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Auto-loan securitizations from AmeriCredit and Santander add to a briskly flowing 2020 subprime-deal pipeline, while Ford and JPMorgan are marketing notes backed by prime-loan receivables.
Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 16-22
According to ratings agency presale reports, Flagship will sell $303 million in bonds from a $314.8 million of loan originations by Flagship as well as its CarFinance.com subsidiary.
This year will top the total volume generated in the housing boom year of 2003. Meanwhile, next year's 30-year FRM is predicted to stay at 2.8%.
Credit Acceptance Corp. is pursuing its third senior-subordinate auto-loan securitization of 2020, providing investors with bonds backed by risky collateral as well as a long and successful track record issuing asset-backed securities.
Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 2-8
Prestige's new $377M securitization has a collateral pool in which over 44% of the loans are from borrowers with recent Chapter 7/13 discharges.
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 25-Oct. 1
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 18-24
Shares of the company surged 31% in New York on Tuesday after it projected record revenue and profit margins. The stock has rallied almost 150% this year as Americans have turned to buying household essentials, entertainment and, increasingly, used cars online.
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 11-17
The captive-finance lender for U.S. Mercedes-Benz deals closed on its second transaction of the year, and the first auto-lease ABS to price since July.
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 4-10
Both Moody's and DBRS Morningstar project elevated credit-loss levels for the auto lender, compared to prior deals, due to COVID-19 uncertainties
The captive-finance arm of General Motors is the first automotive lender this year to launch a securitization to finance inventories as dealerships rebound from COVID-19-related economic stresses.
The share of 78-month loans is at 14.9%, compared to approximately 10% in World Omni's previous issuance from its subprime/nonprime shelf.
For the second consecutive month, the average extension rate in June for troubled loans due to pandemic-related stresses on borrowers shrank in both prime and subprime loan sectors.
Tesla last week priced its latest auto-lease securitization at signficantly reduced spreads from its last deal—reflecting strong investor demand for TALF-backed securities and an improving outlook for the world's largest battery-electric vehicle (BEV) manufacturer.
Credit Acceptance Corp.'s second securitization of 2020 has a higher loss rate than the first deal due to COVID-19 worries, as well as rising loss levels in the lender's recent-vintage securitizations.
More than $2.5 billion in new subprime auto securitization deals hit the market this week, including a portfolio of indirect loans pooled by first-time issuer First Help Financial.
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