Structured Finance News

SolarCity Scores an ABS Hat-trick

– For its third securitization, SolarCity plans to issue $201 million of securities backed by solar assets.

RBS Commercial Funding to Issue CMBS

– The deal will be backed by fixed rate mortgage loans secured by first liens on various types of commercial, multifamily, and manufactured housing community properties.

ICG Returns with Second CLO

– The $400 million deal, ICG US CLO 2014-2, will be backed by a portfolio of broadly syndicated corporate loans.

Ford Preps Second Auto Lease ABS of 2014

– Ford Motor Credit plans to issue a $1.5 billion securitization of closed-end leases on various Ford brand new vehicles.

OneMain Readies 2nd Consumer Loan ABS of 2014

– Consisting of four tranches, the deal is for a total $1.18 billion. The underlying pool is made up of both fixed-rate unsecured, and auto-secured, loans.

United Auto Credit Corporation Readies Subprime Auto ABS

– United Auto Credit Corporation plans to issue $175.6 million in securities backed by subprime auto loans.

Prudential Preps $650M CLO

– The deal, Dryden 34 Senior Loan Fund, will be backed by a broadly syndicated portfolio of corporate debt only. Both the two-year non-call period and four-year reinvestment period are in line with other recent CLOs on the market.

Volkswagen Prices $129M-Equivalent China Auto Loan ABS

– The CNY699 million ($113 million) of class A notes were sold with a fixed interest rate of 4.80% and the CNY44 million of class B notes were sold with a fixed interest rate of 8.08%.

Citigroup Prices $1B CMBS Conduit

– Citigroup has priced $1.09 billion of commercial mortgage bonds, according to a regulatory filing.

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.

Credit Suisse Purchases $3.7B of RMBS from BlackRock

– The bonds were mostly subprime and home-equity RMBS that were purchased from UBS AG six years ago.

Morgan Stanley Markets $500M CLO for Sound Point

– Moody’s Investors Service has assigned preliminary ‘Aaa’ ratings to two of the eight tranches issued by Sound Point CLO VI: the $305 million class A-1 notes and the $20 million class A-2 notes

Voya In Market with Third CLO of 2014

– The $500 million Voya CLO 2014-3 features a fixed-rate tranche, creating the potential for interest-rate mismatch, according to Moody's Investors Service.

Spreads Widen on Fannie Mae's 4th Risk Sharing Deal

– Pricing for the $555 million 1M-1 tranche, which has a preliminary 'BBB-' rating from Fitch Ratings and a preliminary 'BBB' (high) rating from DBRS, was one-month LIBOR plus a spread of 120 basis points.

Morgan Stanley Plans $800M Large Loan CMBS

– Morgan Stanley plans to issue $800 million in securities backed by a single commercial mortgagethat is secured by Century Plaza Towers, a tier-one office property in Los Angeles.


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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.

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