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GC Asia
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Former Morningstar MD joins blockchain securitization platform
Cadence, a blockchain based securitization platform for private credit, has added Rohit Bharill to be the firm’s first head of risk, a company executive told GlobalCapital. Bharill joins from Morningstar Credit Ratings, where he headed the ABS and CLO ratings team.
04 Aug 2020 -
Tesla returns to ABS with $780m auto lease deal
Electric car maker Tesla is preparing its fourth retail auto lease securitization, issuing into a strong ABS market supported by high investor demand and solid auto market fundamentals in spite of the virus, sources said.
30 Jul 2020 -
Enova to buy small business lender OnDeck for $90m
Small business lender OnDeck has agreed to a $90m cash and stock deal with Enova after months of struggling through the pandemic crisis. The acquisition is the first in an expected wave of consolidation, as Covid-19 tests the resilience of online lenders, sources say.
29 Jul 2020 -
Covid benefit expiration to dent ABS market recovery
Key government stimulus benefits are set to expire at the end of the month, and as Congress works out what the next coronavirus aid package will look like, the ABS market will see spreads fluctuate and delinquencies spike, with consumer assets to be hardest hit.
28 Jul 2020 -
Ag Resource Management hires former PACE CFO
Private specialty finance company Ag Resource Management (ARM) named Rasool Alizadeh as chief financial officer and president of capital markets. Alizadeh joins from FortiFi, a growing Property Assessed Clean Energy (PACE) lender that issued its first securitization last year.
27 Jul 2020 -
OCC true lender clarification to establish legal certainty for online lenders
The Office of the Comptroller of the Currency (OCC) proposed a clarification that would settle the dispute around the true lender rule, which sources say is highly likely to pass and would be a boon to the marketplace lending ABS sector.
23 Jul 2020 -
Hertz nears temporary deal with ABS creditors
Hertz is close to securing a deal with ABS creditors, according to bankruptcy court documents filed this week, with the bankrupt rental car company agreeing to a discounted rent payment, while liquidating a part of its fleet. Sources say the agreement will provide more protection for senior ABS bondholders and provide an element of certainty through to the end of this year.
22 Jul 2020 -
KKR raises nearly $1bn for CMBS B-piece fund
KKR has raised a $950m fund that will invest in the lowest-rated portions of newly issued CMBS conduit transactions.
21 Jul 2020 -
PACE ABS pipeline grows with deal from Ygrene
Property Assessed Clean Energy (PACE) provider Ygrene is preparing a 144A securitization, the first deal this year to include a mix of commercial and residential PACE liens. Though originations have slowed, sources say Covid-19 has boosted demand for residential energy efficiency as people spend more time at home.
21 Jul 2020 -
ABS primary market sees highest weekly volume since February
A dozen deals totaling $10.2bn were issued last week, the highest weekly volume since February. Investors easily absorbed the new supply, and spreads tightened particularly in non-benchmark sectors in a sign that the market has mostly recovered over the summer, sources said.
20 Jul 2020
