Structured finance

CITinvestor Announces Real Estate Notes Investment Platform

Tuesday, December 1, 2020 - 1:00pm

Citinvestor technology solves inefficient, fragmented, and opaque real estate private lending with big data and AI technology.

Key Points: 
  • Citinvestor technology solves inefficient, fragmented, and opaque real estate private lending with big data and AI technology.
  • By combining its advanced analytics with old-fashioned crusty eye reviews, Citinvestor provides access to high-yield real estate note portoflios that provide exposure to the real-estate market without the traditional headaches of real estate property ownership.
  • Performing Real Estate Assets: Investment in loans backed by real estate with strong consistent payments by homeowners.
  • Mary Kimani, product manager at Citinvestor, noted that "Citinvestor specializes in the acquisition and management of real estate notes which offer higher rates of return than available in bank accounts and many other forms of investment.

KBRA Releases Research – Delinquency Rate Holds Steady but Appraisal Values Fall 30%

Monday, November 30, 2020 - 9:43pm

Kroll Bond Rating Agency (KBRA) releases a report updating commercial mortgage-backed security (CMBS) loan performance trends observed in the November 2020 remittance period.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report updating commercial mortgage-backed security (CMBS) loan performance trends observed in the November 2020 remittance period.
  • The November delinquency rate remained unchanged at 6.8% over the prior month among KBRA-rated U.S. CMBS.
  • Along with the performance trends, KBRA observed an average decline of 30.4% in appraisal values for nearly 600 specially serviced assets relative to appraisal values at loan origination, since the start of the pandemic.
  • The bigger fall in retail partly reflects a nearly 60% average decline in retail mall values.

KBRA Assigns Preliminary Ratings to WFCM 2020-C58

Monday, November 30, 2020 - 3:55pm

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 35 classes of WFCM 2020-C58, a $696.3 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 70 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 35 classes of WFCM 2020-C58, a $696.3 million CMBS conduit transaction collateralized by 48 commercial mortgage loans secured by 70 properties.
  • The collateral properties are located throughout 31 MSAs, the largest three of which are Sacramento (14.4%), Los Angeles (12.2%), and New York (7.2%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 43.5% less than third party appraisal values.
  • To access ratings and relevant documents, click here .

Portnoy Law Firm: Credit Acceptance Corporation, Aurora Cannabis, Inc., and Loop Industries, Inc. Investors Have Limited Amount of Time Before Class Action Deadline

Friday, November 27, 2020 - 1:00pm

Shareholders interested in taking an active role in these cases have until the deadlines indicated below to petition the court.

Key Points: 
  • Shareholders interested in taking an active role in these cases have until the deadlines indicated below to petition the court.
  • Credit Acceptance Corporation investors (NASDAQ: CACC); December 1, 2020 deadline, click here to join .
  • The lawsuit also alleges that Credit Acceptance provided its investors with false and/or misleading information regarding the asset-backed securitizations which they offered to investors, and that the Credit Acceptance engaged in unfair debt collection practice.
  • The Portnoy Law Firm represents investors on a contingency basis in pursuing claims caused by corporate wrongdoing.

KBRA Assigns Preliminary Ratings to CBAM 2020-13, Ltd.

Wednesday, November 25, 2020 - 3:49pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of notes issued by CBAM 2020-13, Ltd. (CBAM 2020-13), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of notes issued by CBAM 2020-13, Ltd. (CBAM 2020-13), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans.
  • CBAM 2020-13 is managed by CBAM Partners, LLC (CBAM or the collateral manager) and will have a five-year reinvestment period.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • The collateral in CBAM 2020-13 will mainly consist of broadly syndicated senior secured leveraged loans issued by corporate obligors diversified across sectors.

400 Capital Management LLC Hires Carmel Partners’ Quinn Barton

Tuesday, November 24, 2020 - 5:54pm

400 Capital Management LLC (400CM), a $4.4 billion leading alternative credit asset manager, has hired Quinn R. Barton III to expand its investments in commercial real estate finance.

