Sandwich chain Subway’s bond sale for buyout eyed for next week
The size of the debut deal, led by structuring advisors Morgan Stanley and Barclays Plc, hasn't been determined.
ABS
CFPB orders student loan debt consolidator to shutter, pay fines
Western Benefits Group initiated contracts with student loan borrowers extracting monthly fees upfront, while claiming to negotiate debt consolidation through a supposed affiliation with the Department of Education, the CFPB said.
Verdant Receivables plans to float $319.7 million in notes
An independent third-party company will provide the primary servicing, and the industry and equipment diversification levels are strong in the pool.
Franchise Group results slide as firm looks for ways to cut debt
The owner of brands such as Vitamin Shoppe and American Freight told investors revenue showed a double-digit drop from a year earlier. Franchise Group is planning to cut debt and exploring securitization within its Pet Supplies Plus business, the people said.
Harley-Davidson revs up $607 million in asset-backed bonds on motorcycle contracts
The concentration of borrowers with FICO scores below 700 decreased to 12.13% of the pool, and the contingent of managers and lead underwriters is much longer on the series 2024-A notes that it was on the series 2023-B.
SMBC Nikko’s CLO growth strategy pays off
The Japanese banking giant's sub foresees vibrant 2024 and expanding CLO interest from Asian investors.
By
John Hintze
Nomura targets 20% revenue growth from global markets arm
Macro, credit and securitized products and equities will each contribute 25% to 30% of the growth, with the remaining 15% coming from wealth management.
FTC issues worker non-compete ban as chamber lawsuit looms
The high-stakes legal showdown comes three years after President Joseph Biden signed an executive order encouraging the FTC to limit non-compete agreements, which affect roughly one in five Americans.
Hilton Grand prepares to float $240 million in timeshare loans
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
Velocity Capital Commercial Loan prepares to float $295.1 million
The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
Verizon Master trust raises another $750 million on mobile device payments
That the underlying contract holders prioritize using their smartphones and other mobile devices suggests that they are likely to prioritize payments related to those products.
UBS ends Apollo Management deal struck by Credit Suisse
The revised deal also ends a transition service agreement that Credit Suisse had entered into shortly before it collapsed into the arms of its larger rival.
Kalamata Capital Group prepares inaugural securitization
Two tranches of class A and B notes will raise $80 million from investors, to support Kalamata's business financing small business loans and merchant cash advances.
Foreign appetite for Canada public debt highest since 2021
C$14.1 billion in purchases of federal government debt led the foreign inflows, as well as a C$6.6 billion investment in securities of government corporations and business enterprises.
John Deere sets out to raise at least $1 billion in equipment ABS
The transaction could be upsized to $1.3 billion in issuance, supported by fixed-rate loans on mostly new agricultural equipment.
NextGear Floorplan Master trust prepares to float $382.1 million
Diversification is just one of the deal's strengths, which includes higher excess spread than comparable floorplan transactions. The largest dealer accounts for 0.72% of the pool balance.
Avis prepares to float $250 million supported by rental car fleet
If the proportion of non-program vehicles increases, or if the proportion of vehicles from non-investment grade manufacturers increases, then credit enhancement levels will rise.
Wells Fargo sells $500 million in prime ABS from card receivables
The weighted average (WA) credit line was $10,874, which Moody's said is low relative to other large card issuers, and in fact 69.5% of the pool has a credit limit of $10,000 or more.
BHG securitizes a pure consumer loan pool—its first—raising $273.3 million
The collateral pool has 2,701 loans, which have a WA original term of 91 months, and an average balance of $76,737, and an average rate of 17.26%.
Wall Street to follow Canada’s hot risk transfer trade
Exposure to synthetic securitizations has more than doubled over the last two years, swelling to C$86.6 billion ($64.2 billion) at the end of the last financial year, from C$40.3 billion in 2022.
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