The issuer, which placed its first two transaction in 2014, plans to securitize a $673.8 million, five-year, floating-rate loan that pays only interest for the entire term.
With this latest transaction, the issuer will have a total of three securitizations outstanding, each structured with either a fully extend term of five years or a fixed term of five years.
A select group of investors that buy the riskiest slices of commercial mortgage securitizations have lost their appetite for the very worst offending loans.
The benchmark, 10-year, senior notes pay swaps plus 87 basis points, according to a pricing document. That's just outside the most recent print, by Credit Suisse.
Abid Gilani, a Wells Fargo senior vice president, was one of the victims in the derailment of an Amtrak train outside of Philadelphia on Tuesday.
Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, its not clear exactly what the Commission will do.
The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.
As July came to a close, it was clear to everyone at ASR that the structured finance market was not about to take a vacation.
DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser
Could higher yields end up deepening the investor base for asset-backeds?
Firm: 3i Debt Management
It's one of the biggest regulatory hurdles the market has faced since the financial crisis, and promises to bring wholesale changes to the structures of transactions as well as to the business models of managers. Clifford Chance partner Steven Kolyer weighs in.Current Issue