Commercial Equipment Finance sells $110 million in securitized contract revenue
The deal will have a four-month prefunding period, and during that time the originators can originate and sell up to $13.6 million of additional contracts.
Esoteric ABS
HINNT raises $400 million in timeshare loan ABS
The underlying loans have a (WA) FICO score of 734 across the statistical pool on the current deal, after coming in at 729 score seen on the previous deal, the HINNT 2022-A.
Hedge fund veteran pitches first-ever CO2 risk transfers
Such structured products would be the latest in a string of innovations that includes everything from debt-for-nature swaps to novel use of carbon offsets.
KKR leads $500 million debt deal for HarbourView music royalties
KKR has been rapidly seeking to expand its asset-based financing business, which has about $48 billion in assets since starting up in 2016.
Sustainable home improvement loans backs $437.1 million ABS from Cross River Bank
Vervent acts backup servicer, which will first make pro rata payments to the administrator and servicers. Then CRB 2024-1G will repay interest and principal to investors on a senior-subordinate basis.
Purchasing Power seeks to raise $200.3 million in payroll advance loans
A vast majority of the pool, 86.9%, are contracted to be paid over 12 months. The remaining receivables are paid over six to 18 months.
GoodGreen sells $126.7 million in its first 2024 PACE deal
The collateral pool has some 2,950 assessments. They have a WA original term of 26.39 years, an assessment loan-to-value ratio of 6.26%, and a mortgage LTV of 44.50%.
Risk models behind world’s best hedge fund strategy are getting a lot harder to crack
Calculating catastrophic risk is more complex than it used to be, because there's a growing concentration of property in areas that are prone to increasingly frequent storms, fires and floods.
Sunnova launches sales totaling $435 million in solar panel finance ABS
Two trusts, the Sunnova Sol VI 2024-1 Issuer and the Sunnova Helios XIII, 2024-A will issue the notes, both with Atlas SP at the helm.
TIC builds a securitization program with a $114.6 million transaction
Time Investment Company, a first-time issuer, offers loans that mostly finance home water treatment systems, and its customers approach prime quality.
Kobalt Music Group debuts on the ABS market selling $266.5 million
Kobalt's notes benefit from an overcollateralization level of 35%, and a debt service reserve account initially sized to cover six months of fees and interest on the notes.
PFS prepares to issue $650 million in insurance premium loans ABS
Most borrowers are small- and medium-sized companies that have a lot of incentive to service the debt from loans on property and casualty policies.
T-Mobile Financial gets a $561.3 million ABS for sale
Credit strengths include a relatively fast amortization period, which can reduce exposure to loss risks, plus a collateral pool composed of frequently used, affordable smart phones.
Cyber cat bond deals gain unexpected traction toward year-end 2023
Greater market acceptance of sophisticated models and attractive pricing prompted investors to seek more of the uncorrelated risk.
By
John Hintze
DLLST offers about $750 million in equipment ABS
The underlying leases have an average contract balance of $18,129. The top borrower accounts for 0.8% of the pool balance, while the top 10 borrowers represent 4.2%.
SERVPRO prepares to issue $495 million, largely from franchise revenues
The A1 and a2 notes receive interest on a pro rata basis, while, the A1 notes receive ultimate principal before the A2 notes, unless certain conditions are met.
Deutsche Bank taps investor syndicate for $227.5 million in TRAFIN 2023-1
The synthetic securitization leaves the assets on Deutsche Bank's portfolio—the originator and arranger—making the investor syndicate a critical risk counterparty.
Michigan electricity provider CMS Energy Corp to sponsor $646 million in ABS
The securitization charge is starting from a low point, which represents about 1.9% of the total monthly electricity bill, while the ratepayer base is diverse and economically stable.
Equipment finance provider Auxilior Capital debuts in ABS with $386.4 million
All of the class A notes have total hard credit enhancement levels of 22.35%, and notes have legal final maturity dates ranging from Nov. 15, 2024 through Dec. 15, 2032.
Affirm prepares to raise $406.6 million from investors secured by point-of-sale financing
The notes benefit from subordination, overcollateralization, a reserve account and excess spread. Nelnet Servicing is also on the deal as a backup servicer.
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