Avis fleet leases back $566.4 million in asset-backed securities
The vehicles comprise the overcollateralization (OC), because of a highly liquid secondary market for them. That OC rate will shift according to the fleet mix.
ABS
Jason Brooks leaves Janus for Forum Investment Group
At the Denver firm, Brooks will expand its capabilities in real estate lending and structured finance.
Kentucky Power raises $477.7 million from utility recovery bonds
Non-residential customers accounted for about 56.4% of Kentucky Power's revenue, a potential credit risk because it is closely tied to business cycles.
Willis Engine Structured Trust raises $596 million in aircraft ABS
Willis Engine Structured Trust, VIII, sells its fixed-rate notes through two tranches, all with a legal final maturity date of June 2050.
Applebee’s, IHOP aim to raise $1 billion in whole business ABS deal
Several features, including a couple of cash trapping mechanisms and a rapid amortization feature, help maintain cashflow to the notes.
Stream Innovation to tap market for $242.8 million
Stream Innovation 2025-1 also has a two-month prefunding feature, and during that time the $199.6 million in receivables is slated to expand to $249.6 million.
M&T prepares to raise $673.6 million from equipment contracts
There are 22,704 contracts in the collateral pool, which lends itself to high diversification. The top 5 obligors account for just 0.4% of the pool.
Zayo Issuer to sell $1.5 billion in ABS, secured by fiber network contracts
Zayo's second securitization overall has several cash-trap and sweep triggers, including a 50% cash trap period that keep cash flowing to the notes.
SunStrong aims to raise $253.8 million from residential solar loan revenue
SunStrong Issuer also includes a sequential amortization trigger. Should the cumulative default level exceed the applicable trigger level.
SKY entities set out to raise $503 million from aircraft leases
SLAM has debt service coverage ratio (DSCR) triggers and a utilization test in the structure to help maintain cashflow and support credit in the notes.
Janus, Guardian’s $45 billion partnership to push fixed-income product innovation
Guardian's contribution includes up to $400 million of seed capital that Janus Henderson will invest in securitized credit and active fixed-income product innovation.
By
Amilda Dymi
Consolidated Communications raises $2 billion in ABS from fiber network contracts
Residential, business and carrier customers represented 37.2%, 32.8% and 30.0%, respectively, of revenue from the last 12 months.
Healthcare related securitization bonds from Oxford Finance to raise $390 million
Oxford requires that 91% of the supporting loans have interest payments on a floating rate index or a floating rate option, but new loans face requirements to mitigate the risks of yield shortfalls.
Hedge fund association in talks to aid pooling of European defense loans
The goal is to address an existing "bottleneck" in financing for small and mid-sized enterprises (SMEs) in the defense industry.
PK ALIFT raises $728 million in aircraft and engine loans
The rating agency said 82 of the 114 loans, representing 76.4% of the portfolio's value, have final balloon payments.
Kapitus Asset Securitization set to raise $250 million
At any point during the revolving period, the issuer might upsize the current notes to a $500 million limit.
Carlyle nears bond sale tied to Keith Urban, Katy Perry music rights
The deal taps into insurers' growing demand for long-dated private credit investments. More than a dozen investors, are set to participate in the transaction.
Dell Equipment raises $1 billion on equipment leases
Among its structural strengths, DEFT 2025-1 includes a non-declining reserve account representing 1.0% of the pool balance.
Upstart offers $320 million from consumer loan assets
The capital structure includes amortization triggers based on cumulative net loss levels and material modified loan ratios.
Aqua Finance prepares $373.4 million deal
The sponsor launches the deal after a period of increased originations in marine and recreational vehicle loans, will secure the notes.
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