Nelnet, DRB add $623M to student loan ABS pipeline
Nelnet's offering is backed by federally guaranteed loans; Darien Rowayton Bank's is backed by private loans refinancing the debt of borrowers with prestigious degrees and high incomes.
Consumer ABS
Barclays, Amex offer combined $1.19B of credit card ABS
Barclays Bank and American Express are offering a combined $1.19 billion of bonds backed by credit card receivables, according to rating agency presale reports.
Santander ups long-term loans in next deep subprime auto ABS
Loans with terms between 73 months and 75 months comprise 15.6% of the collateral for DRIVE Auto Receivables Trust 2017-2, up from 0.5% in 2017-1; yet Moody's Investors Service is holding its loss expectations stable.
Toyota to issue up to $1.75B in prime auto ABS
The collateral has the highest concentration of longer-term loans of any Toyota deal to date: 42.6%; that's up 3.7 percentage point from the sponsor's previous deal.
World Omni ups credit quality in latest prime auto ABS
Fitch Ratings expects net losses to reach 1.45% over the life of the deal, down from prior deals, thanks to the introduction of a selection criteria that stipulates a minimum FICO score of 650.
DealVector gets strategic investment from Tradeweb
The alliance should help the asset registry and communications platform, accelerate its expansion beyond leveraged loans and structured finance and into more overseas markets.
What missing paperwork will cost NCSLT student loan ABS
Investors in hundreds of millions of dollars of bonds backed by private student debt could pay the price for shoddy paperwork and aggressive pursuit of troubled borrowers.
SoFi, Navient kick off second quarter student loan ABS issuance
Navient and Social Finance are kicking off what’s expected to be a busy second half for student loan securitization with two deals totaling nearly $1.5 billion.
CPS readies 3rd subprime auto ABS of year
The collateral pool has a slightly higher percentage of new vehicles (24.53%) than the sponsor’s previous deal, and a shorter remaining weighted average term (62 months).
Santander said to plan boosting stake in U.S. consumer unit
Banco Santander plans to go ahead with a proposal to increase control of its U.S. subprime auto loan unit, after the business passed the Federal Reserve's stress test last month, according to people familiar with the matter.
Auto finance startup gets a boost from Volkswagen
AutoGravity of Irvine, Calif., has received $30 million in equity financing from VW Credit, according to a source familiar with the matter.
Volkswagen returns to traditional funding pattern
The German automaker was compelled to shift funding to asset-backeds in the wak of an emissions cheating scandal; it has now resumed issuing unsecured debt
Pressure building on Eurozone banks to offload NPLs: Fitch
The liquidation of Veneto Banca and Banca Popolare puts increasing pressure on other banks in the Eurozone to reduce their holdings of bad loans, according to Fitch Ratings; it remains to be seen whether securitization will play a significant role.
Credit card issuers face peril from rise in store closures: Report
Synchrony Financial and Alliance Data Systems are particularly vulnerable to recent shifts in Americans’ shopping habits, according to new research from Moody’s Investors Service.
Online student lender marketing debut securitization
College Ave, founded by two former Sallie Mae executives, makes both in-school and refinance loans; borrowers have the option of making payments before they graduate
Pay attention: LendingClub’s first securitization is a big deal
Sponsoring securitizations of the loans funded on its platform will give LendingClub more control over its reputation in the market and make it less beholden to direct loan buyers.
Nissan ups investor protections on latest lease ABS
Credit enhancement on the senior notes has been increased to account for a decline in residual values of some models of cars.
Paying up paid off for Lending Club
The marketplace lender had to offer higher investor protections on a consumer loan securitization than rival Upstart, but it also achieved a lower funding cost
OneMain’s next ABS backed by (slightly) riskier consumer loans
The lender increased credit enhancement for the subordinate tranches of Springleaf Funding Trust 2017-A to offset lower FICOs and larger balances.
Another week, another $5B of auto-related ABS
As of late Thursday, there were two bond offerings backed by prime auto loans (Ford, Honda), three backed by subprime auto loans (Santander, GLS, UACC) and two backed by dealer inventory financing (Ally, Navistar).
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