Securitization - Article Archive

  • Neuberger Berman fund readies non-QM RMBS deal

    Homeward Opportunities Fund I, a private equity fund controlled by asset manager Neuberger Berman, is issuing an RMBS backed by $485.5m worth of non-qualifying mortgages (non-QMs), or mortgages which do not conform to the purchasing standards of Fannie Mae and Freddie Mac.

    • 31 Jul 2018
  • Securitizations swell as marketplace lending matures

    A report out of the Department of the Treasury on Tuesday notes that the growth of marketplace lending has fueled ABS deals in the sector.

    • 31 Jul 2018
  • CLO volume tapers but supply surge looms

    A new deal from Carlyle is the only CLO to have emerged in the primary market so far this week, following just two new deals last week. Spreads have firmed up on the lower supply and better macro backdrop, but with as many as 35-40 deals in pipeline the slowdown might not last long.

    • 31 Jul 2018
  • Lone Star buys Permanent TSB NPL book

    Permanent TSB agreed to sell a non-performing loan (NPL) portfolio to affiliates of Lone Star on Tuesday, following a competitive sale process.

    • 31 Jul 2018
  • Creval offers investors a rare treat: performing Italian loans

    Credito Valtellinese S.p.A (Creval) is planning a €1.5bn securitization of performing mortgage loans and unsecured loans to small and medium-sized companies, with the aim of optimising the firm’s cost of funding and supporting SME lending growth.

    • 31 Jul 2018
  • US CRE at risk of correction as foreign investors step back

    US real estate, especially in 'gateway' markets such as New York and San Francisco, has proved a safe harbour for global investors looking to park their money but the long-standing trend may be reversing.

    • 30 Jul 2018
  • CLOs are no threat to financial stability, says BAML

    The CLO and leveraged loan markets, despite running at white-hot levels, do not represent the same level of systemic risk to the financial system as the subprime RMBS model did during the last credit cycle, said Bank of America Merrill Lynch analysts on Monday.

    • 30 Jul 2018
  • CMBS spreads tighten on the back of Treasury gains

    Seven private label CMBS deals worth about $3.7bn were priced last week, including two conduit deals and five single borrower transactions. Total private CMBS issuance year to date has hit $57bn, up from $43bn at this time last year, according to Bank of America Merrill Lynch data.

    • 30 Jul 2018
  • PGIM prices sterling CLO after long wait, while BTL RMBS widens

    A small flurry of summer deal pricing activity pushed two CLOs and a buy-to-let RMBS transaction over the line on Friday.

    • 30 Jul 2018
  • Updated: Ford follows Nissan’s fixed, floating strategy

    Ford's Chinese auto lending subsidiary is selling a Rmb4bn ($587.1m) securitization in the renminbi market later this week, coming to the market a fortnight after Nissan. The originator is deploying the fixed-and-floating combo used by Nissan — a tactic which will help the company broaden its investor base, say bankers.

    • 30 Jul 2018
  • CLO docs harbouring hidden risks, warns Moody’s

    Recent tweaks to the legal provisions and indentures in US CLO documents might increase the potential risks for debt investors, who may not fully appreciate the implication of the changes, according to a Moody’s report on Thursday.

    • 27 Jul 2018
  • CleanFund prices downsized deal

    CleanFund Commercial PACE Capital has priced its debut Property Assessed Clean Energy (PACE) deal, decreasing the size of the offering to $103.57m from the originally planned $109.33m.

    • 27 Jul 2018
  • What size do you like your NPL sales? Massive please

    The European Parliament has proposed an amendment to the new Capital Requirements Regulation protecting banks from the consequences of “massive disposals” of non-performing loans.

    • 27 Jul 2018
  • Blackstone sounds off on steepening competition in CRE lending

    Blackstone Mortgage Trust, a publicly traded REIT affiliated with the private equity firm, reported better-than-expected second quarter earnings on Wednesday on the back of rising net interest income and a number of high-profile real estate deals.

    • 26 Jul 2018
  • Auto deals cruise along with flurry of pricings

    An ABS issuance from Enterprise backed by auto fleet contracts, and prime loan-backed deals from Ford and World Omni were oversubscribed this week, while Volvo priced its second floorplan issuance as July comes to a close.

