Asset Securitization Report

Mixed Signals on CFPB Constitutionality from Appeals Court Justices

– Appeals court justices appeared divided on whether the structure of the Consumer Financial Protection Bureau is constitutional during oral arguments in the PHH v. CFPB case on Wednesday.

SeaCube Adds to Fleet of Shipping Container ABS with $248.7M Deal

– The transaction is the fourth this year backed by container leases, following a pause the previous two years. Other issues include a $300 million transaction by Textainer; a $196 million deal by Seaco, and a $281 million transaction by TAL International.

Four Takeaways from Trump's First Budget

– President Trump’s budget would reduce funds to the Consumer Finance Protection Bureau, cut spending for several programs aimed at providing financial services and resources in underserved communities, and eliminate a fund designed to help regulators unwind a failing megabank..

S&P Takes Dim View of Long Reinvestment Periods for CLOs

– CLOs are increasingly negotiating with investors for longer reinvestment periods. S&P Global takes a less favorable view of the practice than the other two major rating agencies, Fitch Ratings and Moody’s Investors Service.

Lenders Protest Proposed FHA Fee for Risk Upgrades

– While the mortgage industry agrees that the FHA should upgrade its risk management system, representatives argue that the budget shows the agency is making enough money on its own to bear the cost of the improvements.

UBS Takes Lead on CMBS Conduit for a Change

– Although the bank has been actively contributing loans to CMBS conduits in recent years, the $948.9 million UBS 2017-C1 is the first transaction it has led since, 2013, according to Kroll Bond Rating Agency.

Apollo Selling $612.2M in Aircraft Lease Bonds

– The mid-life to end-of-life aircraft in the portfolio – Apollo’s target vintage – has a maintenance-adjusted market value of $729.3 million, a weighted average age of 12.2 years and a remaining lease term of about 4.6 years.

Dodd-Frank Left a Lot to Regulators’ Discretion. Why that Matters Now

– The ability of federal agencies to interpret the Volcker Rule and other provisions of the Dodd-Frank Act could be a positive for advocates of deregulation.

DRI Returns with $150M of Drug Royalty Cashflow ABS

– The notes will be issued from the same Drug Royalty III LP 1 master trust as a 2016 transaction; the portfolio of collateral will be most heavily concentrated in royalties from Keytruda (35.8%), Odefsey (17.1%), and Eylea (14.5%).

Bayview Preps $218M RPL RMBS of CitiFinancial Mortgages

– Bayview Asset Management is marketing yet another $218 million of bonds backed by re-performing mortgages acquired last year from former subprime HELOC lender CitiFinancial Credit Corp.

Bluegreen Marketing 1st Timeshare Loan ABS of 2017

– S&P Global Ratings assigned a preliminary A rating to the $88.8 million in Class A notes that benefit from 35% credit enhancement. The $31.4 million in Class B notes are rated BBB-.

Large CMBS Loans Are Being Carved Up to Spread Risk, but…

– ... The trend of putting ever-smaller pieces of the same commercial mortgages into multiple securitizations requires investors to be extra careful, and will inevitably make workouts of bad loans more complicated.

ABS Totals

– Issuance volume of asset-backed securities for the year through August 18, 2017.


– Asset-backed securities that priced in the two weeks ended August 18, 2017.

ABS Manager Rankings

– Underwriting league tables for asset-backed securities for the year through May 18, 2017.

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CLO Managers Holding Out Hope for Regulatory Relief

Some are wording the language of amendments used to refinance deals so as to be able to benefit if risk retention rules are repealed.

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