CNH Equipment Trust seeks to raise $1 billion in notes
Revenue from agricultural and construction equipment will secure the notes, which get a boost from a spread account and overcollateralization.
ABS
Harley Davidson returns to tap the market for $552.3 million in ABS
Credit enhancement to the class A notes includes a non-declining overcollateralization of 4.75% of the initial adjusted pool balance, and a non-declining reserve fund of 0.25% of the initial adjusted pool balance.
RBC moves with job cuts on U.S., Canada capital markets desks
Canada's largest bank last month said it plans to cut as much as 2% of its full-time equivalent staff in the coming quarter after a surge in expenses weighed on third-quarter results.
CLOs desperate for collateral are loading up on junk bonds
CLOs are turning to another type of debt — junk bonds — for the security packages that underpin the investment vehicles that are sold to insurers and pension funds.
Affirm Asset Securitization raises $750 million in notes
Backed by revenue from point-of-sale unsecured consumer loans, the upsized deal also features expandable notes.
Daimler Trucks returns to the securitization market to raise $830 million
Tractors make up the vast majority of the vehicles in the pool, 92.5%, while trailers, trucks and buses account for 4.1%, 2.3% and 1.1%, respectively.
Comments coming due for SEC’s PDA proposal and IOSCO’s good practices
The SEC could crimp effective investor communications, while IOSCO seeks feedback on 12 proposed "good practices" when operating in the leveraged loan and CLO markets.
By
John Hintze
Ford Credit set to raise $1.2 billion that could be upsized to $1.6B
Rating agencies say the A, B, C and D notes have about 29.0%, 23.8%, 17.3% and 14.0% in credit enhancement, respectively, while A, B, and C notes enjoy a 15.9%, 10.6% and 4.0% in subordination.
The bond market has never sounded recession alarms for this long
Optimism may be building that the Fed is poised to steer the economy toward a soft landing, but Treasury market has delivered what is widely understood as a starkly different message: The economy is veering toward a contraction.
Pagaya Structured Products sponsors another $267.7 million
The notes benefit from a step-up event concerning class D. If an optional redemption does not occur in the expected redemption date, then the interest rate on the class D notes will increase by 3.0%.
New CLO managers eye $1.3 trillion market, betting on return
The renewed interest in CLOs, which repackage leveraged loans into bonds of varying risk and size, comes after a very slow year for the market.
Verizon Master Trust, with two series, seeks to raise $1 billion in notes
Virtually all of the attributes in VZMT 2023-5 and 2023-6 are identical, such as the statistical cutoff date (August 7), aggregate principal balance ($23 billion) and weighted average (WA) remaining installments, 26 months.
Dealer floorplan credit set to secure $300 million from Navistar
The distribution of dealers among the top categories have improved, while the floorplan loans have monthly payment rates that are at record highs.
Blackstone says private credit is coming for asset-based debt
Some buyers such as insurance companies tend to prefer longer duration to match their liabilities. That dynamic has also made asset based finance much more important
John Deere Owner Trust returns to raise $1.2 billion
One potential credit drawback is that 25% of the pool finances construction equipment loans.
Monroe Capital Income to issue $186 million on middle-market loans
The trust will repay notes through a $160.7 million, floating-rate class benchmarked to the three-month Secured Overnight Financing Rate (SOFR), and a $25.1 million of fixed-rate, class B.
Wall Street reels from painful month as winning trades sour
Among the winners: Hedge funds betting that bond yields will rise anew. It's clear that Jackson Hole's hawkish message has been received loud and clear.
Non-QM, aviation prospects to emerge despite recession watch
After a challenging 2022, fund flows reverted to positive territory in 2023 even though higher interest rates and wider spreads have considerably reduced the supply of securitized product.
By
Amilda Dymi
LibreMax’s main fund gains 6% after volatile first half of 2023
The fund gained about 4% in the first half of last year. Separately, LibreMax has raised $1 billion across two other funds, the LibreMax Core Fund and LibreMax Dislocation Fund.
Inside Sunnova Helios’ planned issuance of $242.7 million in solar residential loans
Some $400.4 million in residential loans will secure the collateral pool, virtually all of which, 99.2%, were originated on 25-year terms.
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