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Fortress agrees forward flow for €500m of unique assets
Aviation loan ABS senior spread at 105bp over
Cash SRT pipeline fires up earlier than usual
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A study by DBRS, published this week, shows that residential Property Assessed Clean Energy (PACE) loan delinquency rates have been consistently lower than those on residential property taxes, dispelling some of the uncertainty up around borrower repayments in the budding sector.
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The US securitization industry is heading to Las Vegas next week for the industry’s largest annual gathering. Fittingly, securitizations backed by the city’s casinos are on the rise, although industry pressures pose growing concerns for the market, wrote Kroll analysts in a note on Thursday. -
Lending Club executives said on a Tuesday earnings call that the company may look to sell the residual notes retained from a December 2017 securitization, and indicated the company’s intent to grow its Club whole loan certificate program.
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Interest rate risk has become the driving concern among ABS investors, with data showing on Wednesday that investors are increasingly shifting into floating rate CLO, agency CMBS and agency credit risk transfer bonds, with further rate hikes on the horizon.
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Marketplace lending data company PeerIQ and Cross River Bank announced a partnership on Tuesday to launch a loan buying service for banks and institutional investors looking to access the online lending sector.
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Wireless carrier Sprint sold a larger than expected $1.5bn eight year high yield bond on Tuesday. The company also clarified that its outstanding spectrum-backed ABS bonds do not conflict with covenants on its existing high yield bonds, before an anticipated new slug of paper from the securitization shelf.
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The $4.5m rap on the knuckles for Deutsche Bank’s CMBS trading desk for taking advantage of an opaque system of secondary trading should come as no surprise. The market revels in its lack of transparency, so don’t expect change any time soon.
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Macquarie Group is seeking to hire a US ABS director for its credit markets team as it looks to grow its presence in US esoteric ABS sectors, including whole business, marketplace lending and renewable energy finance.
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Global Jet Capital, a private aircraft financier, has revived a securitization backed by a portfolio of aircraft leases and loans that the company scuttled late last year.
