Who won, who lost in Supreme Court’s credit card ruling
American Express prevailed Monday in an eight-year antitrust battle with the government. Here’s a look at how other card networks, banks, retailers and consumers will be affected.
Consumer ABS
BNP Paribas preps 1st French consumer loan ABS in over 2 years
Noria 2018-1 is a €1.6 billion securitization of unsecured personal loans, of which 30% are debt consolidation accounts.
By
Glen Fest
Avant continues to benefit from tighter underwriting criteria
The online lender was able to lower the credit enhancement (again) on its latest securitization of consumer installment loans, the $221.9 million Avant Loans Funding Trust 2018-A.
Lendmark’s $250M nonprime consumer loan ABS draws split ratings
While DBRS maintained a rating of AA for the Lendmark Financial's first ABS of 2018, S&P issued an A rating after estimating higher net losses on the underlying subprime accounts.
By
Glen Fest
SoFi reduces exposure to long tenors in second consumer-loan ABS of 2018
The percentage of 84-month loans has been shaved to 37.5% of the pool in SoFi's consumer loan program 2018-2 issuance, down from 45.4% in its prior transaction in January.
By
Glen Fest
LendingClub trims CE on next near-prime consumer loan ABS
As in prior transactions, the company itself contributed only a small portion (7.55%) of the collateral for CLUB 2018-NP1; but this time only three unaffiliated parties were invited to contribute the remainder.
What’s next for marketplace ABS? Revolvers, ETFs & IOs
LendingClub, Marlette and others are looking at additional changes to both their securitization and whole-loan sale programs that could further broaden their investor bases.
OneMain earns 1st AAA from Kroll for unsecured consumer loan ABS
The $525.7 million transaction is backed by stronger collateral than its previous deal, completed in August. But the sponsor still had to increase the credit enhancement on the senior tranche.
OnDeck swings to profit, eyes second bank partnership
The online small-business lender is enjoying a payoff from its year-old push to cut costs and tighten underwriting standards. It is also set to announce another lending agreement with a major bank this year, its CEO said Tuesday.
Spreads narrow on SoFi’s 1st consumer loan ABS of 2018
The deal was launched shortly after SoFi announced that Anthony Noto, the chief operating officer of Twitter, will join as CEO. It also benefits from higher credit enhancement.
Navient to step up pace of refi student loan securitization
Refi loans that the servicing behemoth is making through Earnest do not require the same amount of seasoning as new in-school loans, and so can be securitized much sooner.
VantageScore widely used by major lenders, study shows
The findings by consulting firm Oliver Wyman dispel a misconception that the increase in the use of its credit scores is being driven principally by its free availability to consumers, VantageScore says.
Busy December pushes 2017 U.S. ABS issuance to $510B
With ideal macroeconomic fundamentals of economic growth and low interest rates still in place, S&P Global sees no reason for issuance to slow in 2018.
Top 10 of 2017: Marketplace lenders bring securitization in-house
By sponsoring their own deals these matchmaking platforms are providing liquidity to multiple loan investors. They can also ensure that bond offerings are regular and uniform.
SFIG: Tax reform would hurt auto, equipment lease securitization
Two proposals, limiting deductibility of interest and like-kind exchanges, would make securitization uneconomical for auto and equipment lessors, according to the industry trade group.
Rising defaults keep Conn’s ABS ratings capped
Despite a large overcollateralization target and the elimination of no-interest loan programs, Conn's securitizations suffer high default levels that keep its Class A notes at a triple-B ratings cap.
By
Glen Fest
Nelnet’s next FFELP ABS backed entirely by rehabbed loans
By comparison, rehabilitated loans accounted for just 19.5% of the collateral for the servicer’s July offering and 10% of its May offering.
Santander marketing €850m German consumer-loan ABS
The Spanish bank's German retail lending unit is securitizing a fifth pool of mostly unsecured personal loans from an €83.5 billion portfolio.
By
Glen Fest
Opinion Rising challenges unlikely to deter U.S. securitization in 2018
The securitization market is weathering risk retention and rising interest rates, though Fitch Ratings is keeping its eye on some consumer asset classes as the credit cycle lengthens.
Rui Pereira
Fitch Ratings
SoFi extracts additional funding in latest consumer loan ABS
Four tranches of rated notes totaling $591 million were issued, resulting in an advance rate of 92% vs 88% for the previous deal; pricing also improved.
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