    • 26 Jul 2018
  • Refinancing offers relief to slowing UK mortgage market

    House purchase mortgage approvals fell by roughly 2,350 in June compared to the same time last year, a reduction of 4.7%, according to data from consumer finance advocacy group UK Finance, though the mortgage market is being propped up by refinancing activity.

    • 26 Jul 2018
  • Clifford Capital seals project finance CLO

    Singapore’s Clifford Capital closed its inaugural collateralised loan obligation on Wednesday, raising $458m from the first fully project finance-backed CLO in Asia.

    • 26 Jul 2018
  • US housing shows signs of stress as home sales dip

    Data from the Department of Commerce released on Wednesday shows that new home sales in June decreased in volume by 5.3% versus the month of May, suggesting that the US housing market is failing to keep up with the broader economic upswing.

    • 25 Jul 2018
  • SoFi readies new consumer ABS offering

    SoFi is preparing a securitization backed by a pool of unsecured consumer loans.

    • 25 Jul 2018
  • 2016 vintage CLO resets put dampener on new deals

    A raft of CLOs that were issued during a turbulent 2016 are coming back to the market to be reset, and the higher spreads on offer are drawing attention away from brand new deals, according to sources.

    • 25 Jul 2018
  • Redwood raises cash for SFR, multifamily

    Redwood Trust, a California-based REIT, announced on Tuesday that an underwritten public offering of 6,250,000 shares of Redwood’s common stock has been priced at $16.50 per share, resulting in gross proceeds of approximately $103m.

    • 25 Jul 2018
  • Goldman Sachs announces euro CLO for AXA

    Goldman Sachs as sole arranger announced a new euro CLO from AXA Investment Managers, the €412.7m Adagio VII, on Wednesday but the primary ABS market was noticeably quieter this week.

    • 25 Jul 2018
  • IMN launches buyside-focused industry group

    Conference organizer IMN has launched a group dedicated to representing the interests of securitization buysiders that will be led by investors from some of the most active ABS shops in the market.

    • 25 Jul 2018
  • Marlette prices Best Egg securitization

    Marlette has priced its $402.31m securitization of consumer loans held by its Best Egg platform.

    • 24 Jul 2018
  • Nationstar markets non-performing, short duration reverse mortgage deal

    In its newest non-performing deal, NHLT 2018-2, Nationstar Mortgage is securitizing cash flows from 1364 non-performing home equity conversion mortgages (HECMs) sourced from Ginnie Mae-sponsored securitization pools.

    • 24 Jul 2018
  • Poorly drafted loan docs could lead to Libor replacement trouble, warns Fitch

    Corporate borrowers are being urged to prepare for the phase out of Libor, but loan documents are not yet up to the job of facilitating an orderly switch to a new rate, warned Fitch Ratings on Tuesday.

    • 24 Jul 2018
  • Cut taxes to keep banks in London? Do it now

    Brexit has been a slow-burning problem for the City of London, but burning it is. Financial markets are regulated. With worse access to Europe, the UK must make itself attractive to financial firms in other ways.

    • 24 Jul 2018
  • European ABS LCR rules disappoint, could drive bank exodus

    European Commission amendments to the regulation governing eligibility towards the liquidity coverage ratio (LCR) has left the ABS industry disappointed, with the treatment for ‘simple, transparent and standardised’ (STS) instruments no better off and existing investments losing beneficial treatment. The move could have a chilling effect on banks’ willingness to increase participation in European securitization.

    • 24 Jul 2018
  • Banks give Nissan’s ABS an easy ride

    Dongfeng Nissan Auto Finance enjoyed strong support from its traditional investor base — Chinese banks and onshore arms of Japanese banks — as it sold a Rmb4.5bn ($665.7m) securitization on July 19. The deal came as looser onshore liquidity gave banks more cash to buy ABS papers.

    • 24 Jul 2018
  • US banks set to drive up demand for MBS

    Following a flurry of second quarter earnings reports from US banks last week, analysts at Bank of America Merrill Lynch are predicting that demand from domestic banks for agency MBS should expand as the economy grows and banks are attracted to the highly liquid asset class.

    • 23 Jul 2018
  • BNPP merges US credit markets and banking, hires new levfin head

    BNP Paribas is combining its primary and secondary activities in US credit markets under a new Global Credit Markets Americas division, with a new head of leveraged finance joining from Deutsche Bank to bolster the firm’s offering.

