American Airlines is the latest airline to upsize a transaction tied to its mileage rewards program. United started the trend in July and Delta followed in September.
The property assessed clean energy ABS issued by Renovate America are “largely insulated” from the company’s financial troubles given its limited involvement in the deals post-issuance, according to KBRA.
Less than $1 billion of credit card ABS were issued in the first nine months of 2020 even though outstanding deals are performing well. Delinquencies are expected to increase.
Issuance in the MBS and ABS markets seems to be humming along with tighter spreads. But industry participants warn investors should beware of over-optimism.
ABS tied to Bojangles, powersports equipment and airline mileage programs recently hit the market. Meanwhile, a whole-business ABS from Planet Fitness was downgraded.
With revenue lower than expected due to the coronavirus pandemic, California is allowing electric utilities to use securitization to avoid sharp rate increases for customers.
Issuance of ABS tied to marine container leases set sail in August, with the sector producing more volume in recent weeks than all of 2018 and 2019 combined.
The bull market in debt offerings by mortgage-related vendors continues. The latest participant: ICE, which is buying Ellie Mae for a stunning $11 billion.
It will be the 11th issuance of its type by loanDepot.
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