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Meanwhile, BNP Paribas hires in structured finance
Two lenders entering administration should signal to others: simplify the industry
News could lead bank funding to dry up, after strong run of demand in private market
More articles
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Online small business lender and specialty debt manager Arcadia Funds each priced marketplace loan ABS transactions this week, following a wave of interest surrounding securitization as a funding tool for online lenders at the LendIt 2017 conference held this week in New York. -
Bloomberg is trying to drag European ABS trading into the digital age, signing up several banks to start providing quotes on its ALLQ system for core, prime European ABS asset classes. Some dealers, though, struggle to see the benefit.
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LendIt 2017, held this week in New York, drew twice the number of attendees as last year's event, with online lenders and financial technology pros discussing the potential for the market to expand to new industries and new consumers.
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Creation Consumer Finance, an indirectly owned subsidiary of BNP Paribas Personal Finance, sold a debut consumer loan ABS deal on Wednesday. The £570m ($694.44m) transaction was the first bank-originated UK consumer loan deal to be seen in several years.
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FIG issuers have jumped into red hot primary markets in all currencies this week, and a growing pipeline suggests there will be little let-up in activity, despite weaker secondary markets and looming political and economic events that threaten to dent confidence.
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Lenders and other financial institutions need to shed their stereotypes about non-prime borrowers and consider alternative data sources to help expand their access to credit, speakers told conference attendees on day two of LendIt USA 2017 on Tuesday.
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Policy experts speaking on day one of the LendIt 2017 conference in New York on Monday called for more bipartisan support of financial technology if the sector is to thrive, emphasizing the need for greater focus on extending credit to underserved borrowers.
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Online lending will thrive after withstanding a slew of bad press in 2016, said Scott Sanborn, president and chief executive of Lending Club, in a keynote address at LendIt USA 2017, while he also signalled more frequent issuance of ABS from the platform.
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Residential and commercial Property Assessed Clean Energy (PACE) lender Renew Financial will hit the ABS market in April with a new deal, and will tap Natixis to lead the transaction, sources tell GlobalCapital.
