While DBRS maintained a rating of AA for the Lendmark Financial's first ABS of 2018, S&P issued an A rating after estimating higher net losses on the underlying subprime accounts.
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Fitch Ratings, which has only rated two other CRE CLOs over the past three years, joins Moody's Investors Service and Kroll Bond Rating Agency on the $514.2 million transaction.
June 6
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The volume of "true" new-issue CLOs (excluding reissued deals of existing collateralized loan portfolios) have declined for four consecutive months after February's high-water 2018 mark of $14.7 billion. But JPMorgan maintains its $115 billion-$130 billion annualized forecast.
June 6
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Blame the decline in the oil and gas industry; many 2014 vintage deals have exposure to a number of multifamily and hotel properties in North Dakota and Texas, according to Fitch.
June 5
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Exempting CLOs from “skin in the game” rules allows managers to unload more of the risk in these transaction; increasingly, they are doing this by issuing a second tranche of speculative- grade notes.
June 5
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Since its inception, the qualified mortgage rule has been synonymous with loans purchased by Fannie Mae and Freddie Mac or guaranteed by government agencies. But a broader QM definition could change that by creating more competitive private-label options.
June 5
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Democratic CFTC commissioner Rostin Behnam said Monday that the proposed changes to the proprietary trading ban go too far.
June 4
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Anticipated changes to the qualified mortgage rule will give lenders more options and force them to rethink their views on risk.
June 4
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For the first time, the collateral includes lease contracts from its standalone Genesis luxury sedan line; two models, the G80 (base price $41,000) and G90 (base price $68,000) account for 4% of the total pool balance.
June 4
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Both Fitch Ratings and Kroll Bond Rating Agency expect to assign a single-A ratings to the senior tranche of notes to be issued; the sponsor’s prior four deals were rated by Kroll alone.
June 4
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The subprime lender could lose a big partner now that Fiat Chrysler has officially announced it will form its own auto finance unit, and the two are negotiating an end to their 6-year-old relationship.
June 1
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The $900 million transaction consists of a mix of fixed- and floating-rate bonds backed by receivables from inventory financing payments of primarily BMW, MINI and Rolls-Royce dealers.
June 1
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Despite a steep drop in average FICO and increase in extended-term loans, DriveTime is shaving overcollateralization levels thanks in part to improved performance from its outstanding securitization portfolios.
June 1
