Structured Finance News

Invitation Homes Returns with 3rd Rental Deal of 2014

– The securitization trust is backed by a single, $775.1 million loan secured by mortgages on 4,048 single-family residences with a total value, based on broker price opinions, of $981.8 million, according to a presale report published by Kroll Bond Rating Agency.

Textainer Shopping $200M of Container Lease Backed Securities

– The $200.8 million Textainer Marine Containers III, Series 2014-1 will issue a single tranche of notes with a preliminary ‘A’ rating.

Moody's: Rising Rates Will Reduce Excess Spread for CLOs

– Rising interest rates could reduce an important form of credit enhancement for U.S. collateralized loan obligations, potential putting them at risk for downgrades in their credit ratings, according to Moody’s Investors Service.

JP Morgan Preps $415M Hotel CMBS

– JP Morgan plans to sell $415 million of commercial mortgage backed securities backed by a two-year, floating-rate commercial mortgage loan that is secured by Courtyard by Marriott hotels.

World Omni, Fifth Third Auto ABS Price

– World Omni and Fifth Third priced nearly $2 billion of securities backed by auto loans on Wednesday.

Deutsche Bank, Cantor Price CMBS Wider

– The super-senior 10-year priced at swaps plus 91 basis points, four basis points wider than a similar tranche of the Citigroup/Goldman conduit, CGCMT 2014-GC25, which priced last week.

Wyndham Plans $325M Timeshare ABS

– Wyndham has increased the volume of longer term loans in 2014-3 pool —approximately 5.0% of the pool is comprised of 15-year loans compared to only .24% of the 2014-2 transaction pool.

Another Tobacco Settlement Bond Refi Marketing

– Chautauqua County in New York State plans to issue $33.4 million in tobacco bonds to refinance the series 2000 outstanding tobacco bonds, according to a Fitch presale report.

What Risk Retention Means for CMBS, Autos, CLOs

– Risky mortgage lending may have triggered the financial crisis, but final risk retention rules go much easier on mortgages than securitizations of other kinds of assets.

Spreads Vary Between Two Freddie Risk-Sharing Deals

– The deal with a higher average loan-to-value ratio had two tranches price 25 basis points wider.

Navistar Taps ABS Market for Dealer Inventory Financing

– Commercial vehicle maker Navistar plans a securitization of dealer inventory receivables; the $211 million senior tranche is rated 'AAA' by DBRS.

Citigroup Preps $207.6M Prime RMBS

– Some 71.7% of the loan pool behind Citigroup Mortgage Loan Trust 2014-J2 consists of qualified mortgages (QM). The other 28.3% are not subject to QM.

Players Move in on Small Balance Commercial Loan Securitization

– ReadyCap has completed its first securitization of small balance commercial mortgage loans and Colony Financial is marketing $220 million of senior securities backed by the asset class.

Subprime Auto Lender Exeter Names New CEO

– Thomas Anderson, who has worked at Capital One Financial and Sallie Mae, will take over as CEO on Nov. 3, the Irving, Texas, lender said Tuesday.

CAN Capital Prices Merchant Cash Advance Securitization

– A $171 million tranche of 'A'/'A' rated, 2.9-year notes yield 3.117% and a 3.4-year tranche of notes, rated ‘BBB-’/ ‘BBB-’ yield 4.25%.


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Single-Family Rental Giants Branch Out

Single-family rental giants are financing smaller players, setting the stage for a new wave of issuance.

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