Avis Budget Launches $500M Fleet ABS
Avis Budget Car Rental is piecing together the markets second rental-car fleet transaction of the year in a $500 million transaction.
Consumer ABS
ECMC Returns with Another $409M Rehab FFELP ABS
ECMC Group is marketing another $409 million of notes backed by federally guaranteed student loans that were once delinquent but are now making timely payments.
Verizon’s Next Handset ABS is Backed by Riskier Credits
Verizon has launched its third overall securitization of device payment plan (DPP) receivables with a $1.29 billion notes offering carrying slightly heavier risks for investors than its first pair of deals in 2016.
GM, Toyota Launch Nearly $3B Prime Auto-Related ABS
GM Financial and Toyota Motor Credit wasted no time in returning to the securitization market following the conclusion of an industry confab in Las Vegas; the two are marketing nearly $3 billion of prime auto-related bonds.
Best of SFIG Vegas 2017
Securitization pros compared notes on regulatory compliance and learned about the risks and rewards of fintech; here are the highlights of the Structured Finance Industry Group;s annual confab.
SFIG Vegas: Why Subprime Auto is Suffering, Even in Good Times
The worsening trend for subprime lenders amid an otherwise healthy consumer economy is a puzzling development that even auto loan securitization experts were somewhat at a loss to explain at SFIG Vegas.
Did Durbin Amendment Lead to Unintended Credit Card Splurge?
Lost in the battle between banks and retailers which is being fought with renewed vigor in the early days of the Trump administration is any consideration of how caps on interchange fees have affected consumer spending patterns.
SFIG Vegas: Cautious Optimism on Trump, Reg Relief
Securitization pros are guardedly optimistic about the Trump Administrations impact on the industry, even if no one expects to see a rollback of regulations imposed by the Dodd-Frank Act in the immediate future.
Securitization, Blockchain Trade Groups Team Up
The Structured Finance Industry Group is teaming up with the trade association for the blockchain industry to explore ways that distributed ledger technology can be used to speed up transaction processing and improve transparency.
Risks Rising in World Omni Lease Securitization
World Omni Financial Corp. is leasing cars to consumers with lower credit scores, and the risk is being compounded by the fact that so many leases mature at the same time.
SFIG Vegas: Just How Different are Marketplace Lenders?
Panelists at SFiG Vegas questioned just how different marketplace lenders are from more traditional lenders.
Santander Consumer, Hurt by Deep Subprime, Inches Up the Credit Band
Santander Consumer USA Holdings plans to increase lending to consumers with solid credit scores after being squeezed by higher losses on its subprime auto book.
PCS Creates “High Quality” Label for Synthetic Securitization
The Prime Collateralised Securities Initiative is aiming to boost synthetic securitization, which offer an alternative way for European banks to free up capital for more lending.
VW Marketing Its 3rd U.K. Lease ABS in Eight Months
Volkswagens U.K. finance arm is marketing £750 million ($884 million) of bonds backed by auto leases.
Flawed Reliance on Credit Scores Leads to Confusion
The industrys reliance on these yardsticks to estimate the riskiness of a pool of borrowers is mathematically flawed.
Canadian Banks Picking Up the Slack in US Credit Card ABS
Canadian banks are increasingly crossing the border to fund their credit card programs, taking advantage of lower borrowing costs available in the much larger U.S. market.
Santander, ACA Add Nearly $1.3B to Subprime ABS Pipeline
New subprime auto securitizations by Santander Consumer USA and American Credit Acceptance each utilize tweaks to recent collateral pool trends to mitigate the risk of growing losses in their managed portfolios.
Ford Preps Another $1B Prime Auto ABS with 5-Yr Revolver
Ford Motor Credit is marketing another $1.08 billion of bonds backed by prime auto loans.
Appeals Court Aids CFPB in Constitutionality Case, but Adds a Twist
A federal appeals court agreed Thursday to scrap an earlier ruling against the Consumer Financial Protection Bureau's constitutionality, saying it will revisit the issue at a hearing on May 24, while also opening the door to discuss a new wrinkle in the case.
Hilton Builds In Additional CE for New Timeshare ABS
Hilton Grand Vacations Trust 2017-A is a $350 million, two-note structure backed by more than 16,000, prime-borrower timeshare loans representing the companys third overall asset-backed transaction since 2013.
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