ABS

  • Avis returns with first rental car ABS of 2021

    Avis returns with first rental car ABS of 2021

    Rental car company Avis is looking to get a securitization deal done for the first time since its blockbuster deal in August 2020. Despite the headwinds of the pandemic, the firm achieved its best Ebitda margin ever in the first quarter thanks to aggressive cost cutting measures and returning demand for travel.

  • Trinity prices inaugural ESG-linked railcar bonds

    Trinity prices inaugural ESG-linked railcar bonds

    Trinity Industries has priced its first railcar ABS transaction designated as a green bond, from a recently established green ABS framework. As one of the very few labelled US ABS deals outside of solar or PACE, the Trinity transaction enjoyed high demand from traditional and non-ABS investors.

  • Cordray to take over $1.6bn federal student loan portfolio

    Cordray to take over $1.6bn federal student loan portfolio

    Richard Cordray has been selected to head the federal student aid office, assuming responsibility over the entire portfolio of federal student loans in the US. With his appointment, the $10,000 student debt forgiveness policy will likely come to fruition, unexpectedly benefiting the sector.

  • Upstart readies largest ABS to date

    Upstart readies largest ABS to date

    Upstart is returning with a $490m securitization backed by unsecured personal loans, its biggest deal to date. The ABS transaction announcement comes as the company has been increasing its capital base and lending capacity through various means, such as completing an IPO as well as partnering up with banks or start-ups.

  • Risk transfer to grow as Covid weighs on EM balance sheets

    Risk transfer to grow as Covid weighs on EM balance sheets

    Structured transactions that transfer risk from banks’ balance sheets are set to grow in emerging markets as their financial systems become more sophisticated and lenders try to deal with losses caused by the Covid-19 pandemic. Multilateral development banks are playing a central role — they aim to stimulate private sector interest, even if sometimes investors resent their involvement. Jon Hay reports.

  • Residuals trading picks up in marketplace loan ABS

    Residuals trading picks up in marketplace loan ABS

    Investors are seeing more personal loan ABS residuals trading as the asset class expands and liquidity improves. After seeing how the loans performed through the pandemic, more market participants feel comfortable going down the capital stack in marketplace loans.

  • IFC doubles Agricole risk transfer, expects wave of EM deals

    IFC doubles Agricole risk transfer, expects wave of EM deals

    Crédit Agricole has struck a new synthetic risk transfer deal with the International Finance Corporation, in which it will shed about 90% of the risk on $4bn of emerging market trade finance loans. The IFC expects to use securitization more to help banks in developing countries cope with the effects of the coronavirus pandemic.

  • OnDeck markets first ABS since Enova purchase

    Small business ABS lender OnDeck has returned to the market for the first time after it was acquired by consumer credit lender Enova. OnDeck’s new transaction is structurally more conservative than past deals and does not include a concentration limit on lines of credit loans, which historically perform better than the term loan product.

  • Auto supply floods ABS market to quench investor demand

    Auto supply floods ABS market to quench investor demand

    The auto ABS pipeline remains robust with Consumer Portfolio Services pricing a subprime auto securitization, immediately following back to back pricing of three other auto issuers mid last week. Despite the heavy supply, investors are eager to digest more auto paper, both prime and subprime, market participants said.

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