Structured Finance News

Massachusett's Insurer of Last Resort Issues Cat Bond

– The $300-million Cranberry re Series 2015-1 marks the first time a residual market insurer issues a cat bond that provides protection against multiple natural perils.

Fifth Street Closes $309M Middle Market CLO

– The $309 million FS Senior Funding was supported by repeat investors and represents the tightest print for a middle market collateralized loan obligation this year.

SoFi Ups Protections in Latest SLABS, Earning Higher Rating

– Social Finance has upped protections for investors in the senior tranches of its latest student loan securitization, Sofi Professional Loan Program 2015-B, earning a higher credit rating.

Athlon Preps Dutch Car Lease ABS

– Athlon Car Lease Nederland plans to securitize €713 million ($793 million) worth of car leases made to Dutch based corporate and small business borrowers.

Citigroup, Two Harbors Marketing RMBS

– Citigroup is marketing $216 million of re-performing residential mortgage backed securities and Two Harbors returns to market with its fourth prime RMBS of the year.

SCOTUS Backs Rights of Second-Lien Lenders

– The case involved two homeowners who had their second mortgages voided in Chapter 7 because they were underwater, but it is also being closely watched in the corporate loan market.

Terex Obtains ABCP Facility, Reprices Euro Term Loan

– The $350 million conduit will finance and is secured by equipment loan and lease receivables originated by its subsidiary, Terex Financial Service, in the United States and Canada.

Investors Demand More Yield for Irish and Spanish RMBS

– Two recent transactions, one Irish and one Spanish, tested investor appetite for peripheral RMBS. The results suggests there aren’t likely to be many more.


– Asset-backed securities that priced in the two weeks ended May 29, 2015.

ABS Manager Rankings

– Underwriting league tables for asset backed securities for the year through May 29, 2015.

ABS Totals

– Issuance of ABS, MBS and CMBS for the year through May 29, 2015.

Louisiana Citizens Prices $100M Catastrophe Bond

– This marks the third time Louisiana Citizens has tapped this form of reinsurance to transfer cyclone-related risk; the Pelican III Re Series 2015-1 replaces maturing bonds.

J.P. Morgan, Barclays Plan $984M CMBS

– The commercial mortgages backing the deal are less highly leveraged and amortize faster than those in other conduits rated by Fitch this year.

Ally Prices Upsized Dealer Floorplan ABS

– AMOT 2015-3, was originally sized at $500 million; $675 million of notes were sold. The three-year class A notes, rated triple-A by Standard & Poor’s and Moody’s Investors Service, pays 45 basis points over interpolated swaps.

Volkswagen Preps €500M French Auto Loan Securitization

– Driver France Two, which comes 20 months after the completion of Driver France One, will be rated by Moody’s Investors Service and Fitch Ratings.

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