    • 23 Jul 2018
  • Houlihan Lokey wades into US loan boom

    Houlihan Lokey has formed a new US leveraged loan syndication platform, HL Finance, with HPS Investment Partners working alongside the firm to underwrite and syndicate deals of up to $1bn.

    • 23 Jul 2018
  • JP Morgan promotes in securitized products biz

    JP Morgan has promoted Oldrich Masek to head of the EMEA securitized products group, following David Lefkowitz's relocation from London to New York.

    • 23 Jul 2018
  • Euronext investigates unauthorised Fairhold RNS over market abuse

    A tussle for control of a pre-crisis defaulted CMBS issuer took an unusual twist last week, with contradictory notifications distributed to noteholders in the name of the company. It left investors and observers puzzled as to what to believe, and raised questions as to whether market abuse regulations have been flouted. Asad Ali reports.

    • 23 Jul 2018
  • SC Lowy hires Bishop for distressed debt sourcing

    SC Lowy Asset Management has hired William Bishop as senior sourcer for distressed debt in London.

    • 23 Jul 2018
  • Spreads steady in CMBS market after four deals hit market

    Four deals were priced on Thursday in the CMBS market, including three single asset single borrower deals and one conduit deal.

    • 20 Jul 2018
  • Stone Point takes controlling interest in Freddie Mac lender Sabal

    Private equity firm Stone Point Capital is buying a majority stake in Sabal Capital Partners, a California-based lender focused on financing affordable multifamily properties.

    • 20 Jul 2018
  • EDIFY debuts in Euro PP market

    Investment firm EDIFY, headquartered in Luxembourg, has issued its first Euro PP notes.

    • 20 Jul 2018
  • CommonBond to issue student loan ABS

    CommonBond and Goldman Sachs are prepping a student loan-backed ABS issuance.

    • 19 Jul 2018
  • CIFC turns to European credit, CLOs yet to come

    CIFC Asset Management, one of the largest CLO managers in the world, has recently turned its attention to Europe, with the hire of Joshua Hughes to start marketing and fundraising for European loan investments. It is planning to build out the business in the coming months with more London-based hires, including a senior investment professional to lead that side of the business — but it’s not diving headfirst into the increasingly crowded European CLO market.

    • 19 Jul 2018
  • Golub prints jumbo $1bn middle market CLO

    US middle market CLOs sprung back to life this week with a $1bn deal from Golub Capital, the first new issue of the month.

    • 19 Jul 2018
  • OIS electronification in play for Sonia term rates

    The Bank of England this week laid out its plan to build reliable term rates from the sterling overnight interbank average rate (Sonia) that it has chosen to replace Libor, recommending that overnight index swaps on the rate be traded on venue.

    • 19 Jul 2018
  • Morgan Stanley mandated for new issue UK RMBS deal

    Morgan Stanley has been mandated as sole arranger and joint lead manager with Barclays for Towd Point Mortgage Funding 2018-Auburn 12, in what may be one of the final ABS announcements before the seasonal summer lull in Europe.

    • 19 Jul 2018
  • Loans in Brief: 19/07/2018

    • 19 Jul 2018
  • Project finance gets a boost with first Asian CLO

    Singapore’s Clifford Capital is marketing its debut collateralised loan obligation cash flow securitization, seeking $458m through a newly established special purpose company, Bayfront Infrastructure Capital. The trade is the first of its kind, marking the first fully project finance-backed CLO in Asia. Morgan Davis reports.

    • 19 Jul 2018
  • New group tackles ultimate green challenge

    A move is under way to broaden the idea of Science-Based Targets — one of the most ambitious wings of the business world’s fight against climate change — to take in other ‘planetary boundaries’ such as fresh water and land.

    • 19 Jul 2018
  • Marlette’s Best Egg hatches securitization

    Marlette is securitizing upwards of $400m of unsecured consumer loans held by its Best Egg platform.

    • 18 Jul 2018
  • CLO “machine” steamrolling traditional CRE players

    Sources speaking with GlobalCapital on Wednesday said that the growth of the commercial real estate CLO market is gnawing away at lenders’ ability to keep underwriting standards high and remain competitive, pushing out traditional sources of debt capital in favour of debt funds and other alternative providers.

