The $106 million of bonds backed by consumer installment loans were underwritten by investment banking firm Jefferies.
CommonBond Student Loan Trust 2015-A, issued a single tranche of notes with a weighted average life of 4.02 years and ratings of A (high)/Baa2 from DBRS/ Moodys Investors Service; the notes pay 165 basis points over swaps.
Kroll has assigned an 'A' rating to the senior tranche of GSL Auto Receivable Trust 2015-1, which benefits from 36.25% hard credit enhancement.
If you want to know what a Greek exit from the euro would do to the 16.64 billion ($18.54 billion) of bonds out there backed by Greek assets, start with Argentina.
The powerful Consumer Financial Protection Bureau is helping to reshape mortgage and payday lending, but its attempts to curb abuses in auto lending have been largely stymied by the clout of car dealers and the fragmented nature of auto finance.
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, its not clear exactly what the Commission will do.
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 Bureaus top official in charge of dealing with student loans.
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.
Overall issuance growth will moderate in 2014, Fitch Ratings' managing director for asset backed securities says in the firm's outlook.
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.
Firm: 3i Debt Management
To avoid either running afoul of the FDIC or potentially ceding market share, the bank has to get some of the loans that it makes off its books, either via whole loan sales or securitizationCurrent Issue