Loss given default

KBRA DLD Report: Direct Lending Defaults Low; Sponsored at 1.5%, Non-Sponsored at 3.5%

Retrieved on: 
Friday, March 22, 2024
Professional Services, Finance, Loss given default, TTM, Orange, Index, BSL, Radar, LGD, Red, HY, Communication, KBRA, Security (finance)

KBRA DLD, a division of KBRA Analytics, recently released its latest Direct Lending Default Report on the U.S. direct lending market.

Key Points: 
  • KBRA DLD, a division of KBRA Analytics, recently released its latest Direct Lending Default Report on the U.S. direct lending market.
  • KBRA DLD forecasts an overall 2024 direct lending default rate by issuer count of roughly 2.75% on 69 defaults, up from 2.3% in 2023.
  • Loss Given Default (LGD) Rate: The LGD rate for direct lending loans in the KBRA DLD Index is 1%.
  • KBRA’s Default Radar is a monthly tracker that identifies worrisome credits for potential defaults in the U.S. direct lending space.

KBRA Assigns Preliminary Ratings to Tricon Residential 2023-SFR2

Retrieved on: 
Thursday, November 9, 2023
Professional Services, Finance, Renting, SFR, PD, Microsoft, KBRA, CBSA, LTV, Tricon Residential, LGD, Probability, BPO, CMBS, TCN, Loss given default, RMBS, Property management, Telescopic sight

KBRA assigns preliminary ratings to four classes of Tricon Residential 2023-SFR2 (TCN 2023-SFR2) single-family rental pass-through certificates.

Key Points: 
  • KBRA assigns preliminary ratings to four classes of Tricon Residential 2023-SFR2 (TCN 2023-SFR2) single-family rental pass-through certificates.
  • The subject transaction will be the 11th KBRA-rated securitization issued by Tricon Residential.
  • KBRA adjusted the BPOs, which yielded an aggregate value of $579.4 million, which represents a 7.5% haircut to the nominal BPO value.
  • To determine loss given default (LGD), KBRA assumes the underlying properties would be liquidated in the residential property market.

KBRA Assigns Preliminary Ratings to Progress Residential 2023-SFR2

Retrieved on: 
Wednesday, September 13, 2023
Banking, Professional Services, Finance, Loss given default, Probability, PD, LGD, SFR, KBRA, RMBS, Progress, Microsoft, LTV, CMBS, CBSA, BPO, Renting, Property management, Telescopic sight

KBRA assigns preliminary ratings to five classes of Progress Residential 2023-SFR2 (Progress 2023-SFR2) single-family rental pass-through certificates.

Key Points: 
  • KBRA assigns preliminary ratings to five classes of Progress Residential 2023-SFR2 (Progress 2023-SFR2) single-family rental pass-through certificates.
  • The subject transaction will be the 28th KBRA-rated securitization issued by Progress Residential.
  • KBRA adjusted the BPOs, which yielded an aggregate value of $397.9 million, which represents a 7.5% haircut to the nominal BPO value.
  • To determine loss given default (LGD), KBRA assumes the underlying properties would be liquidated in the residential property market.

EBA updates timeline for the implementation of the IRB roadmap and publishes its final supervisory handbook for the validation of IRB rating systems

Retrieved on: 
Monday, August 7, 2023
Loss given default, European Banking Authority, Probability, PD, LGD, Calendar, Article, EBA, Pokémon HeartGold and SoulSilver, COVID, Element, Capital Requirements Regulation 2013, CCF, CRR, AIRB, Governor, IRB, COVID 19, Program, Environment, Regulation, Guideline, RTS, Legislation, Cryptocurrency, Risk management, Property management, EU, European, Basel, Union
Key Points: 

KBRA Assigns Preliminary Ratings to Tricon Residential 2023-SFR1

Retrieved on: 
Friday, June 23, 2023
Banking, Professional Services, Finance, Tricon Residential, Loss given default, Probability, PD, LGD, SFR, KBRA, RMBS, TCN, Microsoft, LTV, CMBS, CBSA, BPO, Renting, Property management, Telescopic sight

KBRA assigns preliminary ratings to five classes of Tricon Residential 2023-SFR1 (TCN 2023-SFR1) single-family rental pass-through certificates.

Key Points: 
  • KBRA assigns preliminary ratings to five classes of Tricon Residential 2023-SFR1 (TCN 2023-SFR1) single-family rental pass-through certificates.
  • The subject transaction will be the 10th KBRA-rated securitization issued by Tricon Residential.
  • KBRA adjusted the BPOs, which yielded an aggregate value of $656.2 million, which represents a 7.5% haircut to the nominal BPO value.
  • To determine loss given default (LGD), KBRA assumes the underlying properties would be liquidated in the residential property market.

