Treasury yields retreat from 2024 highs with month-end in view
Treasury yields retreat from 2024 highs with month-end in view
ABS
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.
Evegy Missouri West plans to raise $331.1 million in utility bonds
The deal has a relatively high exposure to commercial and industrial customers. Non-residential ratepayers account for 55% of its customers and about 47% of its revenue.
Ford Credit markets $1.1 billion in prime auto ABS to investors
Like a growing number of auto ABS deals, the pool has more battery electric vehicles, which represent 10.6% of the pool, compared with 3.8% on the previous deal, FCAOT REV 2023-1.
Lingering inflation risks keep Fed officials in wait-and-see mode on rate cuts
The risk that inflation could remain stuck above their 2% target is guiding Fed officials' preference to keep interest rates where they are for now, even as investors have clamored for cuts.
Kubota Credit prepares to sell $857.2 million in equipment notes
Consumer obligors represent a slight majority of the pool, 54%, while loans to commercial obligors represent the remaining 46%.
A diverse pool of fleet leases backs $629.7 million in ABS from ARI 2024-A
Just one previous transaction had experienced a loss, the rating agency said. That was the ARI 2021-A, and that transaction experienced a loss of just 0.02%.
Wellington exec on private credit’s growth in CLOs, amid return to broadly syndicated loans
Alyssa Irving sees bright production prospects for 2024 for a range of securitization assets, as the industry awaits rate cuts.
By
John Hintze
CNH Capital Canada Receivables Trust looks to sell $398.4 million in ABS
CCCRT 2024-1's pool is fragmented by obligor, with the top obligor, for instance, accounting for only 0.84% of the pool by balance.
Virginia Power prepares to sponsor first utility ABS, raising $1.2 billion in ABS
The VPFS trust offers two AAA-rated, class A tranches to investors, which have legal final maturity dates of May 1, 2029 and May 1, 2033.
Amur Financial gets set to raise $406.3 million in asset-backed bonds
Early pricing talk for the notes ranges from 26-28 basis points over the three-month interpolated yield curve on the A1 notes, putting it at par.
Q&A: Jennifer Villa on how a turbulent aviation market rebound couldn’t clip Ashland’s ABS
Her deep industry roots and risk-based approach running a $22 billion business informed her lending and inaugural securitization issuance.
By
Amilda Dymi
U.S. Treasury seen boosting long-term debt sales one last time
The Treasury Department is expected on Wednesday to follow through on its November guidance of a third round of increases in its so-called quarterly refunding auctions of notes and bonds.
Reach Financial sets out to raise $236 million in ABS
The class A notes to price between 150-160 basis points over the three-month interpolated yield curve. The class C notes might also price within a range of 300-325 bps over the 3M I-Curve.
MassMutual sponsors a $1.1 billion equipment finance deal
A substantial majority of obligors have investment-grade credit qualities and that, payments from the U.S. government account for the largest concentration, 26.75%.
Hewlett-Packard Financial to raise $895.2 million in ABS
Credit to the notes is bolstered by a cash reserve account, funded at closing, that equals 1.00% of the initial discounted contract balance, as well as annual excess spread amounting to 1.76%
Stubbornly high rates will keep spreads wide for longer, say credit portfolio managers
Global financial market euphoria over the last two months of 2023 is overdone, according to members of the International Association of Credit Portfolio Managers, who expect inflation, rates to stay elevated.
Mortgage investor JER files for bankruptcy, is latest property firm to crash
The real estate investment trust — which counts the private equity firm C-III Capital Partners among its top shareholders — owes more than $100 million to creditors but has less than $50 million of assets, according to a Chapter 11 petition.
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