A $732.6 million ABS tied to music royalties closed this week. Other esoteric ABS in the market include healthcare-related financing, shipping container leases and property tax liens.
The decision, in a case pitting the CFPB against a student loan securitization trust, opens up the defendants to enforcement actions brought under federal law.
Four firms are currently offering whole-business ABS. Two of the deals received ratings from both KBRA and S&P, though the rating services differed in their assessments.
New Residential Investment started acquiring single-family rental properties in 2019, and now has enough holdings to complete its first securitization in the sector.
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.
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.
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