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Wings Capital Partners closes secured notes issuance

Financial News UK - 11/20/2017
Wings Capital Partners LLC has announced the closing of an issuance of USD 480,067,000 of fixed rate secured notes by WAVE 2017-1 LLC and WAVE 2017-1 Limited, the company said. The notes are comprised of USD 393,308,000 of 3.844% Series A Notes, USD 57,839,000 of 5.682% Series B Notes and USD 28,920,000 of 6.656% Series C Notes. Proceeds from the issuance of the Notes will be used by WAVE to acquire a portfolio of 19 Airbus and Boeing jet aircraft consisting of 18 narrowbody jet aircraft and 1 widebody jet aircraft on lease to a diversified pool of 17 customers in 14 countries. The Series A Notes, Series B Notes and Series C Notes were rated A, BBB and BB, respectively, by Standard & Poor´s and Kroll Bond Rating Agency. Wings and its Irish affiliate, Wings Capital Partners Aviation Ireland Limited, will act as servicers with respect to the aircraft.
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Wings closes inaugural ABS deal

Airfinance Journal - 11/20/2017
US-based lessor Wings Capital Partners has closed its $480 million asset-backed securitisation (ABS) secured against 19 aircraft. The notes, issued by WAVE 2017-1 LLC and WAVE 2017-1 Limited, represented Wings Capital Partners LLC’s inaugural securitisation. The $393.3 million series A nots priced at 3.844% and have an initial LTV (loan-to-value) of 68%. The $57.84 million series B notes priced at 5.682% and have an initial LTV of 78%. The $28.92 million series C notes priced at 6.656% and have an initial 83% LTV. The Series A and B notes amortize on a 13-year straight-line schedule. The Series C notes amortize on a seven-year straight-line schedule. Goldman Sachs, CA-CIB and Wells Fargo are the joint structuring agents and bookrunners. CA-CIB is acting as the liquidity facility provider and Wells Fargo is acting as the trustee. Canyon Financial Services is acting as the managing agent.
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Diamond Resorts ups reserve accounts for timeshare ABS

Asset Securitization Report - 11/20/2017
Kroll Bond Rating Agency has upgraded $95 million of bonds backed by Diamond Resorts timeshare loans – but not because of any steps the company’s new management has taken to reform its business practices. In fact, defaults on loans used as collateral for the four tranches across two deals, Diamond Resorts Owner Trust 2015-1 and 2015-2, continue to mount as borrowers upset by the company’s high-pressure sales tactics seek legal representation and, in many cases, stop making payments.
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Storms may push CRT late payments up 35%-40% in September, says Kroll

Asset Securitization Report - 11/17/2017
Nearly two months after Hurricanes Harvey and Irma struck Texas and Florida, causing billions of dollars of property damage, there’s still little information on how securities that reinsure mortgages for Fannie Mae and Freddie Mac might be impacted. Hurricane Harvey made mainland U.S. landfall on Aug. 25 and Hurricane Irma on Sept. 11th, so the first payment date where borrowers in those areas may be affected would be Sept. 1. However, Fannie and Freddie report 30-day delinquencies with a two-month lag, so that information will not be available until the end of this month. Kroll Bond Rating, which rates many of these securities, has cobbled mortgage servicer remittance reports to come up with its own estimates. It thinks that late payments on mortgages reinsured through Freddie’s bellwether Structured Agency Credit Risk may have risen by 35% to 40%, albeit off a very low base, leaving the average delinquency rate under 1.0%. Moreover, Kroll expects that much of the impact will prove to be temporary, and is unlikely to result in ratings downgrades.
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