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Latest news
SilverRock was taken over by GB Bank in March
French RMBS volumes expected to rise as lender plans on doing more than one transaction a year
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The strong conditions in the sterling denominated securitization markets continued this week, with Close Brothers’ Orbita 2020-1 auto ABS priced on Tuesday and Cerberus’s Towd Point Mortgage Funding 2020-Auburn 14 on Wednesday. Both deals saw large oversubscription levels on the relatively limited volume of bonds available, following the precedent set by the RMBS deals that were priced in January. -
Consumer ABS research analyst John McElravey has left Wells Fargo after 13 years with the bank, according to a company spokesperson. McElravey most recently served as the managing director and the head of consumer ABS research.
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Sallie Mae is preparing to sell a private student loan ABS deal, shortly after it announced plans to sell a portfolio of private student loans to fund a share buyback program.
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Morgan Stanley is arranging a trade receivables ABS for Gedesco, a Spanish non-bank SME factoring company, in what will be a rare publicly syndicated term offering in the asset class. Most of the deal, however, is backed by direct lending to Spanish mid-cap firms.
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Carlyle Aviation Partners on Thursday announced a $409m securitization, the first aircraft ABS deal of the year. The high concentration of weaker credit lessees in the offering is an example of one of the many growing pains being felt by the quickly expanding aircraft securitization market, sources said.
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Solar loan origination volume is on the rise, but that growth has not been visible in the public ABS market as issuers attribute muted volumes to a surge in demand for higher yielding whole loans.
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FICO this month released a new credit scoring model that aims to keep tabs on the myriad new ways consumers are taking on debt, including keeping a closer eye on unsecured personal loans. Online lenders, though, say that FICO may be late to the game given the meteoric rise of marketplace lending and the use of alternative data that has been the norm among lenders for several years already.
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Hopes that insurance investors could flood back into the market for mezz tranches have been dashed, after Europe’s insurance regulator closed its feedback session on revamping Solvency II without mention of any changes to the securitization capital treatment.
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FAT Brands is close to issuing its first-ever whole business ABS secured on the blockchain. The size of the offering, which has been in the works since last September, has been increased to capitalize on the success of the franchise ABS sector in recent months, sources said.
