Consumer ABS


Citi Adds to Busy Months with $1.1B of Credit Card ABS

Citi priced $1.1 billion of 3.5-year notes this week, bringing issuance in the sector to $36 billion for the year to date. Citi itself accounts for 27% of that.

Ally Prices $1.5B of Prime Auto Loan ABS

A $488 million tranche of notes with triple-A ratings and a weighted average life of 2.42 years priced at 25 basis points over interpolated swaps

CFPB's Plan to Oversee Auto Lenders Will Have Far-Reaching Impact

The Consumer Financial Protection Bureau has taken a sweeping approach in using its authority to propose supervision of the largest nonbank auto lenders, unveiling a plan that would effectively cover 90% of the market.

Private Student Loan Defaults Fall to 2.9% in 2Q

It's the first time since 2006 that the no-pay rate has dropped below 3%; late-pays on loans in securitizations rated by Moody's Investor Service also fell, to 1.9%.

Volkswagen to Issue €723M German Auto Lease Bonds

Volkswagen Leasing plans to issue a €723 million ($937 million) securitization backed by German auto lease receivables; it follows on the heels of a U.K. auto loan deal that priced the first week of September.



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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China Auto Securitization Gears Up

As more and more Chinese gain the financial access to buy a car with a loan, lenders will look increasingly to securitization to keep origination going.

Current Issue