Macquarie Bank priced its $500 million of auto loan and lease backed securities, with spreads on some of the tranches inside of initial guidance.
The $850 million class 2014-A3 Citiseries notes to be issued by Citibank Credit Card Issuance Trust have been assigned preliminary AAA ratings by Fitch Ratings.
Santander Consumer USA plans to issue $764.5 million of notes from its Chrysler Capital Auto Receivables Trust.
Nelnet priced its second deal of 2014. The $509 million transaction is backed by Federal Family Education Loan Program student loans.
Consumer Portfolio Services plans a $180 million securitization of subprime auto loans. Its the lenders first deal of 2014.
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.
Banks have been slow to make credit cards available again to subprime borrowers; that's starting to change.
Card issuers are again lending to weaker borrowers; Its just a matter of time before the receivables show up in trusts.
FINRAs plan to disseminate pricing on after-market transactions in asset-backed securities through TRACE should transform the market.
Many banks in the auto lending business have been making investments that they hope will give them a more enduring edge; to the extent that bank are less likely to securitize these loans, this could impact securitization volume.