Key Points: 
  • 400 Capital Management LLC (400CM), a $4.4 billion leading alternative credit asset manager, has hired Quinn R. Barton III to expand its investments in commercial real estate finance.
  • Mr. Barton, formerly a Managing Partner at Carmel Partners, is joining 400CM as a Senior Portfolio Manager of CRE and CMBS focusing on originating, structuring and trading all performing and non-performing CRE-related loans and securities.
  • The universe of distressed real estate assets has ballooned during the COVID-19 pandemic, said Mr. Barton.
  • 400 Capital Management LLC is an employee-owned firm led by four partners with over three decades of trading, investment and risk management experience in the credit and securitized credit markets coupled with an established record of investment success through multiple market cycles.

TFI International Announces Private Placement of US $500 Million Senior Notes

Monday, November 23, 2020 - 1:00pm

TFI International intends to use the net proceeds from the issuance of the senior notes primarily to repay existing debt as well as for general corporate purposes, which may include acquisitions.

Key Points: 
  • TFI International intends to use the net proceeds from the issuance of the senior notes primarily to repay existing debt as well as for general corporate purposes, which may include acquisitions.
  • The four tranches of aggregate principal amount of senior notes will include: (a) US $150 million aggregate principal amount of 3.15% Guaranteed Senior Notes, Series A, due January 5, 2029; (b) US $150 million aggregate principal amount of 3.25% Guaranteed Senior Notes, Series B, due January 5, 2031; (c) US $150 million aggregate principal amount of 3.35% Guaranteed Senior Notes, Series C, due January 5, 2033; and (d) US $50 million aggregate principal amount of 3.50% Guaranteed Senior Notes, Series D, due January 5, 2036.
  • The private placement of the senior notes is expected to close on or about January 5, 2021, subject to customary conditions.
  • The notes will be senior unsecured obligations issued by TForce Holdings Inc., a wholly-owned subsidiary of TFI International, and unconditionally guaranteed by TFI International and substantially all of its subsidiaries.

KBRA Assigns Preliminary Ratings to Maranon Loan Funding 2020-1, Ltd.

Friday, November 20, 2020 - 10:32pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes and one class of loans issued by Maranon Loan Funding 2020-1, Ltd. (Maranon 2020-1), a cash flow collateralized loan obligation (CLO) back by a diversified portfolio of middle market corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes and one class of loans issued by Maranon Loan Funding 2020-1, Ltd. (Maranon 2020-1), a cash flow collateralized loan obligation (CLO) back by a diversified portfolio of middle market corporate loans.
  • Maranon 2020-1 is managed by Maranon Capital, L.P. (Maranon or the collateral manager) and will have a three-year reinvestment period.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • The collateral in Maranon 2020-1 will mainly consist of middle market leveraged loans issued by corporate obligors diversified across sectors.

KBRA Releases CMBS Research – 2021 Sector Outlook: Slow and Steady

Friday, November 20, 2020 - 6:38pm

Kroll Bond Rating Agency (KBRA) releases its 2021 CMBS Outlook, which examines and provides forecasts for issuance activity in the new year.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases its 2021 CMBS Outlook, which examines and provides forecasts for issuance activity in the new year.
  • The report also provides a review of the current lending environment and property fundamentals, as well as factors that may affect property performance in 2021.
  • The report also discusses year-to-date (YTD) KBRA-rated CMBS conduit trends and metrics, and takes a closer look at 2020 ratings activity.
  • During 2020, KBRA effectuated more than 3x the combined number of downgrades from all the previous years since KBRA has been rating CRE securitizations.

Purpose Investments Expands Structured Product Family with Launch of Purpose Structured Equity Growth Fund

Thursday, November 19, 2020 - 1:30pm

TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Purpose Investments Inc. (Purpose) is pleased to announce today the launch of its newest innovation in the structured-products space, Purpose Structured Equity Growth Fund (the Fund).

Key Points: 
  • TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Purpose Investments Inc. (Purpose) is pleased to announce today the launch of its newest innovation in the structured-products space, Purpose Structured Equity Growth Fund (the Fund).
  • Purpose Structured Equity Growth Fund provides investors the opportunity for capital appreciation with the added security of contingent downside protection, replicating the outcome of multiple structured products into a mutual fund solution.
  • Im really excited to be launching Purpose Structured Equity Growth Fund today, said Som Seif, CEO and Founder of Purpose Investments.
  • We did it last year with Purpose Structured Equity Yield Portfolio and now were bringing the same ease and convenience to a different type of structured product solution with Purpose Structured Equity Growth Fund.