Risky borrowers discover doors are closing in bond, loan markets
The change in tone was obvious on Monday, when SBA Communications Corp. postponed the repricing of a $2.3 billion term loan.
ABS
Mariner Finance Issuance Trust raises $300 million in notes
The transaction includes a three-year revolving period, when collection proceeds can be used to purchase new assets. The revolving period can be terminated in an Early Amortization Event.
RFS gets set to raise $160 million in business lending assets
The notes are expandable so that at any time during that revolving period the issuer can upsize the notes, to a maximum of $500 million in the deal.
American Express Credit Account Master Trust raises $571.4 million
The class A and class B notes benefit from credit enhancement levels of 12.50% and 8.75%, respectively, and the class A notes benefit from the subordination of class B certificates.
Global Lending Services raises $280 million in notes backed by auto loans
Compared with transactions from other issuers with similar collateral characteristics, the underlying pool has a relatively higher weighted average FICO score, Moody's Ratings says.
Bravo Residential Funding Trust raises $243.62 million in RMBS deal
Fitch Ratings views home price values in the non-prime mortgage pool as being 11.3% above a long-term sustainable level.
CTA uncertainties remain as deadline looms
Securitizations face fewer complications under the Corporate Transparency Act (CTA) but missed filings can incur stiff penalties.
By
John Hintze
New equipment loans back $863.6 million note issue from Kubota Credit Owner Trust
High quality consumer loans enhance the collateral pool.
CarMax Select Receivables Trust to raise $625 million
The inaugural sub-prime auto loan ABS is primarily backed by used car and light-truck/sports utility vehicle loans.
Hometap raises $217 million in inaugural home equity investment securitization
The securitization from the Boston-based fintech was "significantly oversubscribed," according to the company.
Glacier Credit Card Trust raises CA$550 million for ABS backed by Canadian Tire
The deal benefits from excess spread, overcollateralization, and senior/subordinate enhancements.
Westgate Resorts plans to sell $205.9 million in timeshare notes
Westgate will repay principal on a pro rata basis, if there are no performance-related trigger events. Should a performance-based trigger event happen, the transaction will switch to a sequential-pay structure.
Mission Lane Credit Card Master Trust aims to raise $350 million
Initially, the reserve account starts at 0.0%, but it will be funded to either 1.00%, 2.00% or 3.00%, depending on the level of the notes' three-month average excess spread.
PK ALIFT Loan Funding gets set to raise $622.2 million in aviation ABS
The trust will repay on a pro rata basis each month until the collateral's aggregate principal value is 50% of the aggregate principal value of the collateral obligations at closing.
Stonebriar Commercial seeks to raise $806.9 million on U.S., Canadian assets
Class A notes benefit from total hard credit enhancement equal to about 31.50% of the portfolio balance, while enhancement levels range from 23.75% on the class B notes to 2.00% on the class G notes.
Janus’ AAA CLO ETF hits $10 billion asset milestone
Much of that growth appears to have happened since the beginning of the year. JAAA's AUM was $5.3 billion at the end of 2023, suggesting a 94% increase.
John Deere raises at least $1.4 billion through latest issuance
All the notes benefit from total hard credit enhancements built into the structure, representing 3.5% of the pool balance, which includes an initial reserve of 1.0%. and non-declining 2.5% in overcollateralization.
Affirm taps expandable note feature in 2024-A series, raising $500 million
The latest note sale is within the February securitization's two-year revolving period. It brings the total issuance to $1 billion and the notes have a maturity date of February 15, 2029.
Kirkland & Ellis gains Michael Urschel as partner over its Debt Finance Group
Urschel has covered complex esoteric asset-backed securities such as whole business, digital infrastructure and energy asset securitization. Chambers USA ranks Urschel in band 1 for whole business securitizations group.
Builder Vanke securitizes some private debt to delay payments
The existing notes, known as non-standard debt and held by insurers, were swapped this month into newly issued commercial mortgage-backed securities in equal proportions.
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