Consumer ABS


Discover Card Readies 4th ABS of ‘14

The lead underwriters on the $500M deal are Deutsche Bank Securities and RBC Capital Markets.

Nelnet Prices $573M FFELP ABS

Nelnet priced $573 million of student loan securities backed by 100% Federal Family Education Loan Program collateral.

ACA Preps 3rd Subprime Auto Deal of 2014

Wells Fargo and Deutsche Bank are arranging the deal, which totals $200 million.

Citigroup Prices $1.3B Credit Card ABS

Citigroup has priced its latest issuance under the Citibank Credit Card Issuance Trust, a $1.3 billion transaction, according to Standard & Poor’s.

Ford Prices $1.5B Auto Lease Securitization

The$130 million class A-4 notes with a weighted average life of 2.26 years priced at a spread of 32 basis points over interpolated swaps.



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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Single-Asset, Single-Loan CMBS is Back

Securitization of very large commercial mortgages is picking up again, and so is the leverage in some of these deals.

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