BlackRock deal opens P2P path for both issuers and investors

By Will Caiger-Smith
29 Jan 2015

BlackRock’s $344.85m securitization of unsecured consumer loans originated through peer-to-peer lending platform Prosper is the first deal of its type to secure a public rating. Passing that hurdle means that large institutional investors can get exposure to the lucrative asset class, and could also help smaller platforms use securitization to compete with the sector’s leading names.

Citi and Credit Suisse bagged lead underwriting roles for the deal, which is sponsored by BlackRock and provides funding for its investments in the peer-to-peer or marketplace lending sector, rather than providing direct funding for Prosper itself.

The $344.85m transaction, Consumer Credit Origination Loan Trust 2015-1 (CCOLT), is backed ...

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