Weekly Wrap: Delinquency markers don’t capture full SASB hotel-loan risk
Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 19-25
By
Glen Fest
Auto ABS
S&P: Auto-loan extensions spiked in December in prime, subprime pools
The extension rates were the highest since the peak of lender deferrals granted in the wake of the COVID-19 outbreak.
By
Glen Fest
Will Biden’s CFPB clamp down on subprime auto lenders?
Last month, prominent investor Steve Eisman pegged Credit Acceptance Corp. as his new big short, based on a belief the subprime auto lender and its industry may come under closer CFPB scrutiny under the new administration. Analysts are taking note, as well.
By
John Hintze
Kroll: Auto loans in ABS pools show small rise in early delinquencies
Early-stage delinquencies were up slightly in both prime and subprime auto ABS pools, according to the agency's report for January.
By
Glen Fest
Santander’s first 2021 subprime auto ABS deal may top $2.2B
The proposed securitization launches the same week the Federal Reserve lifted a three-year-old enforcement action against the auto lender over its prior risk compliance oversight policies.
By
Glen Fest
Weekly Wrap: What’s driving higher auto ABS recovery rates?
Deals, trends and research in structured finance and asset-backed securities for the week of Jan.22-28
By
Glen Fest
Weekly Wrap: Castlelake revives aircraft ABS sector
Deals, trends and research in structured finance and asset-backed securities for the week of Jan.15-21
Ford, Mercedes-Benz sponsoring next auto-lease ABS deals
The two deals will add to the pipeline of 2021 prime auto-lease transactions led earlier this month by Hyundai Capital America.
By
Glen Fest
Weekly Wrap: Shipping rates surge as container supply wanes
Deals, trends and research in structured finance and asset-backed securities for the week of Jan.7-14
First Investors tilts collateral toward more direct loans in next ABS
The subprime auto lender, which specialized in post-bankrutpcy loans, has a greater share of direct-channel loans (typically refis) compared to its lone 2020 asset-backed offering.
By
Glen Fest
Hyundai Capital rolls out its largest auto-lease ABS to date
The notes offering is the largest among the 21 auto-lease deals HCA has issued since 2011, and the fourth that has topped $1 billion in offered notes.
By
Glen Fest
Weekly Wrap: Strong 2020 finish for C-PACE boosts 2021 outlook
Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 31-Jan.7
GM Financial expanding share of 6-7 year loans in first 2021 ABS pool
The share of 72-84 month loans is 15.56% in GMF's 2021-1 transaction, up from 12.24% in its prior prime-auto issuance.
By
Glen Fest
Moody’s upgrades GM, Toyota lease ABS deals
The agency cited improving used-car prices that have elevated resale values of off-lease vehicles that drivers are turning back into dealerships.
By
Glen Fest
Weekly Wrap: Pessimism mounts in subprime auto outlook
Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 11-17
Weekly Wrap: SF volume down 24% from 2019 pace after slow November
Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 28-Dec. 3
By
Glen Fest
GLS markets next subprime auto ABS with stronger credit metrics
The $310.47 million GLS Auto Receivables Issuer Trust 2020-4 collateralizes 13,316 loans with an average borrower FICO of 573. That is lower subprime territory, but is slightly higher than any of GLS’ most recent securitizations, according to a report from DBRS Morningstar.
By
Glen Fest
Carvana makes prime auto ABS debut in $420M transaction
The WA FICO of 710 contrasts with the range of 554 to 635 in recent Carvana securitizations centered on subprime borrowers.
By
Glen Fest
Citi steers Volkswagen’s $750 million ABS deal
Volkswagen has launched a $750 million auto-lease securitization that provides investors with more favorable terms than those it offered in more recent transactions.
By
John Hintze
Weekly Wrap: Freddie Mac CEO David Brickman resigns
Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 6-12
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