Fixed-income securities

KBRA Assigns Preliminary Ratings to Mosaic Solar Loan Trust 2021-1

Thursday, March 4, 2021 - 9:32pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Mosaic Solar Loan Trust 2021-1 (Mosaic 2021-1), an asset-backed securitization collateralized by a pool of residential solar loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Mosaic Solar Loan Trust 2021-1 (Mosaic 2021-1), an asset-backed securitization collateralized by a pool of residential solar loans.
  • The collateral pool of Mosaic 2021-1 will include approximately $350.0 million of residential solar loans, which composes of $225.0 million in loans at closing and $125.0 million in additional prefunded solar loans.
  • The preliminary ratings reflect the initial credit enhancement levels ranging from 44.58% for the Class A notes to 6.58% for the Class D notes.
  • Solar Mosaic, Inc. (Mosaic or the Company) is a California-based specialty finance company focused on originating and servicing consumer loans used for the purchase of residential solar systems.

KBRA Assigns Preliminary Ratings to Mercury Financial Credit Card Master Trust, Series 2021-1

Wednesday, March 3, 2021 - 9:52pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes that will be issued from Mercury Financial Credit Card Master Trust, Series 2021-1 (MFCCMT 2021-1), a credit card asset-backed securities transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes that will be issued from Mercury Financial Credit Card Master Trust, Series 2021-1 (MFCCMT 2021-1), a credit card asset-backed securities transaction.
  • The Notes of MFCCMT 2021-1 are collateralized and repaid by a portfolio of revolving general-purpose credit card accounts.
  • MFCCMT 2021-1, represents the Mercury Financial LLCs (Mercury Financial) (formerly known as CreditShop LLC) inaugural securitization issued from their master trust program.
  • Mercury Financial intends to use the proceeds from the sale of the Series 2021-1 Notes to redeem the notes from a prior securitization, CreditShop Credit Card Company 2019-1.

Ellington Financial Inc. Completes $251.8 Million Non-QM Loan Securitization

Wednesday, March 3, 2021 - 9:10pm

Ellington Financial Inc. (NYSE: EFC) (the "Company") announced today that it has closed a $251.8 million securitization backed by a pool of non-qualified residential mortgage (non-QM) loans.

Key Points: 
  • Ellington Financial Inc. (NYSE: EFC) (the "Company") announced today that it has closed a $251.8 million securitization backed by a pool of non-qualified residential mortgage (non-QM) loans.
  • The securitization was rated by both S&P and KBRA, with the senior tranche receiving AAA ratings.
  • Ellington Financial invests in a diverse array of financial assets, including residential and commercial mortgage loans, residential and commercial mortgage-backed securities, consumer loans and asset-backed securities backed by consumer loans, collateralized loan obligations, non-mortgage and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments.
  • Ellington Financial is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C.

KBRA Assigns Preliminary Ratings to GLS Auto Receivables Issuer Trust 2021-1

Wednesday, March 3, 2021 - 3:02pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by GLS Auto Receivables Issuer Trust 2021-1 (GCAR 2021-1), an asset-backed securitization collateralized by a pool of auto loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued by GLS Auto Receivables Issuer Trust 2021-1 (GCAR 2021-1), an asset-backed securitization collateralized by a pool of auto loans.
  • GCAR 2021-1 has initial credit enhancement levels ranging from 54.20% for the Class A notes to 4.80% for the Class E notes.
  • KBRA also conducted an operational assessment on the originator and servicer, as well as a review of the transactions legal structure and transaction documents.
  • 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 Assigns Preliminary Ratings to Mariner Finance Issuance Trust 2021-A

Tuesday, March 2, 2021 - 7:07pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued from Mariner Finance Issuance Trust 2021-A (MFIT 2021-A), a personal loan asset-backed securities transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to five classes of notes issued from Mariner Finance Issuance Trust 2021-A (MFIT 2021-A), a personal loan asset-backed securities transaction.
  • The notes are collateralized by approximately $273 million of secured and unsecured, fixed-rate, non-revolving personal loans originated by Mariner Finance, LLC, (Mariner or the Company) as of the January 31, 2021 Statistical Cut-Off Date.
  • KBRA also conducted an operational assessment of Mariner, as well as a review of the transactions legal structure and transaction documents.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Two Harbors Investment Corp. To Participate in the 2021 RBC Capital Markets Global Financial Institutions Conference

Monday, March 1, 2021 - 9:15pm

(NYSE: TWO), an Agency + MSR mortgage real estate investment trust, announced today that Bill Greenberg, President and Chief Executive Officer, is scheduled to participate in the RBC Capital Markets Global Financial Institutions Conference being held on March 9, 2021 through March 10, 2021.