    • 18 Jul 2018
  • Eagle Point targets double-B CLO debt with new fund

    CLO equity investor Eagle Point Credit Management has filed documents with the Securities Exchange Commission to set up a new closed-end CLO debt fund that will target double-B rated tranches.

    • 18 Jul 2018
  • Investors ‘complacent’ in late cycle US levfin

    Corporate fundamentals paint a rosy picture of the health of US leveraged finance markets, but investors are getting complacent given the erosion of creditor protections and the rumbling threat of trade wars, wrote Guggenheim analysts on Wednesday.

    • 18 Jul 2018
  • Clifden rebuffed in attempt to appoint Fairhold administrator

    Clifden IOM, the fund which failed in its tender offer for UK non-conforming RMBS bonds from the RMAC series earlier this year, is still on the hunt for assets from the issuer of Fairhold Securitisation, a pre-crisis distressed CMBS backed by UK ground rents.

    • 18 Jul 2018
  • HSH Nordbank bondholders query NPL sale

    Holders of HSH Nordbank’s tier one securities are requesting documentation from the German bank’s owners through the US legal system. They say the sale of the bank was designed to harm them.

    • 18 Jul 2018
  • US Court of Appeals rules FHFA unconstitutional

    A divided panel of three appellate judges ruled late on Monday that the organization of the Federal Housing Finance Agency (FHFA), which oversees US mortgage giants Fannie Mae and Freddie Mac, violates the spirit of the US Constitution.

    • 17 Jul 2018
  • ABS crucial for fintech financing as industry matures

    As the financial technology and the online lending market comes of age, some of the biggest players are increasingly reliant on securitization as a way of raising capital, according to a report issued by Deloitte and LendIt on Tuesday.

    • 17 Jul 2018
  • Money360 preps first CRE CLO as new players muscle in

    Money360, a small commercial real estate lender, is joining a number of new issuers who are securitizing floating rate bridge and transitional loans.

    • 17 Jul 2018
  • Tight arb, Libor mismatch eat into CLO equity

    US CLO equity returns have dropped compared with previous years, but the trade is still outpacing the rest of the fixed income market and should improve, sell-side analysts said this week.

    • 17 Jul 2018
  • Netflix to add to growing debt pile

    Netflix said late on Monday that it intends to continue tapping the US high yield bond market to fund an anticipated $3bn-$4bn of negative cash flow this year.

    • 17 Jul 2018
  • SRI should look to fill the West's protection gap

    The insurance industry may be well established in developed countries, but protection against disasters remains patchy. Helping the resilience of entities trying to bridge this gap is a way for socially responsible investors to show their worth.

    • 17 Jul 2018
  • German asset manager preps new CLO, ABS fund

    Union Investment, a fund manager headquartered in Frankfurt and majority owned by DZ Bank, announced on Tuesday the launch of a new fund for institutional clients focussed mainly on CLO investments.

    • 17 Jul 2018
  • Singapore's Clifford Capital launches dollar CLO

    Clifford Capital is seeking $458m this week from its debut project finance collateralized loan obligation cash flow securitization, to be issued through a newly established special purpose company Bayfront Infrastructure Capital.

    • 17 Jul 2018
  • Trade woes could impact latest equipment ABS

    Farm equipment manufacturer John Deere is issuing an $861.5m asset-backed securitization as the first shots fired in the US-China trade war rattle the agriculture industry.

    • 16 Jul 2018
  • US banks edge back from CRE lending as competition steepens

    As construction costs continue to rise and interest rates tick higher, a number of US banks are reporting that they are mulling a step back from commercial real estate.

    • 16 Jul 2018
  • Cerberus weighs options for Auburn 9 RMBS

    Cerberus Capital Management is exploring options for Auburn 9 — a UK buy-to-let RMBS sold in 2015 — and is considering a sale of the entire mortgage portfolio before the next interest payment period in August, according to a regulatory filing last week.

    • 16 Jul 2018
  • Auto issuers hit the gas, buckle up for trade war

    A pair of auto ABS deals from Ford Motor Company and OneMain Financial are about to hit the market as President Donald Trump’s trade policy threatens a bumpy ride ahead for US car manufacturers.

    • 13 Jul 2018
  • Obama-era FHFA chief defends post-crisis GSE balance sheet expansion

    At a panel held at the American Enterprise Institute in Washington, DC on Thursday, the former director of the Federal Housing Finance Agency (FHFA) from 2009-2014 defended the duopoly of Fannie Mae and Freddie Mac, stating it was economically necessary for the agencies to buttress the mortgage market.

