Issuance of whole-business ABS is on track to break a record this year, with $4.6 billion in volume at halfway mark. Issuers include fast food companies, aftermarket car services and spa services.

A new private activity bond will fund construction of tolled express lanes near Washington, DC. Toll revenues on similar bonds have been strong and rating services affirmed BBB ratings on outstanding issuance.

Securitization of single-family rental mortgages has slowed, with of the largest issuers of the product recently tapping outside funding.

Production of new MBS and ABS fell in almost every category during the first quarter of 2019, but several markets showed rebounding volume in March, a new Inside MBS & ABS analysis shows. Preliminary estimates indicate that a total of $310.04 billion of MBS and ABS was issued in the first three months of 2019, a 10.3% decline from the previous three-month period. It marked the softest quarter in new issuance since the April-June cycle ... [Includes three data charts]

Delinquencies on subprime auto ABS are rising, according to data from the Federal Reserve Bank of New York. But S&P Global Ratings said the situation may not be as bad as the Fed suggests.

LendingClub, which operates an online marketplace, recently issued its first consumer loan-backed ABS of the year. The loans were originated under a model that has been successfully challenged in certain courts, raising concerns from rating agencies.

In a first, Connecticut Green Bank will issue an ABS backed by solar renewable energy credits. The $38.6 million deal from the nation’s first green bank could provide proof of concept for future issuance.

Commercial banks and savings institutions increased their investment in non-mortgage ABS during the fourth quarter of 2018, though the industry’s appetite for the product remained tepid. [Includes two data charts.]

GM Financial’s new auto lease securitization deal is weighted toward shorter-term maturities, likely to combat volatility in the auto market, such as falling prices of used cars.

Securitizations backed by oil and gas royalties likely will be issued this year, according to Fitch Ratings. The agency updated its future flow securitization rating criteria last week in anticipation of such ABS issuance.