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GC Asia
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BHG preps second healthcare loan ABS
Bankers Healthcare Group (BHG) is returning with its second securitization backed by loans made to high-earning medical professionals. The healthcare consumer lender is expected to see its newest deal well subscribed, considering its popularity last year and its relatively high yield ranging from 2% to 5%.
19 Apr 2021 -
Biden infrastructure plan boosts equipment ABS outlook
The $2tr infrastructure plan proposed by president Joe Biden is now under review in Congress, where it is expected to go through a process that will reduce its scope and size. The comprehensive terms of the bill include plans to create millions of jobs in agriculture and construction, which will serve as a boon to the equipment ABS sector.
15 Apr 2021 -
Diamond prices timeshare ABS as domestic travel prospects improve
Diamond Resorts returned to the securitization market after a two year hiatus, pricing at one of the tightest spreads the issuer has seen to date all across the capital stack. Sources say they attribute the tight spreads to improving prospects for domestic travel, as consumers are looking to scratch their pent up urge for leisure travel by visiting nearby hotels rather than go abroad.
14 Apr 2021 -
DBRS Morningstar launches esoteric finance team
DBRS Morningstar launched a group dedicated to esoteric finance in an effort to expand its rating operations into other asset classes, ranging from future flow structured finance to esoteric or innovative RMBS. The news comes at a time when appetite for esoteric asset classes is growing rapidly and market participants are seeking a way forward beyond existing esoterics that lack yield.
13 Apr 2021 -
Bellwether adds mortgage expert from CBRE
Bellwether Asset Management hired Cara Leonard-Munn as senior vice president of the debt asset management division, which oversees a wide range of real estate debt investments including private loans and public securities.
12 Apr 2021 -
Marketplace lenders break into auto lending
Marketplace lenders are breaking into the auto loan industry, continuing to move far beyond the unsecured consumer loan products they began with. The move is driven by fintechs leveraging their technologies and client bases developed through their consumer loan products to open up new channels of income, sources say.
08 Apr 2021 -
Domino’s serves up whole biz ABS
Domino’s Pizza is preparing a new ABS transaction which will fund a shareholder dividend, as well as refinancing a portion of its outstanding securitization debt. With US consumer spending quickly recovering, most whole business ABS paper has become very expensive, making it less of an attractive option for investors looking for high returns, sources say.
06 Apr 2021 -
Morgan Lewis grows structured finance team with two partners
Morgan Lewis has added Steven Becker and Alex Velinsky to its structured transactions team, bolstering a practice the firm has been growing recently. Both partners join from Hunton Andrews Kurth.
05 Apr 2021 -
Travel crisis kicks off consolidations in aviation
Investors are expecting the wave of consolidations in the aviation sector to continue beyond the GECAS-AerCap merger as smaller lessors look for ways to survive and bigger players seek for investment opportunities. The most recent example is Carlyle Aviation’s acquisition of Fly Leasing, another deal that highlights the monumental changes occurring within the aircraft sector in the midst of Covid-19.
01 Apr 2021 -
Subprime auto lending activity reaches new post-crisis low
Subprime and deep subprime auto lending activity has reached its lowest level since the 2008 financial crisis, as the pandemic forced lenders to take a cautious approach. But this has also helped soothe concerns market participants had about the resilience of the sector to another crisis. Tighter criteria has meant the quality of borrowers in subprime pools is improving, which should lead to better performance in subprime auto securitizations, sources say.
31 Mar 2021
