The $75M deal comes after Eaglewood Capital Management's debut of P2P personal loans, issued October 2013 for $53M and upsized by another $47M last May.
Over 77% of the collateral backing Fifth Third's latest securitization consists of loans with terms beyond five years, compared to 73% in last deal and 71% in the one before that.
Nearly three-quarters of the loans serving as collateral have original terms of more than 60 months, the most every for a World Omni deal, according to Fitch Ratings.
Private Driver 2014-4 UG will issue 691M ($883M) of AAA rated securities and 22.8 million of A+ securities.
GEDFT 2014-2 sold the three-year, Aaa/ AAA rated bond at a spread of 45 basis points over one-month Libor. The bonds were assigned ratings by Moodys Investors Service and Fitch Ratings.
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.
Vice President of Regulatory Compliance
Firm: Clayton Holdings
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Single-family rental giants are financing smaller players, setting the stage for a new wave of issuance.Current Issue