SolarCity Prices Third and Largest ABS

Despite its larger size of $201 million, pricing on the most recent deal of 4.026% was more favorable to SolarCity.

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Latest News

Credit Suisse Preps Third RMBS of 2014

– DLJ Mortgage Capital, a Credit Suisse subsidiary, plans to issue $363.6 million of securities backed by fixed rate residential mortgage loans; over half are designated as safe harbor, or qualified mortgages.

Rhode Island Refinancing $595M of Tobacco Settlement Bonds

– Fitch Ratings expects to assign a ‘BBB+’ to the Series 2014A and 2014B securities, which have maturities ranging from June 2015 to June 2049.

Ares Management to Issue $1.26B CLO

– Ares Management is readying a $1.26 billion collateralized loan obligation, according to presale reports published by Fitch Ratings and Standard & Poor’s.

Ford Prices $1.5B Auto Lease Securitization

– The$130 million class A-4 notes with a weighted average life of 2.26 years priced at a spread of 32 basis points over interpolated swaps.


Featured Articles

The Right Way to Regulate Overseas Swaps Trading

– Decisions about how to apply U.S. swaps trading rules abroad should be based less on fears of risk to the financial system and more on considerations of market integrity, according to attorney Timothy Karpoff.

Mosaic Eyes Securitization Takeout for P2P Solar Loans

– Solar finance peer-to-peer lender, Mosaic plans to finance solar panels via a solar loan platform that is, for the first time-ever, packaged with residential operations and maintenance (O&M) offered by Enphase Energy, a California based microinverter company.

New Investors Flocking to CLO AAA Paper

– While the Volcker Rule gets blamed for the sudden lull in CLO issuance in January and February, it’s now getting some credit for helping one aspect of the roaring comeback of collateralized loan obligations: the infusion of new primary investors in AAA tranches.

Trust-Preferred Investors Add Pressure on Deadbeat Banks

– Trust-preferred creditors are starting to give deadbeat banks an unenviable choice: negotiate repayment or run the risk of forced liquidation.

Climate Risk Pushing Corporates to Consider ILS

– To date, most issuance of bonds transferring risk of property damage to investors has come from insurers who are looking for an alternative to reinsurance. Yet climate change is bringing an increasing incidence of floods, windstorms and other kinds of extreme weather, requiring corporate issuers to pay ever more attention.

Single-Asset, Single-Loan CMBS is Back

– Securitization of very large commercial mortgages is picking up again, and so is the leverage in some of these deals.

RMBS Breach Cases Hinges on Imminent Decision

– Investors who purchased hundreds of billions of dollars of mortgage bonds issued before the financial crisis will soon find out whether they can proceed with claims that sponsors of these deals misrepresented the quality of the underwriting.

Eminent Domain Mortgage Seizures Down But Not Out

– Although the concept of using eminent domain as a tool to address the continuing widespread issue of underwater mortgages is facing serious headwinds as a result of the above factors, the concept is not dead.

The Unlikely Champions of "Qualified" CLOs: European Central Bankers

– CLO managers have been lobbying hard to shape rules requiring them to keep ‘skin in the game.’ Now they are getting support from an unlikely source – the Bank of England and the European Central Bank.

Florida Hurricane Catastrophe Fund Eyes ILS

– The Florida Hurricane Catastrophe Fund, which reimburses insurers operating in the state for a portion of their catastrophic hurricane losses, has also been contemplating insurance-linked securities as a means of transferring risk as well as fueling competition among potential reinsurers.

Single-Family Rental ABS: Will It Last?

– Despite headwinds, prospects remain strong for more securitization in the single family rental space, says Wall Street Emprises CEO Alex Kangelaris.

Minnesota Bankruptcy Delivers a Trups Reality Check

– American Bancorp. in St. Paul, Minn., went into liquidation last week when managers of collateralized debt obligations backed by its trust preferred securities pressed for involuntary bankruptcy to collect debt and unpaid interest.

Assured Aims to Attract DPR Issuers with Double-A Wrap

– Why market participants still see value in bond insurance, even for an asset class that is not many notches away, ranging between triple-B and single-A, depending on the rating agency and originator.

CMBS Volume May Be Headed for Second Half Revival

– Issuance of commercial mortgage bonds is falling behind the brisk pace set in 2013, but there’s no shortage of demand and terms on deals continue to loosen as the market moves toward a wave of riskier refinancings in the next few years.


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Current Issue

Single-Asset, Single-Loan CMBS is Back

Securitization of very large commercial mortgages is picking up again, and so is the leverage in some of these deals.

Current Issue