Bond market

Carvana Co. Announces Upsize and Pricing of Senior Notes Offering

Retrieved on: 
Friday, March 26, 2021
Online Retail, Retail, General Automotive, Automotive, Specialty, Bond market, Contract law, Indenture

The Company upsized its offering of the Notes by $100.0 million aggregate principal amount from the previously announced amount.

Key Points: 
  • The Company upsized its offering of the Notes by $100.0 million aggregate principal amount from the previously announced amount.
  • The Notes will be issued under an indenture to be entered into upon the closing of the offering, which Carvana anticipates will take place on or about March 29, 2021, subject to customary closing conditions.
  • Carvana intends to use the net proceeds from the offering for general corporate purposes.
  • These forward-looking statements reflect Carvanas current intentions, expectations or beliefs regarding the Notes offering and the anticipated use of the net proceeds therefrom.

KBRA Assigns Ratings to First Northwest Bancorp

Retrieved on: 
Tuesday, March 16, 2021
Banking, Professional services, Finance, Finance, Money, Economy, Credit, Debt, Financial law, Bond market, Credit rating agency, Subordinated debt, Unsecured debt, Bond credit rating, Subordination

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Port Angeles, Washington-based First Northwest Bancorp (NASDAQ: FNWB) (the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Port Angeles, Washington-based First Northwest Bancorp (NASDAQ: FNWB) (the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for the subsidiary bank, First Federal Savings and Loan Association of Port Angeles.
  • FNWBs ratings are supported by its solid management team, which has extensive industry knowledge within its key geographic footprint.
  • Management has further demonstrated success in executing growth in its commercial banking, comparatively newer endeavor, and mortgage banking business lines, which KBRA considers favorably.

KBRA Assigns Preliminary Ratings to Golub Capital Partners ABS Funding 2021-1, L.P.

Retrieved on: 
Monday, March 15, 2021
Banking, Professional services, Finance, Finance, Money, Credit risk, Economy, United States housing bubble, Bond market, Debt, Securitization, Golub Capital, Credit rating agency, Bond credit rating, KBRA

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Golub Capital Partners ABS Funding 2021-1, L.P. (GCPAF 2021-1), a securitization backed by a portfolio of recurring revenue and middle market corporate loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Golub Capital Partners ABS Funding 2021-1, L.P. (GCPAF 2021-1), a securitization backed by a portfolio of recurring revenue and middle market corporate loans.
  • The portfolio presented to KBRA contains exposures to 46 obligors with 69.1% of the par exposure to the RRLs.
  • Through services agreements, the collateral manager will leverage the Golub Capital platform, including its investment professionals and other resources.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

KBRA Assigns Preliminary Ratings to Carvana Auto Receivables Trust 2021-N1

Retrieved on: 
Monday, March 15, 2021
Professional services, Finance, Finance, Money, Economy, Credit risk, United States housing bubble, Debt, Securitization, Carvana, Bond market, Credit rating agency, N1, Bond credit rating

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of notes issued by Carvana Auto Receivables Trust 2021-N1 (CRVNA 2021-N1), an auto loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of notes issued by Carvana Auto Receivables Trust 2021-N1 (CRVNA 2021-N1), an auto loan ABS transaction.
  • CRVNA 2021-N1 represents the second term ABS securitization for Carvana LLC (Carvana or the Company) in 2021, the second under its non-prime shelf, and the eighth overall.
  • The transaction is collateralized by approximately $400 million of automobile loans to primarily non-prime obligors as defined by the Company.
  • Carvana, through its website ( www.Carvana.com ), offers a unique used vehicle buying experience that enables customers to purchase vehicles online through an efficient and transparent process.

Mairs & Power Launches Minnesota Municipal Bond ETF

Retrieved on: 
Friday, March 12, 2021
Finance, Financial markets, Money, Exchange-traded funds, Local government in the United States, Municipal bond, Bond market, Bond, SPDR

The Minnesota Municipal Bond ETF (ticker MINN) is the only ETF invested primarily in Minnesota Municipal Bonds in the country.

Key Points: 
  • The Minnesota Municipal Bond ETF (ticker MINN) is the only ETF invested primarily in Minnesota Municipal Bonds in the country.
  • In particular, Minnesota municipal bond issues have historically demonstrated high credit quality1.
  • Mairs & Power has focused its investing in Minnesota and the upper Midwest since its founding in 1931.
  • The fund is also subject to risks associated with investments in the municipal bond market, municipal mortgage back securities, and other investment companies.

