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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
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Student loan servicer Navient’s tussle with the Consumer Financial Protection Bureau (CFPB) in January was mostly background noise for the company’s no-grow Federal Family Education Loan Program (FFELP) securitization, which was priced tightly on Wednesday.
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Amazon Lending, which provides inventory financing to a selectively chosen group of micro, small and medium sized businesses that sell on the Amazon marketplace, is shifting the risk on those loans off its balance sheet with a new secured revolving credit facility. -
The UK government delivered a potential boost to Europe’s stagnant securitization market on Monday with its announcement that it plans to raise £12bn through securitizing part of its book of student loans by the end of 2021. The first deal from the scheme, backed by around £4bn of loans, is expected this year.
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ABS spreads, fuelled by intense demand from bond buyers, are approaching their post-crisis tights and investors said that there is room to go tighter still.
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Jefferies is underwriting a rated marketplace loan ABS for Arcadia Funds that will see prime consumer loans from Lending Club bundled into a securitization for the first time, sources told GlobalCapital on Tuesday.
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Barclays has agreed to sell a pool of performing and non-performing corporate loans and small and medium sized enterprise loans with a book value of €177m to private equity firm AnaCap Financial Partners.
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The UK government’s decision to sell off part of its student loan portfolio is unlikely to deliver value for taxpayers. If it’s short of cash, it has a highly functional capital market ready to provide it — at better rates than the student loan deal could ever match.
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Student loan servicer Navient is in the market with a $1bn student loan ABS offering, forging ahead with its securitization plans while it contends with allegations around its debt collection practices from the Consumer Financial Protection Bureau (CFPB).
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The UK government has formally unveiled plans to sell off £12bn of student loans in a series of securitization deals, launching a brand new asset class of ABS backed by income contingent student loans.
