Whole Business ABS Spreads Continue to Grind Tighter, Offering Little Concession
As the popularity and investor acceptance of whole business securitization has grown, the spread pickup to BBB corporates has generally evaporated. We are still able to find unique opportunities within this space with new issuers and differentiated business concepts.
Source: Bloomberg, TRACE. Data as of 3.15.2019. Guggenheim WBS Index includes the following fixed rate term notes, weighted by original principal balance: Driven Brands 2019-1, Driven Brands 2018-1, Driven Brands 2015-1, Taco Bell 2018-1, Taco Bell 2016-1, Wingstop 2018-1, FOCUS 2018-1, FOCUS 2017-1, Planet Fitness 2018-1, Coinstar 2018-1, Coinstar 2017-1, CKE 2018-1, CKE 2013-1, Domino’s 2018-1, Domino’s 2017-1, Domino’s 2015-1, Domino’s 2012-1, Sonic 2018-1, Sonic 2016-1, Sonic 2013-1, Wendy’s 2018-1, Wendy’s 2015-1, Dunkin’ Brands 2017-1, Dunkin’ Brands 2015-1, Jimmy John’s 2017-1, Church’s 2017-1, Church’s 2011-1, Five Guys 2017-1, TGI Friday’s 2017-1, Arby’s 2015-1, Dine Brands 2014-1, Miramax 2014-1, and Hooters 2014-1.