KBRA Assigns Preliminary Ratings to FortiFi 2021-1, Series 2021-1

Retrieved on: 
Monday, March 8, 2021
Professional services, Insurance, Finance, Finance, Money, Financial markets, Bond market, Financial law, Fixed-income securities, Structured finance, Nationally recognized statistical rating organization, Credit rating agencies, Bond credit rating, Asset-backed security, Bond

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes for FortiFi 2021-1, Series 2021-1 (FortiFi 2021-1).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes for FortiFi 2021-1, Series 2021-1 (FortiFi 2021-1).
  • The notes are newly issued asset-backed securities backed by a portfolio of Property Assessed Clean Energy (PACE) Bonds.
  • Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Synaptics Incorporated Announces Offering of $400 Million in Senior Unsecured Notes Due 2029

Money, Finance, Bond market, Offering circular, Security, Pricing, Interest rate, Economy

The Notes will be unsecured, senior obligations of the Company and will be guaranteed by each of the Companys subsidiaries that guarantee the Companys obligations under its credit facility.

Key Points: 
  • The Notes will be unsecured, senior obligations of the Company and will be guaranteed by each of the Companys subsidiaries that guarantee the Companys obligations under its credit facility.
  • The interest rate and certain other terms of the Notes will be determined at the time of the pricing of the offering.
  • The exact timing and terms of the offering will depend on market conditions and other factors.
  • Any offers of the securities will be made only by means of a private offering memorandum.

Hercules Capital Completes Investment Grade Bond Offering of $50.0 Million of 4.55% Notes due March 2026

Retrieved on: 
Thursday, March 4, 2021
Professional services, Finance, Finance, Money, Films, Bond market, New York Stock Exchange, Credit rating agency, Bond credit rating, Hercules, Bond

Hercules Capital, Inc. (NYSE: HTGC) (Hercules or the Company) today announced the completed issuance of a private offering in aggregate principal amount of $50.0 million 4.55% Notes due March 2026 (the March B Notes).

Key Points: 
  • Hercules Capital, Inc. (NYSE: HTGC) (Hercules or the Company) today announced the completed issuance of a private offering in aggregate principal amount of $50.0 million 4.55% Notes due March 2026 (the March B Notes).
  • On November 4, 2020, the Company completed the initial issuance of $50.0 million 4.50% Notes due March 4, 2026, which were initially assigned a BBB+ rating by Kroll Bond Rating Agency.
  • The issuance of $50.0 million of the March Notes occurred on March 4, 2021.
  • In addition, Hercules has two retail bond issuances of 5.25% Notes due 2025 (NYSE: HCXZ) and 6.25% Notes due 2033 (NYSE: HCXY).

AM Best Assigns Issuer Credit Rating to The Northwestern Mutual Life Insurance Company’s Funding Agreement-Backed Notes Program

Retrieved on: 
Wednesday, March 3, 2021
Professional services, Insurance, Finance, Finance, Money, Economy, Bond market, Credit risk, Northwestern Mutual, Mutual Life Insurance Company, Bond credit rating, Insurance

AM Best has assigned a Long-Term Issuer Credit Rating of aaa to Northwestern Mutual Global Funding (DE).

Key Points: 
  • AM Best has assigned a Long-Term Issuer Credit Rating of aaa to Northwestern Mutual Global Funding (DE).
  • Concurrently, AM Best has assigned a Long-Term Issue Rating of aaa to the $750 million, .375% senior secured notes, due Jan. 14, 2026, issued under Northwestern Mutual Global Fundings $10.0 billion funding agreement-backed notes program.
  • The ratings of The Northwestern Mutual Life Insurance Company (Northwestern Mutual) and its subsidiary, Northwestern Long Term Care Insurance Company, remain unchanged.
  • The notes are backed by Northwestern Mutual-issued funding agreements held by Northwestern Mutual Global Funding.

Wells Fargo Utilities and High Income Fund Announces Sources of Distribution

Retrieved on: 
Monday, March 1, 2021
Finance, Banking, Energy, Professional services, Utilities, Finance, Money, Financial District, San Francisco, Investment, Wells Fargo, Investment funds, Bond market, Financial markets, Bond fund, Yield, Companies listed on the New York Stock Exchange

The quoted distribution rate is a figure that uses the funds previous distribution to calculate an annualized figure.

Key Points: 
  • The quoted distribution rate is a figure that uses the funds previous distribution to calculate an annualized figure.
  • The distribution rate is calculated by annualizing the last distribution and then dividing by the period-ending NAV or market price.
  • The Wells Fargo Utilities and High Income Fund is a closed-end equity and high-yield bond fund.
  • Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company.