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The first ever public marketplace loan securitization in Europe has finally priced. The deal’s difficult execution isn’t a great advert for marketplace lending, but deals from other platforms should have a different experience — they are, after all, different asset classes.
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A $1.2bn subprime deal from Santander Consumer USA’s SDART shelf and an upsized $1.6bn green bond offering from Toyota Motor Credit Corp were priced this week as spreads tightened on primary ABS issuance. -
Subprime auto lender Flagship Credit Acceptance (FCA) priced its second deal of the year this week, as spreads on subordinated subprime auto ABS inched ever wider.
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A scarcity of top-tier German auto ABS so far this year meant investors piled into BMW’s Bavarian Sky Auto Loans 4 deal on Wednesday, despite the senior notes offering an effective zero coupon at launch.
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The first European marketplace loan ABS deal is expected to be launched as early as Friday this week, with the senior notes said to be "very well priced".
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Issuers on Monday priced the latest auto loan ABS deal from Nissan Motor Acceptance Corp, increasing the total deal size by $300m in response to strong investor demand.
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Marketplace loan ABS is about funding diversity, said panellists at IMN’s second annual conference on European alternative finance and marketplace lending, stressing the benefits to Europe’s small businesses and playing down the idea that platforms might become the stigmatised “originate to distribute” securitization models that were a hallmark of the financial crisis.
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BMW Bank and AMAG Leasing are readying new deals in the European auto ABS market, following recent new issues from LeasePlan and Volkswagen.
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The long-awaited debut marketplace lending ABS in Europe was announced on Thursday, with Deutsche Bank arranging and leading SBOLT 2016-1, an SME ABS back by a £130m pool of loans originated by Funding Circle and bought by KLS Diversified Master Fund.
