Securitization - US Archive

  • Former Morningstar MD joins blockchain securitization platform

    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.

  • Tesla returns to ABS with $780m auto lease deal

    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.

  • Enova to buy small business lender OnDeck for $90m

    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.

  • Covid benefit expiration to dent ABS market recovery

    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.

  • Ag Resource Management hires former PACE CFO

    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.

  • Hertz nears temporary deal with ABS creditors

    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.

  • PACE ABS pipeline grows with deal from Ygrene

    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.

  • ABS primary market sees highest weekly volume since February

    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.

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