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The $175 million deal is backed by loans with an average balance of $2,365; fewer of them are "renewal loans" to existing borrowers who qualify to borrow more because of previous on-time payments.
The transaction, Quarzo S.r.l. – Series 2018, is backed by 104,640 accounts with an average outstanding balance of €8,600 and an average interest rate of 9.1%. The loans have original average terms of 61.9 months, with 4.8 months of seasoning.
We are one year deeper into an already extended credit cycle, so it’s even more important to focus on market complacency.
Calling a $149 million transaction and securitizing the notes allows Goal Structured Solutions to benefit from a reduction in spreads since 2016.
Both Kroll and S&P expect losses on collateral in the subprime consumer lender's latest deal to be higher than its 2017 deals; Kroll alone assigned a lower rating to the senior tranche.
It's the first time any of the rating agencies has assigned an AAA for any securitization of consumer loans by a marketplace lender.
Starting next year, the servicing giant plans to go after some of SLM Corp.'s best borrowers – at least with refinance student loans.
A "second look" finance partner for retailers like Home Depot and Sears Home Pro is offering $167.3M in bonds secured by receivables on high-interest cards and installment accounts.
Like recent Federal Education Loan Program securitizations from Nelnet and Navient, it has meaningful exposure to rehabbed loans and loans in income-based repayment plans.
The $286.4 million deal is an important test for Upgrade, which has raised $142 million of equity over the past two years but has yet to turn a profit.
Refinance loans account for just 21% of the collateral, and even among those borrowers, just under half have advanced degrees.
Auto loan securitization has been in overdrive this year, even if the global tussle over import tariffs is injecting a note of caution.
Nearly a third of borrowers, 29.5%, backing the $500 million transaction are making timely payments, up from 27.4% for the prior deal and higher than the lender’s previous two deals.
Widening spreads on ABS have made deposit funding relatively more attractive; the rating agency now expects full-year issuance to be at the low end of its original forecast of $40 billion to $50 billion.
Partly for this reason, Kroll expects losses on the transaction, PMIT 2018-2, to reach just 12.4% over the life of the deal, down from 13.4% for the previous transaction.
The $423.2 million Master Credit Card Trust 2018-3 consists of three tranches of notes maturing in January 2022, one floating-rate and two fixed-rate.
Conn’s has increased the credit enhancement on its latest consumer loan securitization to account for rising losses on its managed portfolio, according to rating agency presale reports.
As a result of the forward flow agreement, Kroll has increased expected recoveries, allowing Upstart to lower credit enhancement on its next securitization.
The amount of loans cherry picked by the likes of SoFi and CommonBond fell by 3%, to $221 million; just as well, since Sallie Mae's grad school loans are off to a slow start.
The notes, which are rated by DBRS, are backed by a mix of products to borrowers with weak credit; the pool of collateral will revolve over the first two years of the transaction.
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