KBRA Assigns Preliminary Ratings to Progress Residential 2023-SFR1

Retrieved on: 
Monday, February 6, 2023
Professional Services, Finance, CMBS, PD, Renting, RMBS, Progress, BPO, SFR, Probability, Loss given default, LTV, LGD, CBSA, Microsoft, KBRA, Property management, Telescopic sight

KBRA assigns preliminary ratings to seven classes of Progress Residential 2023-SFR1 (Progress 2023-SFR1) single-family rental pass-through certificates.

Key Points: 
  • KBRA assigns preliminary ratings to seven classes of Progress Residential 2023-SFR1 (Progress 2023-SFR1) single-family rental pass-through certificates.
  • The subject transaction will be the 27th KBRA-rated securitization issued by Progress Residential.
  • KBRA adjusted the BPOs, which yielded an aggregate value of $355.6 million, which represents a 10.0% haircut to the nominal BPO value.
  • To determine loss given default (LGD), KBRA assumes the underlying properties would be liquidated in the residential property market.

KBRA Assigns Preliminary Ratings to FirstKey Homes 2022-SFR3

Retrieved on: 
Thursday, November 10, 2022
Other Professional Services, Professional Services, Finance, SFR, RMBS, BPO, CBSA, Renting, Loss given default, FKH, CMBS, Microsoft, Probability, LTV, KBRA, LGD, PD, Property management, Telescopic sight

KBRA assigns preliminary ratings to 14 classes of FirstKey Homes 2022-SFR3 (FKH 2022-SFR3) single-family rental pass-through certificates.

Key Points: 
  • KBRA assigns preliminary ratings to 14 classes of FirstKey Homes 2022-SFR3 (FKH 2022-SFR3) single-family rental pass-through certificates.
  • FirstKey Homes 2022-SFR3 is a single-borrower, single-family rental (SFR) securitization that will be collateralized by a $871.6 million loan secured by first priority mortgages on 2,526 income-producing single-family homes.
  • The subject transaction will be the 9th KBRA-rated securitization issued by FirstKey Homes.
  • To determine loss given default (LGD), KBRA assumes the underlying properties would be liquidated in the residential property market.

KBRA Assigns Preliminary Ratings to Bridge 2022-SFR1

Retrieved on: 
Tuesday, November 8, 2022
Professional Services, Finance, Renting, CBSA, Loss given default, SFR, RMBS, Microsoft, BPO, KBRA, CMBS, Probability, LGD, PD, LTV, Property management, Telescopic sight, Bridge

KBRA assigns preliminary ratings to six classes of Bridge 2022-SFR1 single-family rental pass-through certificates.

Key Points: 
  • KBRA assigns preliminary ratings to six classes of Bridge 2022-SFR1 single-family rental pass-through certificates.
  • The subject transaction will be the 1st KBRA-rated SFR securitization issued by Bridge.
  • KBRA adjusted the BPOs, which yielded an aggregate value of $479.4 million, which represents a 10.0% haircut to the nominal BPO value.
  • To determine loss given default (LGD), KBRA assumes the underlying properties would be liquidated in the residential property market.

KBRA Assigns Preliminary Ratings to FirstKey Homes 2022-SFR3

Retrieved on: 
Tuesday, October 11, 2022
Professional Services, Finance, PD, CMBS, SFR, LGD, BPO, Renting, FKH, Probability, CBSA, Loss given default, KBRA, Microsoft, RMBS, LTV, Property management

KBRA assigns preliminary ratings to 12 classes of FirstKey Homes 2022-SFR3 (FKH 2022-SFR3) single-family rental pass-through certificates.

Key Points: 
  • KBRA assigns preliminary ratings to 12 classes of FirstKey Homes 2022-SFR3 (FKH 2022-SFR3) single-family rental pass-through certificates.
  • FirstKey Homes 2022-SFR3 is a single-borrower, single-family rental (SFR) securitization that will be collateralized by a $964.4 million loan secured by first priority mortgages on 2,528 income-producing single-family homes.
  • The subject transaction will be the 9th KBRA-rated securitization issued by FirstKey Homes.
  • To determine loss given default (LGD), KBRA assumes the underlying properties would be liquidated in the residential property market.

KBRA Assigns Preliminary Ratings to Progress Residential 2022-SFR7

Retrieved on: 
Wednesday, September 14, 2022
Banking, Professional Services, Finance, LTV, Microsoft, Probability, CMBS, RMBS, Loss given default, CBSA, Progress, KBRA, BPO, PD, SFR, LGD, Renting, Property management

KBRA assigns preliminary ratings to eight classes of Progress Residential 2022-SFR7 (Progress 2022-SFR7) single-family rental pass-through certificates.

Key Points: 
  • KBRA assigns preliminary ratings to eight classes of Progress Residential 2022-SFR7 (Progress 2022-SFR7) single-family rental pass-through certificates.
  • The subject transaction will be the 26th KBRA-rated securitization issued by Progress Residential.
  • KBRA adjusted the BPOs, which yielded an aggregate value of $478.5 million, which represents a 7.5% haircut to the nominal BPO value.
  • To determine loss given default (LGD), KBRA assumes the underlying properties would be liquidated in the residential property market.