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Deal Scan: Dell, Ascentium Launch Equipment ABS

Asset Securitization Report - 4/20/2017
Dell, Ascentium Launch Equipment ABS: Dell Financial Services’ $996.58 million deal is backed by leases and loans on Dell and (for the first time) EMC branded equipment.  It’s also Dell’s first deal to be rated by Fitch Ratings, which assigned an AAA to senior notes benefitting from 16.9% credit enhancement. Bank of America Merrill Lynch and Wells Fargo are co-lead managers.
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Coinstar ABS debuts

Structured Credit Investor - 4/20/2017
Coinstar is marketing its inaugural US$900m whole business securitisation. Coinstar Funding Series 2017-1 is backed by revenue generated from a multi-national network of fully automated self-service coin counting machines. KBRA has assigned provisional ratings of triple-B to the deal's US$60m class A1 and US$840m class A2 notes. The anticipated repayment date is April 2022, while the legal final maturity date is April 2027 on the A1s and April 2047 on the A2s.
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Kroll Downgrades 2 Classes of Another CMBS 2.0 Deal with Bakken Exposure

Commercial Real Estate Direct - 4/20/2017
Kroll Bond Rating Agency has downgraded the two lowest rated bond classes of COMM, 2013-CCRE7, because of the deal's large exposure to loans that have defaulted or that the rating agency considers to be at a heightened risk of default. It downgraded the deal's $9.4 million class F to BB- from BB and its $17.6 million class G to B- from B. It affirmed all other classes. The deal's collateral pool includes only one loan that's delinquent - the $13.2 million North Dakota Portfolio mortgage - and another, the $48.2 million One West Fourth Street loan, that's in special servicing. The former is expected to suffer a loss of 58.6 percent, while the latter a 9 percent loss, according to Kroll's analysis.
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CarFinance Joins AutoGravity’s Suite of Lending Partners

Auto Finance News - 4/20/2017
While CarFinance.com is technically a direct lender, its offers won’t operate or look any different than the other indirect lenders on AutoGravity’s platform — which includes Mercedes-Benz Financial Services, First-Investors Financial Services, Westlake Financial Services, and more that remain unnamed — Serge Vartanov, chief marketing officer at AutoGravity, explained to Auto Finance News. 
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