Key Points: 
  • (NYSE: TWO), an Agency + MSR mortgage real estate investment trust, announced today that Bill Greenberg, President and Chief Executive Officer, is scheduled to participate in the RBC Capital Markets Global Financial Institutions Conference being held on March 9, 2021 through March 10, 2021.
  • The panel discussion entitled Mortgage Finance Market Update and Investment Opportunities is scheduled to begin at 2:00 pm EST on March 10, 2021.
  • The panel discussion will be webcast and made available on Two Harbors website at http://www.twoharborsinvestment.com in the Investors section under the Events and Presentations link.
  • 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 Benchmark 2021-B24

Monday, March 1, 2021 - 8:33pm

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 18 classes of Benchmark 2021-B24, a $1.2 billion CMBS conduit transaction collateralized by 40 commercial mortgage loans secured by 71 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 18 classes of Benchmark 2021-B24, a $1.2 billion CMBS conduit transaction collateralized by 40 commercial mortgage loans secured by 71 properties.
  • The collateral properties are located throughout 52 MSAs, the largest three of which are New York (22.1%), Palm Beach County (10.8%), and Las Vegas (6.9%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 44.7% less than third party appraisal values.
  • To access ratings and relevant documents, click here .

KBRA Releases Research – CMBS Loan Performance Trends: February Update

Friday, February 26, 2021 - 5:00pm

Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the February 2021 servicer reporting period.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the February 2021 servicer reporting period.
  • The delinquency rate for the period came in 60 basis points (bps) lower than in the previous month, at 5.9%, among KBRA-rated CMBS.
  • The decline was influenced by loan modification of several larger loans, at which time the related loans were reflected as current.
  • This month, KBRA analyzed 19,045 outstanding CMBS 2.0 conduit loans (KBRA rated and non-KBRA rated) for those that were reported as modified by the servicer during the pandemic (between April 2020 and December 2020).

K9 Gold Corp. Announces Closing of Second Tranche of Private Placement Backed by Palisades Goldcorp and Funds Managed by Sprott Asset Managment LLP for Total Proceeds of $3,717,450

Monday, February 22, 2021 - 9:15pm

Closing of Additional Private Placement for Proceeds of $500,000

Key Points: 
  • In addition, the Company has closed on a separate private placement (the "Additional Private Placement") that had not been previously announced for gross proceeds of $500,000.
  • A syndicate led by Palisades Goldcorp Ltd. purchased a total of 1,600,000 of the NFT Units in the First Tranche.
  • Funds managed by Sprott Asset Management LLP purchased 2,857,143 FT Units of the Private Placement.
  • Total gross proceeds of the Private Placement (both the First Tranche and the Second Tranche in the aggregate) were $3,717,450.

Cordoba Minerals Closes Final Tranche of Fully-Subscribed Non-Brokered Private Placement

Friday, February 19, 2021 - 12:30pm

Vancouver, British Columbia--(Newsfile Corp. - February 19, 2021) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) ("Cordoba" or the "Company") announces today that it has closed the second and final tranche of its previously announced fully-subscribed non-brokered private placement (the "Offering") (refer to Cordoba's news releases dated December 4, 2020 and December 24, 2020 ).

Key Points: 
  • Vancouver, British Columbia--(Newsfile Corp. - February 19, 2021) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) ("Cordoba" or the "Company") announces today that it has closed the second and final tranche of its previously announced fully-subscribed non-brokered private placement (the "Offering") (refer to Cordoba's news releases dated December 4, 2020 and December 24, 2020 ).
  • Upon completion of the second and final tranche, the Company has received total gross proceeds of approximately $5.2 million from the Offering.
  • The closing of this tranche of the Offering (the "JCHX Tranche") was subject to the receipt of customary approvals and registration with Chinese regulatory agencies, which have now been received.
  • Cordoba Minerals Corp. is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects.