Structured finance

KBRA Assigns Preliminary Ratings to SpringCastle Funding Asset-Backed Notes 2019-A

Retrieved on: 
Monday, May 20, 2019
Professional services, Banking, Finance, Insurance, Finance, Money, Economy, Structured finance, Financial law, Credit, Bond market, Kroll Bond Rating Agency, Asset-backed security, Credit enhancement, Bond credit rating, Credit rating agency

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three class of SpringCastle Funding Asset-Backed Notes 2019-A (SCFT 2019-A), a consumer loan asset-backed securities transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three class of SpringCastle Funding Asset-Backed Notes 2019-A (SCFT 2019-A), a consumer loan asset-backed securities transaction.
  • This transaction is a refinancing of the SpringCastle Funding Asset-Backed Notes 2016-A transaction (SCFT 2016-A).
  • The collateral in the SCFT 2019-A includes approximately $938.7 million of loans as of the April 30, 2019 initial cut-off date.
  • The preliminary ratings reflect the initial credit enhancement levels of 10.00% for the Class A notes, 2.50% for the Class B notes, and 0.50% for the Class C notes, and target credit enhancement levels of 10.80%, 3.30%, 1.30% for the Class A, Class B, and Class C notes, respectively.

Frankly Announces Closing Of Second Tranche Of Private Placement And Subscription Commitments In Excess Of Targeted Offering Size

Retrieved on: 
Friday, May 17, 2019
Finance, Money, Structured finance, Investment, Tranche, Private placement, Placement, Mortgage-backed security, Corporate finance, Financial law

Book-building efforts were successful, and the Company has received subscription commitments representing in excess of the targeted US$7 million offering size.

Key Points: 
  • Book-building efforts were successful, and the Company has received subscription commitments representing in excess of the targeted US$7 million offering size.
  • The second tranche issuance consisted of an aggregate of 8,250,709 Units at a price of C$0.35 per Unit, for gross proceeds of C$2,887,748.15.
  • Each finder's warrant is exercisable to purchase one Unit at the offering price of C$0.35 for a period of two years from the closing date of any applicable tranche of the Private Placement.
  • Forward-looking events and circumstances discussed in this release include statements regarding the completion of additional tranches of the Private Placement and the timing thereof, the expected size of the Private Placement, the use of proceeds from the Private Placement, and approval of the Private Placement by the TSXV.

KBRA Assigns Preliminary Ratings to American Credit Acceptance Receivables Trust 2019-2

Retrieved on: 
Thursday, May 16, 2019
Professional services, Banking, Finance, Finance, Economy, Money, Structured finance, Credit, Credit enhancement, Fixed income, United States housing bubble, Securitization, Kroll Bond Rating Agency, Receivables, KBRA

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of American Credit Acceptance Receivables Trust 2019-2 (ACAR 2019-2 or the Issuer), an auto loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of American Credit Acceptance Receivables Trust 2019-2 (ACAR 2019-2 or the Issuer), an auto loan ABS transaction.
  • The transaction has initial credit enhancement levels of 64.10% for the Class A Notes through 9.90% for the Class F Notes.
  • Credit enhancement consists of excess spread, overcollateralization, subordination (except for the Class F Notes) and a reserve account funded at closing.
  • American Credit Acceptance, LLC (ACA or the Company) issued its first securitization in October 2011 and since then has issued 26 additional transactions in the total amount of approximately $5.52 billion.

KBRA Assigns Preliminary Ratings to BSPRT 2019-FL5

Retrieved on: 
Wednesday, May 15, 2019
Professional services, Banking, Finance, Insurance, Economy, Loans, Credit rating agencies, Kroll Bond Rating Agency, Collateralized loan obligation, KBRA, Structured finance, Bond

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of BSPRT 2019-FL5, a $810.0 million managed commercial real estate collateralized loan obligation (CRE CLO) transaction with a 24-month reinvestment period, which includes a six-month ramp-up period.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of BSPRT 2019-FL5, a $810.0 million managed commercial real estate collateralized loan obligation (CRE CLO) transaction with a 24-month reinvestment period, which includes a six-month ramp-up period.
  • KBRA also relied on its Global Structured Finance Counterparty Methodology for assessing counterparty risk in this transaction, to the extent deemed applicable.
  • The preliminary ratings are based on information known to KBRA at the time of this publication.
  • Information received subsequent to this release could result in the assignment of ratings that differ from the preliminary ratings.

Two Harbors Investment Corp. Announces Details Pertaining to the 2019 Virtual Annual Meeting of Stockholders

Retrieved on: 
Tuesday, May 14, 2019
REIT, Construction & Property, United States housing bubble, Finance, Structured finance, Money, Financial markets, Mortgage-backed security, Mortgage loan, Real estate investment trust, Draft:Ellington Management Group

(NYSE: TWO), a leading hybrid mortgage real estate investment trust, today announced log in details for its 2019 Virtual Annual Meeting of Stockholders, to be held on May 16, 2019, beginning at 10 a.m. Eastern Daylight Time.

Key Points: 
  • (NYSE: TWO), a leading hybrid mortgage real estate investment trust, today announced log in details for its 2019 Virtual Annual Meeting of Stockholders, to be held on May 16, 2019, beginning at 10 a.m. Eastern Daylight Time.
  • Stockholders can attend the virtual annual meeting via the internet at http://www.virtualshareholdermeeting.com/TWO2019 .
  • We recommend that stockholders log in at least fifteen minutes before the meeting to ensure they are logged in when the meeting starts.
  • Two Harbors Investment Corp., a Maryland corporation, is a real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights and other financial assets.

KBRA Assigns Preliminary Ratings to HPLY Trust 2019-HIT

Retrieved on: 
Tuesday, May 14, 2019
Professional services, Banking, Finance, Finance, Money, Economy, Structured finance, Kroll Bond Rating Agency, Mortgage-backed security, Commercial mortgage-backed security, United States housing bubble, Securitization, Credit rating agency, KBRA, Bond credit rating

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of HPLY Trust 2019-HIT, an $826.5 million CMBS single-borrower securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to nine classes of HPLY Trust 2019-HIT, an $826.5 million CMBS single-borrower securitization.
  • To value the portfolio, KBRA applied a blended capitalization rate of 11.26% to arrive at a KBRA value of $855.3 million.
  • The preliminary ratings are based on information known to KBRA at the time of this publication.
  • Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1)

Retrieved on: 
Monday, May 13, 2019
Professional services, Banking, Finance, Finance, Mortgage industry of the United States, Economy, Money, Loans, Mortgage loan, Kroll Bond Rating Agency, United States housing bubble, Structured finance

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to twenty-seven classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1), a prime RMBS transaction, the first from JPMMT backed predominately by non-agency and agency-eligible investment-purpose mortgage loans exempt (99.3%) from Ability-to-Repay (ATR) rules.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to twenty-seven classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1), a prime RMBS transaction, the first from JPMMT backed predominately by non-agency and agency-eligible investment-purpose mortgage loans exempt (99.3%) from Ability-to-Repay (ATR) rules.
  • For 7 loans (0.7%) the designation is QM even though the borrowers DTI may be above 43%, due to a temporary exemption afforded to GSE-eligible loans under the Ability-to-Repay (ATR) rules.
  • The JPMMT 2019-INV1 mortgage pool is composed of 919 first-lien mortgage loans with an aggregate principal balance of $ 338,840,065 as of the cut-off date.
  • The weighted average original credit score is 767, which is within the prime mortgage range.

KBRA Assigns Preliminary Ratings to BANK 2019-BNK18

Retrieved on: 
Monday, May 13, 2019
Professional services, Banking, Finance, Finance, Money, Financial markets, Kroll Bond Rating Agency, Structured finance, Mortgage-backed security, Mortgage, Commercial mortgage-backed security, Commercial mortgage, KBRA, Repurchase agreement, Credit rating agency

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of BANK 2019-BNK18 (see ratings list below), a $1.05 billion CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 243 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of BANK 2019-BNK18 (see ratings list below), a $1.05 billion CMBS conduit transaction collateralized by 57 commercial mortgage loans secured by 243 properties.
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 38.9% less than third party appraisal values.
  • For complete details on the analysis, please see our pre-sale report, BANK 2019-BNK18 published at www.kbra.com .
  • KBRA Credit Metrics Comparison Tool Enables the user to compare the subject transaction to a user-defined transaction comp set.

KBRA Assigns Preliminary Ratings to BBCMS 2019-C3

Retrieved on: 
Monday, May 13, 2019
Professional services, Banking, Finance, Finance, Money, Financial markets, Mortgage-backed security, Kroll Bond Rating Agency, Structured finance, Mortgage, Commercial mortgage-backed security, Commercial mortgage, KBRA, Repurchase agreement, Credit rating agency

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of Preliminary ratings to 16 classes of BBCMS 2019-C3 (see ratings list below), a $936.6 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 517 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of Preliminary ratings to 16 classes of BBCMS 2019-C3 (see ratings list below), a $936.6 million CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 517 properties.
  • The properties are located in five states within a mix of secondary (41.1% of base rent), and tertiary (58.9%) markets.
  • For complete details on the analysis, please see our pre-sale report, BBCMS 2019-C3 published at www.kbra.com .
  • KBRA Credit Metrics Comparison Tool Enables the user to compare the subject transaction to a user-defined transaction comp set.

Frankly Announces Closing Of Initial Tranche Of Private Placement Financing And Acquisition Of AMP Assets Providing Services To Over 800 Radio Stations

Retrieved on: 
Monday, May 13, 2019
Structured finance, Amp, Tranche

The Private Placement On May 10, 2019, the Company completed the first tranche of the Private Placement, issuing an aggregate of 7,772,676 Units at a price of C$0.35 per Unit, raising gross proceeds of C$2,720,436.60.

Key Points: 
  • The Private Placement On May 10, 2019, the Company completed the first tranche of the Private Placement, issuing an aggregate of 7,772,676 Units at a price of C$0.35 per Unit, raising gross proceeds of C$2,720,436.60.
  • The net proceeds from the first tranche of the Private Placement were used to satisfy the Company's initial payment obligation of US$1.75 million under the AMP Agreement (as defined below).
  • The AMP Asset Purchase On May 10, 2019, the Company's Frankly Media subsidiary also concurrently completed the acquisition of Triton's AMP business assets, including the AMP content management platform system for radio broadcasters, and certain customer agreements to supply AMP services to approximately 800 radio stations.
  • "Additionally, the AMP radio assets will allow us to extend our footprint in an adjacent market and realize multiple synergies.