    • 13 Jul 2018
  • Investcorp eyes push into middle market, other CLO debt

    Investcorp Credit Management is looking to expand its footprint in US secured corporate loans, with middle market credit and the CLO debt of other credit managers’ both targets, according to the firm’s head of US credit.

    • 13 Jul 2018
  • Updated: Dongfeng-Nissan kicks off H2 ABS race

    Dongfeng Nissan Auto Finance is selling a Rmb4.5bn ($674.4m) ABS deal next week — the first by a foreign originator in the second half. Sources say the originator has been afforded a nice window to issue given the looser onshore liquidity, but it will enjoy less flexibility around the structure of the deal.

    • 13 Jul 2018
  • Marlin readies equipment finance ABS

    A subsidiary of Marlin Business Services Corp. is securitizing a portfolio of small-ticket equipment leases in its first asset-backed deal since 2010.

    • 12 Jul 2018
  • ECB to give weakest banks extra NPL time

    The European Central Bank said this week it wants banks to provision for legacy non-performing loans in the same way as for new NPL inflows. But, in a major boost for Europe's weakest banks, it is prepared to give heavily burdened banks more time to raise provisions.

    • 12 Jul 2018
  • Shelter brings new CRE CLO deal

    Shelter Growth is coming to market with a commercial real estate conduit deal, helping the CMBS space to pick up speed during a relatively quiet July.

    • 12 Jul 2018
  • Euro primary ABS facing choppy conditions

    With the summer holiday season just around the corner, the flood of new issue euro ABS deals, seen following the IMN Global ABS conference, has turned into a trickle, with just one new mandate announcement on Thursday adding to three deals looking to price in conditions favouring investors.

    • 12 Jul 2018
  • CleanFund launches debut commercial PACE deal

    CleanFund Commercial PACE Capital has launched its maiden asset-backed securitization.

    • 11 Jul 2018
  • Fannie Mae debuts controversial mortgage insurance platform

    Fannie Mae has announced a pilot programme that would see the government-sponsored enterprise wade deeper into the mortgage insurance business, a move that some critics warn could further distort American housing finance.

    • 11 Jul 2018
  • Iccrea Banca’s NPL offers Mutual benefits

    Iccrea Banca, the banking group owned by Italian mutual banks, announced the completion of a €1bn NPL securitization transaction on Tuesday, pooling loans from multiple originators, with an application now pending for a state guarantee (GACS) for the senior tranche rated Baa3/BBB- by Moody’s and Scope Ratings, respectively.

    • 11 Jul 2018
  • Investors clamour for cheap AA refinancing

    UK vehicle breakdown recovery and car insurance company the AA plc sold £550m ($726.63m) of new bonds on Tuesday as part of liability management exercise involving buying back existing debt and repaying a term facility, but it paid a juicy spread to get the deal done.

    • 11 Jul 2018
  • Planet Fitness preps debut ABS

    Planet Fitness is issuing a whole business securitization, a first for the North American fitness franchise.

    • 10 Jul 2018
  • Glut of CLOs drives decline in loan standards

    A spike in the supply of US leveraged loans and CLOs has caused spreads to widen in both markets in recent weeks. While CLO managers are scrambling to satisfy demand for the product, critics say they should be doing more to protect the quality of the loans they are investing in.

    • 10 Jul 2018
  • CMBS yields widen in June as investor base thins

    June was a busy month for CMBS issuance, with the highest monthly volume in more than three years, though a dearth of triple-A buyers pushed spreads out to their widest levels of 2018.

    • 10 Jul 2018
  • Finding the social good in NPLs

    As demand for investments with good environmental, social and governance credentials rises, are non-performing loans the ultimate social asset class — or toxic waste that ESG investors should disdain?

    • 10 Jul 2018
  • Euro CLO managers reap the benefits of LBO uptick

    An increase in European leveraged buyout activity is helping boost diversity in CLO pools, according to Bank of America Merrill Lynch.

    • 10 Jul 2018
  • SFR investments grow, but securitization still lagging

    Wall Street is accelerating its expansion into the US rental housing market, taking advantage of the continuing trend away from homeownership, though securitization has yet to reap the full benefit.

