Consumer ABS

News

Volvo Plans $816M Equipment Lease ABS

Volvo Financial Equipment LLC, Series 2015-1 will sell $196 million of class A-1 money market notes rated ‘Prime-1’ that are due March 2016, and a total of $575 million, ‘Aaa’ rated class A notes, offered over three tranches. The class A-2 notes are dues November 2017, the class A-3 notes are due June 2019 and the class A-4 notes are due January 2020.

California Republic Plans $350M Auto Loan ABS

The issuer's eighth securitization, CRART 2015-1 includes three tranches of DBRS-rated, ‘AAA’ notes that total $267 million.

U.S. Cuts Off Student-Loan Collectors for Misleading Debtors

The U.S. Education Department, citing "inaccurate representations" to student-loan borrowers, will end debt-collection contracts with Navient and four other companies.

Macquarie Taps U.S. Dollar Demand in Latest Auto ABS

The Australian bank will issue the notes in U.S. dollar denominations via SMART ABS Series 2015-1USTrust, according to an offering circular.

Auto Lease ABS Pipeline Boosted by $2.4B in Deals

Volkswagen priced an upsized $1.45 billion auto lease securitization and Hyundai is prepping to launch $964 million of securities backed by the asset class.

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Articles

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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