SCI Start the Week - 19 March

Category: ABS CDO CLOs


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A look at the major activity in structured finance over the past seven days.

Pipeline

There was a somewhat more measured pace of pipeline additions last week. The final count consisted of eight ABS, a CLO, two CMBS and three RMBS.

The ABS were: US$753.59m Daimler Trucks Retail Trust 2018-1; US$200m GMF Floorplan Owner Revolving Trust Series 2018-1; US$578.1m GMF Floorplan Owner Revolving Trust Series 2018-2; RMB4bn Huitong 2018-1 Retail Auto Mortgage Loan Securitization Trust; US$748.6m Navient Student Loan Trust 2018-2; Penarth Master Issuer Series 2018-1; US$647.5m Prosper Marketplace Issuance Trust Series 2018-1; and US$4bn Sprint Spectrum Co Series 2018-1.

US$646m CBAM 2018-5 was the CLO and the CMBS were US$1.325bn BBCMS 2018-TALL and US$839m UBS 2018-C9. The RMBS were RMAC No.1, US$985m STACR 2018-HQA1 and US$139.95m STACR 2018-SPI1.

Pricings

There was a particularly long list of 27 ABS prints. There were also 11 CLOs, four CMBS and three RMBS.

The ABS were: US$251.3m American Credit Acceptance Receivables Trust 2018-1; US$1bn American Express Credit Account Master Trust Series 2018-1; US$500m American Express Credit Account Master Trust Series 2018-2; US$500m American Express Credit Account Master Trust Series 2018-3; €452m Bavarian Sky France Auto Leases 3; €218m BL Cards 2018; US$1.052bn Capital Auto Receivables Asset Trust 2018-1; US$233.75m CommonBond Student Loan Trust 2018-A-GS; US$286.64m Consumer Loan Underlying Bond Credit Trust 2018-NP1; US$225.354m ENGS Commercial Finance Trust 2018-1; US$1bn Enterprise Fleet Financing 2018-1; US$758m Ford Credit Floorplan Master Owner Trust A Series 2018-1; US$523m Ford Credit Floorplan Master Owner Trust A Series 2018-2; US$278.2m Foursight Capital Automobile Receivables Trust 2018-1; US$201.2m JG Wentworth XLI Series 2018-1; US$350m OneMain Financial Issuance Trust 2018-2; US$442.8m OSCAR US Funding Trust 2018-1; US$1.04bn Santander Retail Auto Lease Trust 2018-A; US$768.4m Sapphire Aviation Finance I; US$147m Skopos Auto Receivables Trust 2018-1; US$670m SMB Private Education Loan Trust 2018-A; US$825.33m SoFi Professional Loan Program 2018-B; US$3.9375bn Sprint Spectrum Co Series 2018-1; US$618.49m Synchrony Credit Card Master Note Trust Series 2018-1; US$450.3m Triton Container Finance VI Series 2018-1; €1.533bn VCL 26; and RMB4.5bn VINZ 2018-1.

The CLOs were: US$462.5m Apex Credit CLO 2018; US$714m Ares XLVII CLO; €411m Armada Euro CLO II; US$611m Bain Capital Credit CLO 2018-1; €474m BlackRock European CLO I (reissue); US$564m Galaxy XX CLO; US$246m Golub Capital BDC CLO 2014-1R; US$319m Jamestown CLO II 2013-2R; US$610m KKR CLO 21 2018-21; US$505.7m Palmer Square Loan Funding 2018-2; and US$433.45m Voya CLO 2013-2R.

US$1.4bn BX 2018-BIOA, Canadian Commercial Mortgage Origination Trust 4 Series 2018-4, US$165m Ready Capital Mortgage Trust 2018-4 and US$673m SBA Tower Trust Series 2018-1C accounted for the CMBS. The RMBS were A$400m ConQuest 2018-1, US$444m Nationstar HECM Loan Trust 2018-1 and US$446.17m PSMC 2018-1 Trust.

Editor's picks

Doubling-up on due diligence?: Securitisation investors believe that their own due diligence procedures will still be required on deals carrying the STS label, for fear they may lose the designation. Nevertheless, the STS framework is expected to lead to better quality ABS product, with reliance on the label increasing over time…

Issuers urge goodwill on STS: European securitisation issuers are modelling new transactions and updating legacy deals, across a range of asset classes, to be STS compliant. However, there is agreement that an overly punitive regulatory environment could harm the chances of the framework’s success, with some issuers backing the implementation of a transition period…

Deal news

  • Essent Guaranty is marketing a mortgage insurance securitisation, only the second such transaction to be publicly rated since Arch Capital Group debuted the structure (SCI 14 November 2017). The US$360.75m transaction, entitled Radnor Re 2018-1, references a pool of mortgage insurance policies linked to 175,653 residential mortgage loans.
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