SBA Tower Trust Secured Tower Revenue Securities 2017-1 is the first cell tower securitization to comply with risk retention rules that took effect in December. SBA will retain a subordinate, unrated tranche.
Seventy-seven percent of the loans backing BRE Grand Islander Timeshare Issuer 2017-A are to foreign nationals, primarily Japanese, the largest S&P Global has seen in the timeshare space.
Westgate Resorts is readying $175 million of notes backed by timeshare loans, according to DBRS. The transaction includes a prefunding account of approximately 25%.
Last year, the state raised the smoking age and increased taxes on cigarettes; now it plans to issue another $618 million of bonds backed by payments it receives under the 1998 Master Settlement
In a report published Monday, Fitch Ratings noted that a timeshare loan securitization Marriott completed in 2012 has not experienced a net loss to date -- but only because the company is repurchasing bad loans.
Treasurer, Head of Asset Management
Firm: NewStar Financial
Owning may offer consumers more savings than leasing, but loans pose a different set of risks to investors when pooled into collateral for bonds.Current Issue