According to a report from KBRA DLD, a division of KBRA Analytics, the overall default rate for direct lending for the trailing 12 months through March 20 was 2%, with the sponsored rate at 1.5% and the non-sponsored rate at 3.5%.
According to research by Kroll Bond Rating Agency, primary market volumes for railcar asset-backed securities peaked in 2021, but volumes have fallen significantly over the past two years as the relationship between rising interest rates and asset yields has made refinancing less attractive.
Kroll Bond Rating Agency released a research report analyzing non-performing loan transactions since the global financial crisis. KBRA said that while commercial real estate non-performing loans are unlikely this year, it is possible that some could be explored for issuance next year.
According to Kroll Bond Rating Agency, the delinquency rate among KBRA-rated U.S. commercial mortgage-backed securities rose eight basis points in December to 2.97%, up from 2.89% in November and a low of 2.76% in September.
Kroll Bond Rating Agency assigned preliminary ratings to four classes of notes issued by Kapitus Asset Securitization II LLC, Series 2022-3. This transaction is the fifth securitization for Kapitus, formerly known as Strategic Funding Source.
Kapitus, a provider of small business financing, closed a $200 million asset-backed securitization, expandable to $600 million.
Kroll Bond Rating Agency assigned a rating to one class of notes issued by Golub Capital Partners ABS Funding 2019-1, L.P., a securitization backed by a portfolio of recurring revenue and middle-market corporate loans that has been amended to refinance the existing notes.
Kroll Bond Rating Agency assigned preliminary ratings to three classes of notes issued by Golub Capital Partners ABS Funding 2021-1, a securitization backed by a portfolio of recurring revenue and middle market corporate loans.
Kroll Bond Rating Agency assigned preliminary ratings to three classes of notes issued by Carlyle US CLO 2021-3S (Carlyle 2021-3S), a cash flow collateralized loan obligation back by a portfolio of broadly syndicated corporate loans.
Kroll Bond Rating Agency assigned a subordinated debt rating of BBB to NBT Bancorp and a subordinated debt rating of BBB+ to the company’s principal subsidiary, NBT Bank.