Asset Securitization Report

ABS Totals

– Issuance volume of asset-backed securities for the year through December 2, 2016.


– Asset-backed securities that priced in the two weeks ended December 2, 2016.

ABS Managers

– Underwriting league tables for asset-backed securities for the year through December 2, 2016.

Ford Credit Markets 5th Floorplan ABS for 2016

– Moody’s Investors Service and Fitch Ratings have assigned preliminary ‘AAA’ ratings to the largest tranche in the transaction: a split Class A fixed- and floating rate notes series totaling $750 million making up over 76% of the pool.

Critics Predict More Woes for Subprime Business Lenders

– The recent shake-up at CAN Capital could spark greater scrutiny of a sector that has drawn comparisons to the bubble-era subprime mortgage market.

OneMain Preps 1st Consumer Loan ABS Since Springleaf Merger

– The $425 million Springleaf Funding Trust 2016-A is backed by loans that are larger and less risky, by some metrics, than the previous three deals completed by the former Springleaf Finance.

CMBS Delinquency Rate Rises Again in November, to 5.03%

– That's an increase of five basis points from October and the highest level since December 2015, according to Trepp. The biggest newly delinquent loan was a $149 million mortgage on an office building in Stamford, Conn.

Freddie Mac to Delist Debt Securities from Irish, Luxembourg Exchanges

– Freddie Mac plans to delist its debt securities, mortgage securities and STACR debt from the Luxembourg and Irish Stock Exchanges due to difficulty of complying with European Union regulation designed to prohibit insider trading.

Hilton Hawaii Shows Up in Yet Another CMBS, This One from Cantor Fitzgerald

– A loan on this 2,860 room property accounts for 8.7% of the collateral for the $652 million CFCRE 2016-C7. Along with 22 beach acres on Oahu, it boasts a BBB-minus credit opinion from Fitch Ratings.

Trump's Treasury Pick Says GSEs Must Return to Private Sector

– Treasury Secretary-designate Steven Mnuchin wasted no time Wednesday joining one of the thorniest debates in the financial services arena, saying the Trump administration would seek to end government control of Fannie Mae and Freddie Mac and return them to the private sector.

HERO Platform Expands Reach in New PACE ABS

– In HERO Funding 2016-4, Renovate America is pooling a targeted balance of $292.4 million in limited obligation bonds issued by three local California entities covering 36 counties to help finance solar panel installations and other energy-efficiency upgrades for homeowners.

Hilton Hawaii Village is Top Loan in 2 Different CMBS

– The deals, one from J.P. Morgan and one from Morgan Stanley and Bank of America, total nearly $2 billion.Both are characterized by relatively low leverage, according to Fitch Ratings.

Mnuchin Pick for Treasury May Signal Moderate Approach to Reform

– Much like President-elect Donald Trump himself, expected Treasury Secretary-designate Steven Mnuchin represents something of a question mark for the financial services industry when it comes to his agenda

Santander UK Markets ABS of £647.5M in Auto Loans

– Motor 2016-1 PLC is a pooling of 95,077 standard UK consumer conditional sale agreements totaling £647.5 million, structured in a six-class bond structure that includes ‘AAA’-rated senior notes, according to a presale report from Standard & Poor’s. The tranche sizes of the notes are to be determined.

New Residential Readies $264M Reperforming RMBS

– It's the real estate investment trust's fourth transaction this year, and follows hard on the heels of another deal launched this week by FirstKey Mortgage.

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What’s So Unusual about Sprint’s Airwaves Securitization … and Why No One Else is Likely to Follow Suit

The wireless carrier, though only rated single-B, has more leeway from existing investors to enter into a transaction like this than even some investment-grade companies, according to Covenant Review.

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