Other ABS


ALC Refinancing Fleet of 19 Aircraft in Securitization Market

The aircraft are currently owned by Blackbird Capital I, a joint venture between ALC and Napier Park Global Capital, according to Kroll Bond Rating Agency. They are valued at approximately $1 billion.

USAA Readies Another $280M of Catastrophe Bonds

Standard & Poor’s expects to assign B- and B ratings to the Series 2016-II class 3 and 4 notes, respectively, which cover losses in all 50 states and the District of Columbia from tropical cyclones, earthquakes, and other natural disasters.

Engs Preps 2nd Transportation Equipment Loan Securitization

While the company provides both loans and leases, the collateral pool for this transaction is represented exclusively by loans. The deal includes a three-month prefunding period during which $30 million of the $298 million of collateral will be aqcuired

Moody’s No Longer Grading CLO “Combo” Notes on a Curve

The rating agency has changed the way it assesses the risk of combo notes, a hybrid debt and equity instrument, to account for what happens to them when a deal is refinanced. This could result in downgrades on existing combo notes issued by 38 collateralized loan obligations. It could also complicate the way future combo notes are structured.

Apollo Aviation Aloft with 2nd 2016 Lease Securitization

The Apollo Aviation Securitization Equity Trust 2016-2 is supported by the receivables of 35 aircraft leases to 22 airlines in 20 countries, with an initial portfolio value of $792.2 million – which is almost a quarter of the investment management firm’s $3.1 billion in total aviation assets under management.


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Volcker Rule Extension for CLOs Comes with Big Catch

A two-year extension to the deadline for banks to conform CLO holdings to the Volcker Rule doesn't apply to all, the Federal Reserve says.

CLO Pros See No Letup in Demand

Despite regulatory hurdles, participants see nothing in the way of issuance reaching $60 billion to $70 billion this year.

Babson CEO Finke: CLOs Often Unfairly Judged

Finke says the industry needs to address the lack of understanding about its performance and role in the economy.

Cutting Solar Funding Costs

Two academics argue that aggreggating standardized assets is key to solar securitization, which can meaningfully reduce funding costs for developers.

Still No Volcker Relief for CLOs

Despite pressure from Capitol Hill, regulators are disinclined to allow banks to hold collateralized loan obligations backed by bonds.


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Old CMBS Bubble is Resurfacing

More than $200 billion of the most poorly underwritten commercial mortgages originated before the financial crisis come due this year and next, many of them still underwater.

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