Asset Securitization Report

ABS Totals

– Issuance volume of asset-backed securities for the year through January 20, 2017.


– Asset-backed securities that priced in the two weeks ended January 20, 2017.

ABS Managers

– Underwriting league tables for asset-backed securities for the year through January 20, 2017.

Santander, Ally Mark 2017 ABS Debuts

– Santander’s Drive Auto Receivables Trust 2017-A (DRIVE) is the eighth overall deeper subprime deal issued through the lender’s DRIVE platform, but presents the heaviest risks of this or any other subprime ABS in the market, according to presale reports

Treasury Pick Mnuchin Clarifies GSE Stance: No 'Recap and Release'

– President-elect Donald Trump’s pick for Treasury secretary said he did not support a plan – known as “recap and release” – for returning Fannie Mae and Freddie Mac to the private sector, clarifying earlier remarks that had caused confusion about the incoming administration’s housing finance agenda.

Blackstone/GSO Joins European CLO Refinancing Wave

– It follows in the footsteps of other CLO managers, including Apollo, KKR and Pinebridge, in taking advantage of a dramatic reduction in yield spreads over the past few months; the deal may also be amended to put it in compliance with the Volcker Rule.

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.

Enterprise Preps $750M of Rental Fleet Bonds

– As with the sponsor's previous deal, in July 2016, exposure to obligors in the oil and gas industry is low, while the mix of vehicles has shifted to include more trucks.

CarMax Enters 2017 Auto ABS Fray In $1.14B Deal

– COAT 2017-1, underwritten by lead bookrunner Barclays, is largely consistent with previous transactions involving CAF-originated loans through 169 CarMax superstores in 84 U.S. markets.

IACPM Survey: Managers More Optimistic on 1Q Credit Conditions

– “Things are looking somewhat more optimistic than they were before,” said IACPM executive director Som-lok Leung. “The Fed is certainly a part of it. It’s only going to raise rates if they believe things are continuing to look better.

Semper Names Christopher Mendez General Counsel

– Christopher Mendez joins Semper Capital from Goodwin Procter, LLP in New York, where he was a member of the business law department.

Mortgages Taking Center Stage at Online Lender SoFi

– SoFi is plotting its mortgage blitz following a bruising year for so-called marketplace lenders, in which investor demand dried up for the loans made on these online platforms — typically unsecured personal loans.

Fannie Mae Preps 1st Risk Transfer Deal of 2017

– Connecticut Avenue Securities, Series 2017-C01 will transfer credit risk on a pool of of 180,187 high quality mortgages that the government-sponsored enterprise acquired from March 2016 through June 2016.

Treasury Plans a Fix for Student Loan Repayment Plan

– A new plan will make it easier for borrowers to recertify for a generous repayment plan each year by providing consent for the Internal Revenue Service to electronically share tax data with the Education Department and its loan servicers

Moody's Reaches $864M Subprime Ratings Settlement

– Moody’s Corp. agreed to pay almost $864 million to resolve a multiyear U.S. investigation into credit ratings on subprime mortgage securities, helping to clear the way for the firm to move beyond its crisis-era litigation

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What’s So Unusual about Sprint’s Airwaves Securitization

The wireless carrier, though only rated single-B, has more leeway from existing investors to enter into a transaction like this than even some investment-grade companies.

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