Latest news
Latest news
Third deconsolidation RMBS from a UK challenger bank since November
Parliament’s draft amendments are kinder to the market than Commission's
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The Cleveland Federal Reserve took down a report on marketplace lending following withering criticism from the industry over the central bank’s comparison of the market to pre-crisis subprime mortgage lending. -
The ABS market was abuzz this week after a controversial report from the Cleveland Federal Reserve compared online consumer lending to the pre-crisis subprime mortgage market, drawing criticism from market players for its “inflammatory” assessment. But the report comes at a time of increasing loss rates on consumer loans and a rush by lenders to adjust their loss expectations, writes Sasha Padbidri.
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A trio of deals hit ABS screens this week, with a Crédit Agricole consumer deal following the pricing of a Spanish credit card transaction and an Irish RMBS backed by a mixed pool of performing and non-performing loans.
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Online consumer lender Upstart achieved new tights on a securitization that was priced on Wednesday, with spreads ratcheting tighter by 35bp-110bp across the capital stack.
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The second Swiss auto ABS of 2017 achieved the neatest pricing a syndicate banker could hope for — printing at 0%, 1% and 2% coupons for the class ‘A’, ‘B’ and ‘C’, respectively, all placed at par and through the tight end of initial price thoughts.
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Ally Bank has created an Irish special purpose entity (SPE) for a new prime auto from a new loan shelf titled Juniper Receivables DAC, which is backed by loans with longer terms and higher risk collateral.
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European ABS issuers have rushed the primary pipeline this week, bringing as many as seven deals to market as the push to year end begins.
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The Bank of Italy published estimates for last year’s bad loan recovery rates on Tuesday, showing that the speed of disposal for non-performing loans is increasing gradually in Italy.
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The Cleveland Federal Reserve issued a report last week sounding the alarm on the effect of marketplace loans on consumer balance sheets, and while market players have acknowledged some of the criticisms as valid, the industry has hit back against comparisons to the pre-crisis mortgage market.