    • 09 Jul 2018
  • US CLO debt still attractive for Japanese buyers — BAML

    Bank of America Merrill Lynch analysts said on Monday that despite Japanese investors sitting on the sidelines in recent months as spreads slip wider, improving swap rates still mean US CLO debt is an attractive opportunity.

    • 09 Jul 2018
  • Barclays provides financing for Värde Italian NPL buy

    Värde Partners, Barclays and Guber Banca announced last Friday the acquisition of a €1.4bn book of non-performing loans (NPL) originated by 53 cooperative banks, rural banks and popolari banks in Italy.

    • 09 Jul 2018
  • CMO issuance drops off a cliff in June as rising US rates bite

    According to Wells Fargo, monthly CMO issuance in June dropped to $8.9bn, representing roughly a $11bn decline versus May. The decline has been broad based, with fixed-rate pass through agency CMOs declining to $800m versus $3bn in May.

    • 06 Jul 2018
  • SFIG chief out as management issues, pay echo ASF woes

    The executive director of the Structured Finance Industry Group (SFIG), the US securitization industry’s advocacy and lobbying organisation, has departed. His exit comes as SFIG members say they had grown weary of the issues around management and executive pay that also sunk the group’s predecessor organisation, the American Securitization Forum (ASF).

    • 05 Jul 2018
  • US CLO market powers through holiday week

    The US CLO market has shrugged off the interruption of July 4th festivities, with five managers closing new deals so far in the shortened week and a raft of other issuers closing refinancing and reset transactions.

    • 05 Jul 2018
  • Euro PP buyers lean to loans as MAR and MiFID bite

    Euro private placement (Euro PP) transactions can be structured as loans or as bonds, depending on the preferences of both parties. But some smaller investors have withdrawn from the bond format, concerned that it brings them into the scope of MiFID II and of MAR, though market participants are hatching plans to bring them back.

    • 05 Jul 2018
  • Loans in brief - July 5, 2018

    • 05 Jul 2018
  • Mercedes-Benz announces ninth auto loan ABS

    Arranger UniCredit, with Commerzbank as joint lead manager announced a new €807m German auto loan ABS deal on Thursday — Silver Arrow Compartment 9 from Mercedes-Benz Bank — with DZ Bank, MUFG and SMBC Nikko as co-managers. It is the German auto maker's ninth auto loan securitization.

    • 05 Jul 2018
  • Together taps asset backed facility for lending growth

    Together Financial Services Limited (Together) is boosting its commercial real estate (CRE) lending strategy with the announcement on Wednesday of a £525m warehouse facility to support growth, adding to three other existing private facilities.

    • 04 Jul 2018
  • Pricing in climate change cannot solve it

    A huge push is on to get capital markets to face up to climate change and start pricing in the risks. But there is a paradox: the more they get priced in, the harder it will get for those most vulnerable.

    • 03 Jul 2018
  • US loans move toward wider pricing, tougher terms

    After a long wave of repricing activity, the amount of new money deals has increased in the US leveraged loan market and this is helping investors gain better terms and pricing.

    • 03 Jul 2018
  • Ares to sell half of Freddie B-piece holdings

    Ares Management is marketing $460m of seasoned fixed-rate subordinate B-pieces from Freddie Mac deals in the secondary market.

    • 03 Jul 2018
  • S&P flags ratings concerns for European auto ABS

    S&P Global Ratings this week flagged the risk of a drop in used car prices, particularly in diesel vehicles, causing future losses in European auto ABS deals.

    • 03 Jul 2018
  • Principal jumps back into CMBS lending with Mitsubishi partnership

    In partnership with MUFG Union Bank, the American subsidiary of Japanese giant bank Mitsubishi Financial Group, Principal Real Estate Investors has announced the debut of MUFG Principal Commercial Capital, a lending platform focused on originating loans and securitizing them in CMBS deals.

    • 02 Jul 2018
  • US CLO market preps for heavy reset supply in July

    On top of a busy primary market CLO pipeline, a wave of expensively priced deals sold in 2016 are expected to be reset soon, but some analysts are confident the supply can be absorbed without too much disruption to spread levels.

    • 02 Jul 2018
  • Newday sweetens the pot for credit card ABS buyers

    Newday Funding 2018-1 offered picky investors some extra spread to get its latest credit card ABS deal over the finish line on Friday.

    • 02 Jul 2018