 million to refi music royalty bonds
Further, the assets have a loan-to-value ratio of about 52%, with a cashflow that can withstand large haircuts.
Aircraft debt sales are rebounding after Russia plane seizures
Sales of airplane leases bundled into bonds have climbed to more than $5 billion this year, from around $1 billion in 2022 and 2023.
Americor debt management loans to secure $105.9 million in ABS
All the notes, which are fixed rate, have an Aug. 18, 2031 final maturity date, DBRS said. The transaction will repay investors sequentially.
Renew Financial Group securitizes $159.2 million from PACE loans
Credit enhancement on the notes includes 3.5% in excess spread, subordination of the class M notes equaling 3.%, and a liquidity reserve that will equal 0.45% of the closing PACE assets balance.
Aqua Finance raises $450 million in ABS from consumer installment loans
Marine and recreational vehicles account for 64.7% of the pool, with home improvement accounting for the rest. The A, B, C and D notes benefit from total initial hard credit enhancement levels of 37.7%, 27.2%, 17.5% and 7.5%, respectively.
Elective procedure loans secure $250 million in ABS from Cherry Securitization
This is the inaugural deal from Cherry Technology, formerly known as Mason Finance. Its capital structure includes a 24-month revolving period and a strong contingent of credit enhancements.
Marriott Ownership Resorts offers $445 million in timeshare loan ABS
For one, the deal is expected to include only Japanese foreign obligors—historically strong and comparable to U.S. obligors—from the pool of 9,333 loans.
Navigator Aircraft returns to raise $497 million in aircraft ABS
After a three-year absence, the deal will issue notes repaid from a pool of leases on 22 refinanced assets. Almost all the assets are narrowbody aircraft, representing 87.9% of the pool by value. One widebody accounts for 12.1% of the asset value.
Fintech Cherry pitches bond tied to buy-now, pay-later cosmetic surgery loans
The San Francisco-based startup is working with Barclays Plc on a potential health care asset-backed deal in the broadly syndicated market and has started lining up investor meetings.
SBA Tower Trust returns after two years to raise $1.8 billion
Strong fundamentals like strong contractual cashflows, a favorable outlook for the wireless sector and the underlying mortgage structure all support positive credit to the notes.
Verizon Master Trust, series 2024-6 and 7, issue $800 million
Across both deals, the class A notes have total initial hard credit enhancements of 19.25% of the pool balance. Class B notes benefit from 13.00% in total hard credit enhancement, and class C notes benefit from 9.25%.
TGI Friday’s loses control of assets following document delay
A manager termination notice was issued Tuesday involving a $375 million asset-backed security sold in 2017 and backed by most of TGI Friday's revenue-generating assets.
Credabl ABS issues $235.1 million from Aussie healthcare equipment notes
More than 91.7% of the portfolio loans were extended to dentists, general medical practitioners or veterinary surgeons—considered prime obligors.
Wingspire Equipment makes its ABS debut, raising $201.4 million
Since 2019, the portfolio has recorded five defaults—driven by bankruptcies—and each was resolved with a 100% recovery rate, Fitch said.
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