SEC finalizes Dodd-Frank rule to address ABS conflicts of interest
The decision narrows scope of impacted transactions and participants, to the market's relief.
By
John Hintze
ABS
Synchrony Bank sponsors $500 million in credit card ABS
The collateral pool had an average account balance of $1,620, lower than that of credit card securitization trusts that the Big Six banks sponsor, and the ABS notes benefit a 26% subordination level.
DEXT 2023-2 prepares to issue $245 million in equipment lease ABS
DEXT is very diversified by equipment type. Enterprise technology, medical technology and surgical equipment account for the top three concentrations, representing 22%, 16% and 10% of the portfolio.
BHG 2023-B sells $269.2 million in notes secured by consumer and commercial loans
Slightly more than half of the borrowers in the collateral pool, 54.74%, have a FICO score that is higher than 740, and just 3.06% of the borrowers have a score below 661.
Upstart Securitization Trust aims to sell $263.1 million in ABS
Both tranches have the same legal final maturity of Oct. 20, 2033, an initial (OC) of 26.00%, and an initial reserve of 0.50%.
ACHV ABS prepares to sell $157.5 million in ABS to investors
The deal has the smallest pool balance from the ACHV program this year, with an aggregate current principal balance of $177.8 million. The collateral pool contains 14,141 loans, with an average current loan size of $12,577.
Gretchen Lam promoted to CEO of Octagon Credit Investors
Lam, who oversees the firm's structured credit investment strategies, managed CLOs, separate accounts and commingled accounts. Lam succeeds Andrew Gordon, who will assume the role of executive chair of the board of managers.
Wheels Fleet Funding returns to raise $750 million in ABS
Donlen and LPUSA's involvement as a servicer is considered a credit strength, because its managed portfolio, which performed well even throughout the 2007-2008 recession, chalked up consistently low historical rates of delinquencies and net losses.
Treasuries and oil climb on Israel-Hamas conflict: markets wrap
US 30-year yields dropped seven basis points to 4.79%, unwinding part of Thursday's surge that was driven by a somewhat disappointing inflation reading and a weak bond auction.
Third quarter issuance increased by more than 25% over Q2 2023
While securitization performance improved over last year on a quarterly basis, the year-to-date measure dipped compared with 2022, following expectations.
Granite Park Equipment moves to sell $406 million in ABS to investors
The three class A notes have initial hard credit enhancement that amounts to 36%, and consists of over-collateralization, the reserve account (with an initial coverage amount of 1%) and subordination of all notes, except class G.
Private credit is eyeing bank capital risk trades, Magnetar’s Snyderman says
These firms are seeing an uptick in demand for niche capital relief trades, according to David Snyderman, Managing Partner and Global Head of Alternative Credit and Fixed Income at alternative investment manager Magnetar Capital.
CRB Securitization Trust aims to sell $201 million in consumer loan ABS
Notes will repay investors on a sequential basis, S&P said. One of S&P's rationales for assigning its ratings is the available credit support, including excess spread of 49.0%, 44.7%, 37.3% and 31.5% on classes A, B, C and D notes.
Why a U.S. recession is still likely — and coming soon
A deal to avoid a government shutdown resolves one immediate risk. But a major auto strike, the resumption of student-loan repayments, and a shutdown that may yet come back after the stop-gap spending deal lapses, could easily shave a percentage point off GDP growth in Q4.
Nothing Bundt Cake serves up $110 million in whole-business ABS
Just one class of variable funding notes (VFN), which have an anticipated repayment date of July 2026, will be issued to investors.
Mission Lane, credit card issuer, comes to market with $325 million in notes
On average the receivables have a balance of $971, a WA average percentage rate of 32.88%, and a WA age of 24 months. Also, cardholders might pay an annual membership of up to $75.
CarNow Auto Receivables floats $102.7 million in notes
The deal will be secured by payments on subprime auto loans and comes shortly after officer Jill Rockwood joined as chief financial officer.
Equify Financial makes securitization debut with $157.9 million
Equify ABS 2023-1 is expected to close on October 11 and will issue three classes of notes secured by revenue from mid- to large-ticket equipment contracts and related assets.
Pagaya Technologies raises $600 million in secured consumer loans
The deal is the eleventh this year for Pagaya AI Debt Selection Trust, and is slated to close by September 29.
Hewlett-Packard Financial sponsors $701 million in equipment ABS
Total hard credit enhancement of 37.45% shore up the class A notes, according to Moody's. In the rest of the deal the classes B, C and D notes benefit from total hard credit enhancement of 33.1%, 23.7% and 13.7%, respectively.
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