Structured Finance News

Shift to Term Funding for Accounts Receivable Securitization

– It’s still more common for companies to finance sales that they have yet to collect on through asset-backed commercial paper conduits or asset-based loans, but term securitizations offer issuers more flexibility.

Silver Bay Prices Single Family Rental Securitization

– The company sold approximately $312 million of certificates with a blended effective interest rate of LIBOR plus 1.92%; it did not indicate how each tranche priced.

Enterprise Preps $800M Fleet Lease Deal

– The $800.2 million deal, Enterprise Fleet Financing Series 2014-2, will be backed by payments on a pool of open-end and closed-end vehicle fleet lease contracts for cars, light-duty trucks, and other vehicles.

Morgan Stanley, BofAML CMBS Price $911M Conduit

– Morgan Stanley and Bank of America Merrill Lynch priced $911 million of bond backed by 67 mortgage loans on 72 multifamily and commercial real estate properties.

Orange Lake Returns with $148M Timeshare Deal

– Timeshare operator Orange Lake Country Club return to the market for the first time in two years with a $148 million securitization.

OFS Capital, GSO/Blackstone Ready Combined $1B of CLOs

– OFS Capital Management and GSO/Blackstone Debt Funds Management are in the market with collateralized loan obligations, adding nearly $1.1 billion to the new issue pipeline.

Carlyle, MJX Add $1.4B to CLO Pipeline

– Carlyle Investment Management and MJX Asset Management have added a total of $1.4 billion to the CLO pipeline, according to presale reports from Fitch Ratings.

High-Tech Repo Men Reshape Subprime Auto Lending

– Advances in technology could explain why lenders continue to offer subprime car loans. While the loans are still risky, these technologies have made the process of repossessing vehicles cheaper and easier, minimizing potential losses on soured loans.

CarFinance, ACA Price Subprime Auto ABS

– American Credit Acceptance, with more seasoned loans and longer operating history than CarFinance, achieved better pricing on its senior notes.

JP Morgan Chase, Barclays Prep $1.12B CMBS

– JP Morgan Chase and Barclays plan to issue $1.12 billion of commercial mortgage backed securities via the JPMBB Commercial Mortgage Securities Trust.

Discover Prices Upsized $1.2B of Credit Card ABS

– The DiscoverSeries Class A (2014-4) notes, issued under the Discover Credit Execution Note Trust, are priced at a spread of 36 basis points over interpolated swaps. The notes have a 4.87-year weighted average life.

United Airlines Prices Securitization

– United Airlines priced over $1 billion of aircraft enhanced equipment trust certificates (EETC), according to deal documents.

CMBS Tenants Family Dollar, Dollar Tree to Merge

– Dollar Tree's acquisition of Family Dollar for $8.5 billion means that the number 15th and number 65th tenants in CMBS transactions may soon occupy less commercial real estate.

Nelnet Prices $573M FFELP ABS

– Nelnet priced $573 million of student loan securities backed by 100% Federal Family Education Loan Program collateral.

Silvermine Capital to Issue $400M CLO

– A $258 million class A-1 tranche with a preliminary ‘AAA’ ratings from Fitch is marketed at three-month Libor plus 153 basis points.

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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.

Current Issue