There’s a growing market for ABS where deals are negotiated discreetly between the issuer and a handful of investors. The securities typically don’t receive credit ratings.

The ABS includes royalties for more than 200 songs that hit number one on the charts. However, none of the songs were disclosed in a rating report on the transaction, and only three artists were identified.

Hotwire Communications and Flexential are issuing their first ABS. The Hotwire deal is tied to fiber-to-the-home networks while two ABS from Flexential are linked to data centers.

Non-agency MBS hit the market ahead of Thanksgiving; rating upgrades possible with new commercial MBS methodology at Moody’s; timeshare securitization performance stable; Fitch extends comment period for proposed criteria to rate shipping container ABS; California launches tobacco-settlement securitization.

Issuance of CLOs is surging as investors gain confidence in the asset class. Refinances of deals issued two years ago are also helping.

Although only $4.5 billion of TALF funding was requested during the facility’s pandemic-related course, the Federal Reserve program is credited with stabilizing the ABS market.

After a lapse at the beginning of the pandemic, commercial PACE lending and the associated ABS offerings have grown steadily.

An affiliate of Fortress Investment Group is set to issue its first single-family rental securitization.

At one point during the pandemic, used car prices were up 50% year over year. Now, appreciation is around 20%, prompting speculation that auto ABS performance will take a hit.

The two restaurant chains will use the ABS proceeds to largely pay down their previous deals. The Taco Bell issuance received a higher rating than Hooters.