Consumer ABS


Bluegreen Marketing 1st Timeshare Loan ABS of 2017

S&P Global Ratings assigned a preliminary A rating to the $88.8 million in Class A notes that benefit from 35% credit enhancement. The $31.4 million in Class B notes are rated BBB-.

Santander, Flagship, American Credit Add $1.74B to Subprime Auto Pipeline

Santander Consumer USA upped the credit enhancement in its $1.32 billion deal; Flagship Credit Acceptance's deal is its smallest in years, at $195 million; American Credit Acceptance upped the risk in its $220 million deal, by some metrics.

Hyundai Back for Seconds in $1.12B Auto Lease ABS

Hyundai Capital America is marketing its second securitization of the year of leases on new Hyundai and Kia vehicles. The $1.12 billion transaction is the 12th overall for Hyundai Capital.

Ford, Mercedes Launch Dealer Floorplan Securitizations Totaling $1.9B

It's the first time this year either captive finance company has securitized lines of credit to dealerships; Ford Motor Credit's offering is $1.15 billion; Mercedes-Benz Financial Services USA's is $750 million.

SoFi Stepping Up Pace with 3rd Student Loan Securitization of 2017

The $599.76 million SoFi Professional Loan Program 2017 comes just two months after the $500 million 2017-B transaction, and puts the company on target to surpass last year’s pace. The sponsor’s third deal of 2016 didn’t appear until late July



Reg AB II Returns from Limbo

Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, it’s not clear exactly what the Commission will do.

Student Loan Market Headed for Crisis, CFPB Warns

The swelling trillion-dollar student loan market is missing key data and regulations necessary to head off another financial crisis, according to Rohit Chopra, the Consumer Financial Protection Bureau’s top official in charge of dealing with student loans.

Finra Files Proposal to Disseminate Price Data

The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.

Fitch: External Factors Biggest Threat in 2014

Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.

How Big Box Bankruptcies Would Impact CMBS

Direct exposure to either J.C. Penney or Sears is typically highest in seasoned deals where there are only a small number of loans remaining, and one is secured by a retail property.


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CLO Managers Holding Out Hope for Regulatory Relief

Some are wording the language of amendments used to refinance deals so as to be able to benefit if risk retention rules are repealed.

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