Yamaha Motor raises $400 million in ABS from dealer floorplan credits
The benchmark on the class A2 could change under certain circumstances, and the maximum allocation to the A2 notes will be 50% of the overall size of the A class.
Securitization
Basel III proposal could boost CMBS demand
Basel III recalibration cuts commercial real estate risk weights, unlocking $100 billion in bank lending capacity.
Hyundai returns to raise $1.2 billion from prime auto leases
Recent securitizations have seen a shift toward sport-utility, crossover utility and electric vehicles, as well as higher concentrations of the Kia and Genesis brands.
Adriana Schwartz joins Seward Kissel as partner
Schwartz advises clients on convertible 144A offerings, as well as private investments in public and private companies.
Data center ABS Iskandar and Kaveh bring to market, raising $1.4 billion
Iskandar and Kaveh have a liquidity reserve of about $16.3 million at closing, and a cash-trapping trigger if the three-month average class A debt service coverage ratio (DSCR) falls below 1.45x.
Fiber network provider Zayo Group’s latest ABS floats $2.3 billion
Zayo Issuer, series 2026-1 and 2026-2, uses a master trust structure that will initially issue five tranches of classes A, B and C notes, and can issue additional classes if they meet certain conditions.
Sallie Mae raises $2.3 billion in SLABS from its Smart Option pool
The deal will issue floating-rate notes, through the A-1B tranche, while underlying variable-rate loans are pegged to either CME Term SOFR or the 30-day average SOFR.
Clarus Capital’s second equipment ABS deal will offer $310.1 million
The sophomore outing follows a similar structure as the Clarus 2024-1, with six tranches of class A, B, C, D and E notes. The A2 tranche will issue the bulk of notes, $165.4 million.
Bond rally fades as Iran says ceasefire violated
Oil remained lower by more than 10%, but the benchmark two-year Treasury note, erased its gain for the day, to yield about 3.79%.
Dell Equipment’s latest ABS to raise $1 billion
The public and large institution segment make up 89.7% of obligors, up from the 87.7% seen in DEFT 2025-2, an increase that was driven largely by an increase in the large enterprise institution segment.
Phillips 66 sees nearly $1 billion in losses as oil prices surge
It has since drawn a new $2.25 billion 364-day term loan and upsized another securitization facility from $1.25 billion to $1.75 billion.
GMCAR set to issue securitization backed by prime retail auto
Loans with original terms longer than 60 months now represent 71.7% of the pool, up from 70.4% in the prior deal.
Increasing non-qualified mortgage delinquencies remain within bounds
Losses stemming from the 2022 vintage have been offset by excess spread, while cure and roll rates signal caution.
By
John Hintze
JP Morgan’s pool of hybrid mortgages backs $349.2 million in RMBS
All 244 underlying loans initially had a period of fixed rates between 60 and 120 months at origination and are currently ARMs, although none are interest-only.
Santander plans SRTs on UK, US loans amid acquisition spree
Banks have latched onto risk transfers in record numbers to gain regulatory relief that paved the way for new lending, acquisitions or shareholder payouts.
GoodLeap raises $408.9 million in ABS from home improvement portfolio
The deal increased its initial credit enhancement levels across the board, with the A-, BBB and BB- notes benefiting from levels of 21.89%, 1.89% and 5.74%, respectively.
Sallie Mae’s latest ABS deal raises $1.5 billion
Loans originated under Sallie Mae's Smart Option loan program, which have demonstrated significantly lower default rates compared with those from the Signature program, make up the entire collateral pool.
The latest RMBS from HOMES raises $386.8 million
Full documentation was completed on just 17.9% of the pool, Fitch said, while bank statements and debt service coverage ratio (DSCR) account for 17.6% and 28.0%, respectively.
BX 2026-ALOHA issues single-borrower $1.2 billion, CMBS deal
The mortgage's proceeds, with $518 million of cash equity contributed by the sponsor, will also be used to buy Hawaii-based Alexander & Baldwin, a commercial property REIT.
Westgate Resorts raises $207 million in timeshare ABS
The deal structure includes credit support from a full turbo structure. All excess cash flow will be used to repay note holders without the issuer receiving excess spread until the notes are fully repaid.
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