Evercore sees once-niche fund-stake debt surging to $30 billion
The market for so-called collateralized fund obligations could top $30 billion of new volume this year, up 50% from last year.
Securitization
GreenSky’s deferred home improvement loans support $500 million
The deal has a two-year revolving period, scheduled to end in June 2028, when collections from the asset pool can be used to purchase new economic participations.
Modernized credit scores gain traction despite operational hurdles
As lenders explore the adoption of FICO 10T and VantageScore 4.0, setbacks and data limitations remain.
ALLOs latest master trust series raises $824.4 million
Three tranches of notes will be issued to investors, and the A2 tranche will issue the bulk of the debt, $613.7 million. Also, the notes have an anticipated repayment date of June 2031.
GSE loans shift to private label for better returns
Lenders are finding better economics by placing agency loans into private-label securities, depending on the particular situation.
Without GSEs’ bond buying, mortgage rates may be even higher
Secondary market experts are split on whether the Fed's next move will be a rate decrease in 2027 or an increase, as more observers are now thinking.
Splitero’s home equity investment contracts back $275 million in ABS
The cumulative advance rate on the notes include range from 68.5% and 87.7% on the A1 notes and A2 and A notes, respectively.
Carvana’s latest auto ABS raises $1.1 billion
S&P sets an estimated cumulative net loss of 2.85% for the CRVNA 2026-P2 notes, unchanged from the CRVNA 2026-P1, because the collateral characteristics were unchanged.
BNY and Snapdocs announce digital mortgage document handling initiative
On an end-to-end basis, the joint initiative delivers collateral without relying heavily on manual transfers as loans are settled, then transferred between institutions.
Equipment contracts back Channel EF, raising $204.8 million in ABS
Notes will amortize sequentially to allow cash to be released to the issuing entity on a limited basis if it maintains the overcollateralization target.
Deutsche Bank, Santander test world bank’s risk transfer engine
The International Finance Corporation, has agreed to insure the credit risk on a $500 million portfolio of trade finance tied predominantly to low-income and conflict-affected countries.
Groundfloor’s consumer loan venture is in a $3 million capital raise
Consumer Credit Portfolio II is not a securitization, but Groundfloor is known for two deferred-pay residential transition loan ABS that are paying investors higher premiums than rated RTLs.
Mexican fast-casual franchisor Qdoba raises $442.2 million in ABS
If principal and interest DSCR falls below 1.75x, then 50% of all excess cash flows will be deposited into the deal's cash trap reserve account.
Eclipse Aircraft taps the capital market for $415.5 million
The underlying asset pool is heavily concentrated in narrowbody aircraft models, mostly A320-200s, with large, in-service fleets and broad operator bases.
Sequoia Mortgage prepares $507.1 million in prime RMBS
Despite the quality of the pool's underlying loans, the pool has a large proportion of investment properties, 76.7%, which are susceptible to higher default probabilities.
Affirm prepares to raise $548.9 million from consumer loans
The deal features a principal acceleration trigger. If breached, the transaction will divert all additional funds to paying down the principal on the notes.
Westlake Automobile’s latest ABS raises $1.4 billion
The transaction comes to market with initial hard credit enhancement levels of 33.60%, 22.90%, 13.50% and 8.65% across the subordinate tranches, higher than the previous deal.
Authority Brands gets set to float $461 million in ABS
The A1 VFN tranche is a variable funding note whose proceeds can be used for general corporate purposes, including acquisitions.
Aspire prepares to sell $450.6 million in ABS
An array of unnamed originators accounted for the large majority of originators in the pool, 89.3%, the rating agencies said, while Hometown Equity Mortgage originated 10.7% of the pool.
Iran war fears push Angel Oak REIT to Q1 loss
Economic uncertainty weighed on risk appetite, but the current performance of the non-QM market is "durable," Angel Oak leaders said in an earnings call.
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