Structured Finance News

Morgan Stanley Expects NY to Sue Bank Over Subprime

– Morgan Stanley said New York Attorney General Eric Schneiderman intends to sue the bank over flawed underwriting in 30 subprime securitizations.

Macquarie Taps U.S. Dollar Demand in Latest Auto ABS

– The Australian bank will issue the notes in U.S. dollar denominations via SMART ABS Series 2015-1USTrust, according to an offering circular.

Morgan Stanley Plans $545M Large Loan CMBS

– Morgan Stanley is offering $545 million of securities backed by five large commercial mortgage loans.

ABS Totals

– Issuance volume of asset-backed securities for the year through Feb. 27, 2015.

Scorecards

– Asset-backed securities that priced in the two weeks ended Feb. 27, 2015.

ABS Manager Rankings

– Underwriting league tables for asset-backed securities for the year through Feb. 27, 2015.

American Homes 4 Rent's Securitization Pops Balloon Repayment Risk

– American Homes 4 Rent’s latest transaction, AH4R SFR 2015-1, deals with one of the biggest risks inherent in single- family rental bonds: balloon repayment risk.

Auto Lease ABS Pipeline Boosted by $2.4B in Deals

– Volkswagen priced an upsized $1.45 billion auto lease securitization and Hyundai is prepping to launch $964 million of securities backed by the asset class.

Ocwen Set to Lose Mortgage Servicing Contracts After Default

– Ocwen Financial Corp., the mortgage servicer under attack for its handling of home loans, is being fired from overseeing debt backing two bond deals, according to notices sent to bondholders.

Barclays Trims 2015 CLO Forecast to $90B-$100B

– The firm had originally expected issuance to be as high as $120 billion as managers rushed to complete deals before risk retention rules take effect in 2016; so far that isn't really happening.

Weak Commodity Prices a Concern in Latest John Deere ABS

– While historical losses for this agricultural equipment leases have been low, Fitch is concerned that farm income could be negatively impacted if commodity prices remain low for an extended period of time. This risk is exacerbated by the high concentration of agricultural equipment leases in the deal: 75%.

Graybar Building Backs $300M Morgan Stanley CMBS

– Morgan Stanley is securitizing the senior portion of a $300 million loan secured by the Graybar Building located on 420 Lexington Ave in New York City. The asset was previously securitized in the COMM 2001-J1A transaction.

Kensington Marketing Next Non-Conforming UK RMBS

– Owner occupied home loans represent 86% of the pool. Most of the loans were originated by Kensington in 2007 and benefit from a long payment history that averages six years, with a weighted average remaining term of 16 years, according to Standard & Poor’s.

Opportun Completes 3rd Securitization of Consumer Loans

– The Redwood City, Calif. company closed on the issuance of $112 million of two-year bonds secured by a pool of its installment loans in January.

World Omni Prices Prime Auto ABS Wide of Toyota

– The triple-A rated, 3.27-year senior tranche pays swaps plus 33 basis points, 6 basis points more than the 3.93-year senior tranche of Toyota’s deal, which priced one day earlier.


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