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Canadian Banks Picking Up the Slack in US Credit Card ABS

By Allison Bisbey

U.S. dollar denominated issuance by Canadian card companies has been rising for three years, and shows no signs of stopping, thanks to cheaper funding costs and increasing comfort levels of buyers south of the border.


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Latest News

Kroll Keeps Diamond Resorts Notes Under Downgrade Review

– The Class B notes for both Diamond Resort Owner Trust 2015-1 and 2015-2 were placed on watch last August due to the high levels of loan repurchases or loan substitutions conducted by the trust to replace defaulted loans.

Appeals Court Aids CFPB in Constitutionality Case, but Adds a Twist

– A federal appeals court agreed Thursday to scrap an earlier ruling against the Consumer Financial Protection Bureau's constitutionality, saying it will revisit the issue at a hearing on May 24, while also opening the door to discuss a new wrinkle in the case.

Ford Preps Another $1B Prime Auto ABS with 5-Yr Revolver

– This transaction's credit enhancement, initial pool composition, and the criteria for any future loans added to the pool are all consistent with the previously revolving transaction, completed last year.

Santander, ACA Add Nearly $1.3B to Subprime ABS Pipeline

– Both lenders on Thursday had debut asset-backed transactions on their particular subprime securitization platform, with both representing the 10th and 11th subprime ABS auto deals to launch in the U.S. securitization market this year – and among seven to roll out this month.

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Featured Articles

Different Kind of Regulatory Relief for CMBS Market

– Even as the Trump Administration moves to loosen regulation, commercial mortgage bonds are enjoying a different kind of relief: Investors like risk retention so much they're willing to pay up for it.

Investors’ Victory in GSE Case May Be Turning Point Against Treasury

– A federal appeals court ruling has opened the door for litigants to challenge a 2012 decision by the U.S. government to sweep all of Fannie Mae and Freddie Mac's profits into the coffers of the Treasury Department

Citi's Servicing Exit Tips the Scale Toward Nonbanks

– The deal is the latest in a series of large servicing acquisitions by the publicly traded New Residential Investment Corp; the New York-based nonbank will pay approximately $950 million and $32 million for Citi's mortgage servicing rights and related advances, respectively.

Shift from Leases to Loans Is Powering Solar Securitization

– Owning may offer consumers more savings than leasing, but loans pose a different set of risks to investors when pooled into collateral for bonds.

Another Refi Wave Overtakes U.S. CLO Market

– Like the refinancing that managers raced to complete before Dec. 24, 2016, this activity is driven by a desire to avoid retaining skin in the game. But this time, managers are taking advantage of a narrow exemption spelled out 18 months ago in a "no-action" letter from the SEC.

Lenders Skittish on MSRs: Try Private-Label Securitization

– In order to address lenders' issues with mortgage servicing rights financing, the industry needs to reconsider its typical securitization structures.

CFPB Suit Against Navient Followed Apparent 'Ultimatum'

– The CFPB alleged that Navient added $4 billion in interest charges to the principal balances of borrowers by enrolling borrowers in multiple, consecutive forbearance plans instead of in cheaper, alternative repayment plans.

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Five Questions Facing the GSEs' Common Securitization Platform

It's unclear how the new political environment will affect the platform's viability or how investors will view the securities issued on it. The next year could determine the project's success and role reshaping the secondary mortgage market.

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