Latest news
Latest news
ABS market not the cheapest cost of financing for issuer of first ever trade in the asset class
Revival of high LTV mortgage lending is creating an opportunity for more SRT and deconsolidation transactions
Trade follows the end of a joint venture to originate loans
More articles
More articles
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Cerberus-owned lender My Money Bank, formerly GE Money Bank, has mandated BNP Paribas, Credit Agricole and Morgan Stanley to sell a French auto ABS, SapphireOne Auto 2017-1. -
Bazalgette Finance issued its first benchmark bond on Wednesday, when it found itself the only corporate issuer in Europe on the day before the US Thanksgiving holiday.
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Lending Club has filed deal documents for a securitization backed by prime consumer loans after executives indicated this month that the company will issue two deals before year-end.
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The Senate last week confirmed Joseph Otting as head of the Office of the Comptroller of the Currency (OCC), but his background in community banking raises questions for the future of online lender-bank partnerships, and raises new questions about the proposed special purpose bank charter for marketplace lenders.
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Student loan ABS defaults in the post-crisis period are “significantly” lower than in pre-crisis deals, according to DBRS, but the percentage of loans in forbearance spiked sharply last quarter, driven by borrowers in disaster-hit areas postponing payments.
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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.
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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.
